1. Sign up for Bitdenex
First of all, you need to sign up for an Bitdenex account. Your Bitdenex account is a secure place to store your XRP. Unfortunately, you can’t exchange your local currency into XRP without an registered account. Based on the current laws and regulations, you must have a registered account to be able to trade cryptocurrency.
The KYC and AML policy does not allow to trade anonymously. That’s the main reason why you have to sign up for an account, unless you only want to try the FREE account. For the free account, you only need an email address.
2. Verify your Bitdenex Account
You need to verify your Bitdenex account, after you sign up. In order to verify your Bitdenex account, you need to provide some documentation.
When all the details are correct, your Bitdenex account will be accepted. Once the verification steps are complete, you can start trading.
3. Buy & Sell XRP
To complete your Bitdenex account, you need to do some verification steps before you can fully use your registered Bitdenex account. Go through the verification steps and add the necessary documents. After you add the documents, we will check those and complete the verification after all documents are correct.
We always show you the current exchange rate before you trade. Bitdenex don’t determine the prices. The traders dertermine the prices, so make sure you check the rate before you place your order or limit order.
More Information about XRP
What Is Ripple?
Ripple is made up of two different things: XRP and RippleNet. XRP is considered cryptocurrency, and RippleNet is a payment system built for business. It is designed to allow banks and other institutions to transfer money and assets across borders quickly and at low interest rates.
Ripple is generally classified as a cryptocurrency type of or block-based platform but not necessarily one of these. While it shares some similarities with other blockchain platforms such as Ethereum and cryptocurrencies such as Bitcoin, there are some minor differences that set it apart.
First, it does not use blockchain to provide consistency. Instead, it summarises the data using HashTree and compares this data to all its authentication servers.
Second, unlike other cryptocurrencies, XRP cannot be mined. All 100 million XRP tokens are generated and distributed at their earliest.
Many people see this distraction from the cryptocurrency policy as a cause for concern and criticised Ripple for not keeping up with the underlying values of cryptocurrencies. However, Ripple must be doing something right as XRP is currently the third largest consumer of the cap and is seeing widespread use by financial institutions worldwide.
History of Ripple
Ripple was released back in 2012 after merging with OpenCoin’s Jed McCaleb and Chris Larsen. By 2018, the company had achieved 36,000% growth and established a growing network of major global banks. But how did this amazing achievement come about over time? Let’s take a look at the short timeline for events:
2004 – 2005:
Ryan Fugger was inspired to create a reputable platform that people and communities can use to make their money. He created the first version of the platform on RipplePay.com
2011 – 2012:
Jed McCaleb embarks on the development of a digital currency that determines its value by agreeing differently to mining. Fugger gives RipplePay to Jed McCaleb and Chris Larsen who is also an organization with OpenCoin.
OpenCoin secures $ 2.5 million from angel investors and reinserts itself as Ripple Labs. They make open source code for Ripple and release a later withdrawn iPhone app.
Ripple Labs is fast becoming the 2nd largest cryptocurrency. Fidor of a German bank adopts foreign payment protocol. Prices continue to rise and in one month the price has doubled.
More and more banks are starting to enter stores, notably Santander and the Royal Bank of Canada. They came back a third time, dropping ‘labs’ into Ripple.
Ripple is licensed to work in New York State and receives millions in subsidies.
Ripple is accepted as the world’s largest payment system and continues to grow at an incredible rate of 1000% in the last month alone.
What is RippleNet?
By using blockchain and modern APIs, Ripple enables financial institutions that are part of the network — RippleNet — to send money worldwide, quickly, reliably and in denominator fractions. Being a part of RippleNet solves three important issues for payment:
Speed and certainty
With RippleNet, customers can quickly access new markets, expand their services and bring the best customer experience in global payments today. With one connection, customers can access the best blockchain technology of global payments, payment capabilities in over 40 currencies, On-Demand Liquidity as an alternative to pre-financing and consistent operations with the standard Rulebook.
What is XRP? How do I trade XRP?
XRP is an open source, digital asset created for payments.
XRP operates in over 100 markets and digital asset exchange globally. If you have already sold XRP and have a question about your trade, then please reach out to the exchange directly. If you want to exchange XRP trading, you can search for exchange in your Internet browser.
