What is ripple app

What is XRP?

Anna Koutras

You’ve probably heard the buzz about XRP, the newest member of our cryptocurrency offering. In true crypto style, there’s plenty of excitement surrounding the currency – but there’s a lot of confusion too. So, what is XRP? And how does it differ from other currencies?

If you’re struggling to navigate between Bitcoin, Litecoin, Ether and the other cryptocurrencies, don’t worry. In this article, we’ll be telling you all you need to know about XRP – and its relation to Ripple.

Well grab your life vest, because we’re going to dive right into XRP! 🏊🏻‍♂️

XRP vs Ripple — Are XRP and Ripple the same thing? 🧐

It’s okay if you are a little confused about XRP – and how it relates to things like RippleNet and Ripple. It doesn’t help that three different elements – a currency, an interbank network, and a company that runs it – are often each referred to by the single name: Ripple.

However, they are different things – and it’s worth knowing what’s what.

What is Ripple?

Let’s start with Ripple itself. This is actually a payment platform – or a real-time gross settlement (RTGS) system – run by a company of the same name; Ripple. It was designed to allow seamless transfers of money in any form, be it USD, Litecoin, Yen or others.

The idea behind the creation of this platform was to enable almost instant global transactions at low costs. This drew the attention of some of the world’s biggest financial players, who were interested because through RippleNet – its international network – they could send money worldwide without the fees and wait times traditionally associated with international payment systems such as SWIFT.

So, What is XRP

RippleNet is a system, connecting banks and firms, through which money can be sent seamlessly. Ripple, meanwhile, is the company that runs it. What then is XRP?

XRP is the cryptocurrency associated with that system. It is the digital asset promoted by Ripple that allows payments to be facilitated through the platform. However, it is not necessary to use XRP to use its payment platform.

So no, Ripple and XRP are not the same thing. Although, as many people refer to XRP as Ripple, it’s not surprising that there’s some confusion.

And What Does XRP Stand For?

XRP is the abbreviation of the currency, like USD or GBP. Its proper name is actually Ripple, however it is referred to as XRP these days to avoid confusion.

So how is XRP different from other cryptocurrencies? 🤷‍

With so many currencies on the cryptocurrency scene though, a legitimate question to ask is what makes XRP special? Why would you choose to use XRP over something like Bitcoin Cash, or Bitcoin?

There are four aspects of the currency that you should know:

1. Volume 💰

In a similar fashion to a company releasing stocks, Ripple released 100 billion XRP tokens at the get go — and this is the maximum amount of tokens there will ever be.

This is in contrast to other cryptocurrencies such as Ether which essentially has no limit to the amount of tokens it can release, or Bitcoin which has to be ‘mined’ and will eventually reach a maximum amount of coins.

To dive a little deeper — Bitcoins are released as rewards for for the ‘miners’ in order to incentivise the continuation of the network, whereas XRP tokens have already been created and are released when Ripple chooses to do so.

If all that sounds like crazy talk to you, to put it simply, we don’t know exactly when Bitcoin will reach its supposed limit, but we do know exactly how many XRP are in existence.

2. Ownership 👑

One of the key elements of other cryptocurrencies is the fact that they are totally decentralised and not owned by any one authority or individual. Bitcoin for example is reliant on its huge number of global miners for it to function, grow and develop — which effectively means that no one person has full control over the currency.

In contrast Ripple owns 61 billion of the 100 billion XRP that were created and the rest of the currency is traded freely on the open market. It’s claimed that Ripple holds nearly 50 billion in an escrow account, systematically releasing the tokens to clients.

Other cryptocurrencies are based firmly on the idea of separating themselves from financial institutions and authorities, whereas Ripple and XRP actively welcome them.

Some crypto fans aren’t keen on the fact that this currency is owned by a company with centralised control and is therefore more regulated, whereas others see this as a sign of security and the potential longevity of XRP.

