Question from our reader:
Hi, I’m a beginner. A friend told me about different methods of buying cryptocurrencies. Specifically, I’m interested in ripple. What are the ways to buy this currency? I know cryptocurrency exchange, exchange offices and cryptocurrency packages.
There are many options to buy ripple. You can either buy XRP for fiat money (i.e. PLN, USD, EUR, etc.), exchange it for XRP on specific cryptocurrency exchanges, indirectly invest in ripple through a fund or by buying a cryptocurrency package.
The first thing you need to do before buying XRP is to get a wallet, which will enable you to store your XRP. This step is not required if you are investing through a fund or a cryptocurrency package. As with most cryptocurrencies, you can choose a software wallet or a hardware wallet to store your ripple. Online wallets are free programs that are usually considered less secure than offline wallets and are therefore suitable for storing smaller amounts. On the other hand, hardware wallets are physical devices that connect to a computer (e.g. a flash drive) and store private keys on the device itself. They are considered to be the safest form of storing cryptocurrencies. You can also keep a wallet code on a piece of paper, which also increases the security of the accumulated cryptocurrencies.
Investing at the cryptocurrency exchange is not much different from investing in the financial stock market or any other. According to the law, when creating an account, an investor must go through verification of their personal data and secure the account with two-factor authentication. Since creating the account, they can accept and issue orders to buy or sell ripple tokens, which are stored in a wallet associated with an account.
Various platforms allow investing in XRP indirectly, but then you do not have access to your coins and you cannot send them to others. This is because the currency is speculated on within a fund. The only thing you can do then is to buy and sell ripple for fiat money.
There are exchange offices that also allow you to buy XRP with a debit card, a credit card or a bank transfer. You can also buy ripple using bitcoin (conversion of BTC to XRP). Cryptocurrency exchange speculators often claim that the best way to buy XRP is to buy bitcoins and then convert them to XRP. The easiest way to exchange bitcoins for XRP is to do it within a cryptocurrency exchange, such as Binance.
Finally, you can also buy an educational package with a cryptocurrency. The package includes training materials on investing in cryptocurrencies + ripple tokens free of charge. This is the cheapest way to get ripple, but it is used mainly by people who are mostly interested in getting educational materials. You do not need a wallet to buy ripple as part of a package – the tokens are stored in the agent’s account and the access key is sent to a customer by post.