XRP: what it is, what's the use of it and how to buy it today
Mar 02, 2024
Created by Ripple Labs, XRP is the cryptocurrency of the Blockchain XRP Ledger, a platform created to help banks and companies carry out fast and cheap transaction...
Understand the cryptocurrency XRP
Can XRP be considered an altcoin?
Yes! Ripple XRP can be considered an altcoin because originally the term altcoin is used to classify all cryptocurrencies other than Bitcoin - the most famous cryptocurrency in the world. Altcoins were created to solve Bitcoin problems, such as high transaction fees, for example. In mid-May 2022, Ripple XRP was considered one of the top 10 altcoins in the digital currency market!
What is XRP for?
XRP was originally created to facilitate the international currency transaction market. Thus, banks anywhere on the planet can acquire XRP using any currency, and then convert XRP into any other currency. In addition to serving as a bridge currency, XRP can also be useful for buying other cryptocurrencies on exchanges such as Bitso.
Ripple and XRP: what's the difference?
Ripple (or Ripple Labs) is the company that created and developed the XRP cryptocurrency and its platform. Ripple's aim is to facilitate international currency transactions using XRP as a "bridge" currency. Therefore, Ripple refers to the company, while XRP is the cryptocurrency of its ecosystem.
How to buy XRP?
Now that you understand what XRP is and what it is for, it’s time to know how to buy this cryptocurrency safely. The first step is to access the Bitso website and register. You can also access the Bitso app on your smartphone (iOS or Android). Just make a deposit of 5 USD and then click on “Convert” to buy the cryptocurrency you want.