3. Speed 🏎

Another defining difference between XRP and other cryptocurrencies is the speed at which payments can be processed. A transaction made with XRP is settled in just 4 seconds. For Bitcoin, meanwhile, transaction times can vary depending on how congested the network is – ranging anywhere from 10 minutes to extreme cases of 16 hours.

4. Purpose: What is XRP used for? 💵

Cryptocurrencies like Bitcoin were created as a peer-to-peer payment system, with the purpose of cutting out banks and government control.

XRP was actually intended as a ‘bridge currency’ for financial institutions, to allow them to make simple, fast, cross-border payments, without the need for multiple middlemen, or the huge fees usually associated with these types of transactions.

Although XRP isn’t necessary to use the Ripple platform to make payments, it’s thought that various companies are looking to adopt it. The company’s CEO Brad Garlinghouse tweeted that banks and payment providers are “indeed planning to use XRP in a serious way.”

Conclusion

So that’s our lowdown on XRP, the Ripple cryptocurrency. We hope that we’ve shed some light on one of the more talked-about tokens and helped you to understand how and why it differs from the other cryptocurrencies out there!

A lot of cryptocurrencies are trying to disrupt the way we use and circulate money. Yet, XRP could potentially change inter-bank transactions – and the monetary system as we know it. Only time will tell how we adapt to the challenges thrown down by this technology.

Did we answer your question “what is XRP?” If you have other crypto questions, check out these links:

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Best Ripple (XRP) Wallets

The most important mistake new cryptocurrency users make is leaving money on an exchange.

If an exchange gets hacked, you will lose money. The wallets below will let you take your coins into your own hands and have true control over your XRP or other cryptocurrency.

Our Top Picks

Best for Security

Ledger Nano X

Secure storage for any cryptocurrency

The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.

Best for Mobile

Atomic Wallet

Easy to use iOS & Android app

Atomic Wallet is very easy to use and friendly for new XRP users. It supports Ripple (XRP) as well as a lot of other digital currencies.

Best for Desktop

Ledger Live

Unbeatable UX for a Ripple desktop wallet

Ledger Live is the perfect software companion to Ledger hardware wallets. Get a great user experience without losing any security for your XRP.

Chapter 1

Best Ripple (XRP) Wallets

Let’s dive into some of the wallets we recommend for storing XRP

Read each entry carefully to find out which is best for your uses.

TREZOR and Ledger Nano X are the two best hardware wallets for cryptocurrency. Unfortunately, right now, only the Nano X supports storing XRP.

The Nano X is made by Ledger, a Bitcoin security company based in France. They have been creating cryptocurrency hardware wallets since 2014.

Who should get a Nano X?

If you are buying XRP that you plan to hold for a while, then the Ledger Nano X is probably the easiest way to securely store your XRP for a long period of time.

When digital currency is stored on online computers, it can easily be obtained by malware or hackers. The Nano X stores your XRP offline and away from hackers or malware. The Nano X stores your private keys which control your XRP in its secure offline environment.

One other benefit of the Ledger Nano X is that it supports more coins and cryptos than any other hardware wallet.

Putting Ripple on Ledger

Here is a good video on how to move XRP tokens onto your Ledger device:

Best Ripple Android Wallets

The best ripple wallet for android in 2020 is definitely Atomic Wallet. It makes sending and receiving Ripple easier to do than any other wallet on the market that we have tested. The devs at Atomic have done a great job creating an interface that is intuitive a simple, while including all the features you’ve come to expect in a modern multicurrency wallet.

However, just because Atomic services other currencies doesn’t mean they are slacking when it comes to ripple support. Where other wallets have failed to stay up to date, Atomic wallet stays on top of all new features brought to XRP.

Best Ripple iOS Wallets

Like Android, Atomic Wallet is the best available wallet for XRP on iOS.

Its source code is also open source.

Best Ripple Desktop Wallets

Ledger Live

Ledger Live is the companion desktop wallet software for Ledger hardware wallet devices.

