How to buy Ripple XRP in Canada
What is Ripple (XRP)
Ripple’s XRP is a peer-to-peer centralized cryptocurrency, and Ripple is the only corporate blockchain solution in the world for global payments. There are many different perspectives on Ripples, some say that Ripple is not cryptocurrency. Others argue that it will be the last standing cryptocurrency, while Bitcoin will simply fail. Either or, it is currently the third largest coin.
Ripple (XRP) History
Ripple (XRP) is the native coin of US based company, Ripple Labs. Ryan Fugger originally founded a company called RipplePay in 2004. The main idea behind the protocol was a peer-to-peer trust network of financial relations that would replace banks.
In 2012, Chris Larsen was hired as the executive chairman, who remains on the board today, and is referred to as a co-founder of Ripple. This marked the start of the OpenCoin era. A new payment protocol called “Ripple Transaction Protocol (RTXP)” had been developed, which formed the foundation of the Ripple distributed ledger protocol.
Ripple released its XRP coin in January 2013.The company set the supply limit of XRP at 100 billion. It is important not to confuse Ripple and the cryptocurrency XRP, as they are not correlated. Since the name change from Ripple to XRP in 2018, the company Ripple has made great efforts emphasizing the fact that the cryptocurrency XRP is not called Ripple. Also, that the XRP token is not a product of the company Ripple, but an open source software which is used by the company only for the product xRapid. The equivalent of approximately $0.00001 XRP is burned for each financial transaction using xRapid on RippleNet, which gradually decays the total supply.
Many in the crypto community can not make the distinction and consider the XRP token and the company Ripple to be the same thing.
XRP Ledger (XRPL)
Unlike Bitcoin and most cryptocurrencies, the XRP Ledger is not mined and does not verify transactions via mining. XRP isn’t necessary to process transactions, meaning, no fees are required in xCurrent RippleNet transactions.The consensus are met through the use of its own customized consensus algorithm– formerly known as the Ripple Protocol Consensus Algorithm (RPCA).
The XRPL is maintained by a network of independent validating nodes. When a transaction arrives at a node, the current state of the ledger check to see if the transaction is valid candidate. The node will reference whether the sending account has requested for a validation of that transaction and that it can fund it. Subsequently, the node broadcasts the candidate transaction to its peers, which will include it in the pool of candidate transactions to be validated.
The nodes exchange transaction data between each other until all of them agree on the current state of the ledger. Meaning, the transactions that are agreed upon by a super-majority nodes are considered valid and the consensus is reached when all these nodes apply the same set of transactions to the ledger.
How Is XRP different to Bitcoin?
– An XRP transaction usually takes 3.5 seconds, whereas Bitcoin may take hours or even days, depending upon the volume of transactions,
– XRP is premined, meaning that XRP token already exists, whereas bitcoin is mined and all tokens have not been mined yet .
– There are 100 billion XRP tokens in existence, on the other hand, Bitcoin, has supply limit of 21 million. Therefore, there are nearly 5 000x more XRP tokens than bitcoins.
– Currently, Ripple owns roughly 60% of all XRP tokens. 55 million of those tokens are locked in escrow and one billion released to Ripple each month.
– XRP Transactions processed by trusted nodes, Bitcoin, on the other hand, requires miners to validate network transactions,
– XRP does not charge a fee for transaction, for Bitcoin, since each transaction is mined, miners charge a fee to complete the process.
How to trade XRP/RIPPLE
XRP can be traded 24hr a day since it does not associated with any one particular market being open. However, remember that using leverage to trade XRP means you will be exposed to the volatility in the price. It is helpful to keep stop losses in place to protect yourself against quick price reversals.
Is Ripple risky?
To buy ripple in Canada or in any country, you have to remember that Ripple is a volatile market. It can present both opportunities for traders and risks. Thus, buying or trading Ripple XRP involves risk.
- Ripple XRP has high volatility
- Ripple XRP has sharp price fluctuations are very likely
- Profits and Losses can be magnified by Leveraged trading
You can Buy XRP in Canada directly from PCCEX buy signing or registering. Buy, sell and trade XRP on PCCEX, Canada’s best cryptocurrency exchange.
Hope this helps you understand how to buy Ripple Canada.
– You can also check out “How to buy Bitcoin Canada”
***Please ensure to declare any capital gains or reward income to your local taxation authorities to ensure you always remain compliant. Cryptocurrency purchased on illegitimate exchanges that do not run KYC may not be supported and have been listed/traded there without our permission. Investing in cryptocurrencies is a high-risk and volatile
Unfortunately, as you know, people don’t know the difference.(nor do they care to bother). In the beginning, we stated it because we had not yet indulged into details. At the end we said it again, just incase they forgot what they read.
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