Please note that Ripple does not endorse, recommend, or make representations about the Internet listing or exchanges often. Every exchange has a different XRP trading process and their customer support and policies and procedures can vary greatly. It is best to do your due diligence before trusting any third party or third party technology.
What is the difference between Ripple and XRP?
Ripple is a technology company that provides the most efficient solutions for sending money worldwide through robust, global payments network, RippleNet.
XRP is Ripple’s independent digital asset, and XRP Ledger is an open source technology behind it. The XRP Ledger was created independently from Ripple and as a result, Ripple does not control or own it.
Why does the price of XRP change so much?
The price of XRP, similar to the price of any digital asset, fluctuates based on market power. XRP does not claim any ownership interest in Ripple, it is not a Ripple currency and does not represent a currency transaction of any kind with Ripple. Any description or discussion of Ripple’s XRP is not intended to (i) form a basis for, or induce, any purchase or financial decision in relation to XRP, (ii) form the basis of any contract with Ripple or form an agreement to offer or sell XRP at Ripple, and (iii) is not affiliated and should not be construed as any form of recommendation or opinion or law, finance, tax, investment or other advice.
Is the XRP Ledger centralised?
This is a high-level view with the XRP Ledger. Centralisation means the only business that controls Ledger. While Ripple contributes to the XRP Ledger open source code, we do not own, control, or control the XRP Ledger. XRP Ledger is enabled.
Ripple is keen to support the XRP Ledger for a number of reasons, including contributing to a long-term strategy to promote the use of XRP as a liquidity tool in financial institutions. XRP Ledger Power Sharing is a continuous process that began when it was started. In May 2017, we publicly shared our leadership management strategy.
First, we announced plans to continue converting the authorised ones to the XRP Ledger, which expanded to 55 validator in July 2017. We have also shared plans to include accredited witnesses at Unique Node Lists (UNLs), and announced it between 2017 and yours. 2018, for every two nodes authenticated by the third party that meet the above-mentioned objective process, we will replace the single operating point used by Ripple, until there is no business running most of the trusted nodes in the XRP Ledger.
We believe these efforts will increase the resilience and resilience of the XRP Ledger business, leading to the continued adoption of XRP as the best digital asset for payments.
How secure is XRP?
The XRP Ledger is where the XRP transaction takes place and is recorded. Ledger software is an open source and works continuously on a distributed network of servers used by various organisations. It is the basis of open source code that amplifies and maintains the ledger. Since the inception of the XRP Ledger, we have worked to make the Ledger stronger and have met the single point of failure by performing an unmatched task, a process that continues today.
To purchase XRP you have to use an exchange or gate and / or have a digital wallet. Ripple does not promote, recommend, or make presentations regarding gateways, exchanges, or wallets, but please see the exchange list that provides XRP here.
Uses Within Trade Finance
Commercial finance has always included long paper alternatives and expensive financing. The case has been frequent in the digitisation of commercial finance as it thinks digitising processes will allow border payments to be made faster, safer and more secure.
This can be done through the use of blockchain and other distributed financial technologies. Manual processes can be reduced by allowing information and facts that are guaranteed to be more easily shared and more transparent.
Ripple is ideal for commercial spending as it is specifically designed to support cross-border payments and transactions – ‘Bitcoin to banks’, if you will.
The move to use this technology has already begun, with many of the world’s largest counterfeit banks using ledger technology, of which Ripple became a major component. The border payment system has been tested by 12 banks that use XRP to measure liquidity in real time.
What is On-Demand Liquidity (ODL) ?
On-Demand Liquidity enables RippleNet customers to increase their XRP digital assets to wrap up two coins in three seconds, ensuring that payments are sent promptly and received in the home currency on both sides of the transaction. XRP is ideal for global payments because it is faster, less expensive and more attractive than any other digital asset.
International payments, especially in emerging markets, require businesses to hold pre-funded accounts at their destination. It is an expensive task that binds resources. RippleNet provides an alternative. While any financial institution on the network enjoys reliable, instant and low-cost transactions, those who use digital XRP assets to obtain liquidity can do it in seconds – freeing up cash payments and guaranteeing the most competitive rates available today.
Does the price volatility of XRP affect institutions adopting ODL?
No. Ripple has a stable database of financial institutions interested in driving On-Demand Liquidity (ODL). Financial institutions that use ODL do not have to hold XRP for long. In addition, XRP is resolved in three to five seconds, which means that financial institutions are exposed to a strong presence during a transaction.