How does Ripple work?Ripple does not rely on blockchain to offer consensus, summarizing data via HashTree, and then the validating servers compare this data. Unlike most cryptos, XRP can’t be mined or staked. All 100 billion XRP tokens that will ever exist have been created and distributed when the project launched.
From those billions of XRP, millions were dispersed through a number of airdrops, preliminary sales, or private settlements. XRP has been sent to several institutional parties, such as banks, for testing.
The issuing of the coin is entirely operated by the Ripple company. Over 40 billion XRP have already been emitted, and the rest will be released gradually on the market by the Ripple Foundation. Every month, the Ripple Foundation releases from their escrow a maximum of 1 billion XRP, and unused coins are taken back by the company. Releasing the entire amount might take decades.
The XRP asset has multiple purposes within the network, such as a transaction medium and payment for network fees.
What Makes It Unique?While Bitcoin transaction confirmations take 10 minutes, XRP transaction confirmations are between 3-5 seconds. Also, the Ripple protocol was designed to support a processing volume of 1,500 transactions per second. However, because of its centralized nature, the exact number of XRP daily transactions is not as transparent. Moreover, XRP cannot be mined, and unlike Bitcoin, one unit is indivisible.
Advantages and DisadvantagesRipple was designed to operate on an extremely secure network and to be low cost and fast. The fee for an XRP transaction is around 0.00001 XRP, which is about $0.000002. Another advantage of Ripple is that it’s fairly popular in terms of adoption and availability as an online payment option.
The downside is that the Ripple company is the entity that controls more than half of the XRP supply as well as the blockchain in order to have a 51% advantage. This means they can manipulate the release and, therefore, the price of the coin, but the possibility of a massive sell-off is rather minimal.
XRP and Ripple are separate parts of the same system. Ripple is an open-source platform used as a currency exchange, money transfer system, and for payment settlement. XRP is its prime cryptocurrency, although it’s often referred to as Ripple itself.
XRP functions like most other cryptocurrencies in that it’s a digital-only money unit. The main difference between it and other cryptocurrencies is that only 100 billion XRP tokens will ever exist, and these were created and distributed when Ripple launched in 2015.
Absolutely. There are more and more cryptocurrency casinos springing up all the time. All you need to do is find one that accepts XRP. We selected best XRP online casinos for you.
Here on SmartCasinoGuide, you’ll find a list of gambling sites that accept Ripple.
XRP has low fees, fast transaction speeds, and operates on a very secure network. XRP also can’t be mined or staked, which means the chances of it being manipulated by another company or individual are incredibly low.
Since XRP is majority-controlled by Ripple, this means the company can alter its value and restrict who has access to it if it wishes to do so. It’s also not as widespread as more popular cryptocurrency, such as Bitcoin and Ethereum.
How Is XRP Used for Casino and Betting?There are several fundamental advantages that cryptocurrencies bring to online gambling. Speed, anonymity, low fees; these are some of the things we look for in crypto. XRP excels at speed and extremely low transaction fees, as it was intended to be a quick transferable asset. Thus, you can make use of the fast XRP system to make deposits and withdrawals at XRP casinos or sports betting sites in a matter of seconds.
Even though XRP was not created to be used as a trading or investment asset, the price is also susceptible to price swings. By the way, Ripple currently has the lowest transaction fee on the crypto market, so it is perfect for XRP Casino.
A low exchange rate can benefit punters, as they will probably want to convert their cryptocurrencies after playing with them.
In order to deposit XRP on a Ripple casino that accepts the coin, you will first have to create an account from XRP Casino and then look for the public wallet address listed by the site, which is for XRP deposits. Then, sync your external XRP wallet with the casino’s wallet, choose the amount you want to deposit and wait for the coins to be credited to your XRP gambling site balance. If you want to play with Bitcoin, choose from Bitcoin casino list.
Withdrawing XRP is a process that functions like any other e-commerce banking options. From your casino Ripple wallet, select the cryptocurrency you’re looking to withdraw. Then, paste your external wallet address where you want to cash out your funds and enter the amount you want to withdraw. You will have to wait for the withdrawal request to be cleared, and then the coins will be immediately credited to your wallet.
The downside is that there are very few online casinos Ripple that support XRP as a payment option. Still, there are a number of Ripple casinos where you can gamble with the coin directly. But you have to keep in mind that some crypto casinos might convert the coin into Bitcoin while you use it to gamble on the platform. This will come with an exchange fee, which is added to the total cost of the transfer.
There are several sports betting sites that accept the coin, but you will most likely have more options with slot casinos XRP. Also try out ETC Casino.
Is It Safe to Use for XRP Gambling?As XRP is managed entirely by one company, it might have some conflict with the government. Ripple is involved in several lawsuits, which debate whether it is still a security token or not. Because the issuing of XRP isn’t managed by regular miners, but by trusted nodes selected by Ripple executives, they might easily change their policies to not favor regular users.
But the company would have a lot to lose doing that, so for now, we can assume that they will try to stick with their planned issuance.
Due to the fact that XRP uses a network that is highly secure for fast remittance, sending coins to and from Ripple XRP casino accounts should not pose any issues. While XRP does not have any special anonymity implementations, and the transaction information is made public, the payment data is not visible to anyone.
What’s more, the XRP Casino and XRP sports betting sites that support XRP are mostly licensed, either by the proper authorities or by the game provider, which enables you to gamble legally with XRP.
Ripple Where to Buy?XRP is one of the top three cryptos by market cap, alongside Bitcoin and Ethereum. Naturally, you will be able to exchange the coin on almost a hundred trading platforms.
You can buy XRP on Binance, Bitfinex, Bittrex, Bithumb, BitMart, Bitstamp, CEX.io, Coinmama, eToro, Coinbase Pro, and more.
A great advantage of XRP is that you can trade it against a wide variety of fiat and crypto pairs. There are 23 places where you can purchase XRP for USD, namely Binance.US, BitMEX, Coinbase Pro, Bitfinex, Kraken, Bittrex, Bitstamp, CEX.io, and many others. There are also 17 pairs against EUR on exchanges such as Coinbase Pro, Kraken, Binance, CEX.io, and Bitstamp. The main crypto pairs are with Bitcoin, Ethereum, and Tether.
After you have signed up on the exchange of your choice, you will have to pass the KYC procedure if you want to deposit fiat for your XRP purchase. Hence, after your identity has been confirmed, you can then transfer your fiat and fill out an XRP order. Once you have the XRP credited in your exchange balance, move the coins to your external Ripple wallet.
ConclusionXRP is a fast cryptocurrency payment option that has conveniently low fees for its transactions, which makes it ideal for Ripple gambling (XRP Casino) and sports betting sites. Even if there are far fewer Ripple casinos than Bitcoin ones, there are several decent choices where you can gamble XRP.