They provide an easy to use interface that works perfectly with your Ledger hardware right out of the box.

It is also totally free and is constantly updated to add new features, fix bugs, and improve user experience.

If you are holding XRP and want one of the better desktop wallets without sacrificing security, Ledger Live is a great choice!

Ripple Wallet Comparison

Hardware	Secure Storage	Price	Mobile Wallet
Ledger	Yes	Yes	$95	No
Atomic Wallet	No	No	Free	Yes

Ripple Paper Wallet

We did some research and we only found one Ripple paper wallet generator.

There is a glaring issue with the one we found: It does not display its source code on the website.

This is very dangerous because it could mean the website is just generating wallets that it stores the private keys to, as is was the case with bitcoinpaperwallet[.]com. This means that at any point in the future the site could steal the Ripple sent to wallets generated by the site.

At this point in time, it’s best to stay away from this wallet.

Gatehub for Ripple

Gatehub is often recommended as one of the best ways to store Ripple online.

However, there are a few issues with the Gatehub wallet.

The main issue with Gatehub is that it is a web wallet. Web wallets are less secure than hardware wallets, and even less secure than desktop wallets or mobile wallets.

Blockchain.info is the most popular Bitcoin web wallet. The amount of bugs and loss of funds with this wallet are too many to count. And Gatehub users are likely to run into the same issues that blockchain.info users ran into.

Chapter 2

How to Add XRP to Your Ripple Wallet

Now that you have chosen a wallet, let’s transfer some XRP into it.

In this brief walkthrough, we will show you how to add funds to your Ripple wallet

For you to add funds to your Ripple Wallet, you will need to find an exchange to buy Ripple (XRP) from, then transfer it to your Wallet. Many XRP Wallets have exchanges native to them (as seen above), however, these exchanges generally charge very high fees for the convenience, so it’s generally better to use a dedicated exchange, like Coinbase or eToro.

You’ll need to choose an exchange that services your country and/or state. You can find a full list of exchanges sorted by country and preferred payment method on our exchange finder or you can see the most popular exchanges below:

This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

• Exchange based in Canada
• Very high buy and sell limits
• Supports Interac & wire

After you have bought your crypto, you’ll need to send it to your ripple wallet.

Chapter 3

XRP Wallet Frequently Asked Questions

Many of you may still have lots of questions about XRP wallets and how to keep your Monero secure.

Odds are we have answered almost any question you could think of below.

Is it safe to store Ripple on an iPhone or Android phone?

It is probably fine for short periods, but if you are serious about securing your XRP then it is worth it to pick up a hardware wallet.

Is there a Ripple web wallet?

Gatehub is often recommended as a Ripple web wallet. However, since many Bitcoin users have lost money when using web wallets, we’re not going to cover that wallet here.

What is Ripple’s actual name?

Ripple recently changed its branding. It used to be known as Ripple but now only goes by XRP. The ticker still stayed the same as $XRP.

When will TREZOR support Ripple?

TREZOR has not announced any plans to support Ripple. However, since a lot of Ripple users are buying Ledger wallets, it seems almost certain that TREZOR will be forced to add support for Ripple soon.

Why do I need 20 XRP minimum in my wallet?

Ripple added the 20 XRP minimum in order to prevent network spam. This ensures that in order to transact on the network a wallet must have this 20 XRP balance. Ripple’s cryptographer, David Schwartz, explains here:

Unlike a bitcoin receiving address, a funded Ripple wallet is a real thing on the ledger that has properties. This has advantages and disadvantages, but one of the disadvantages is that there’s a cost associated with having one. To cover the costs imposed on the network, the XRP Ledger has a “base reserve” that is XRP that is not spendable or transferrable. You can use the reserve to pay transaction fees and, if the reserve drops, you can transfer out XRP to the new reserve level.

Why Can’t I Just Use my Exchange as a Wallet?

This is a big NO!

When you use an exchange as a wallet, you leave open a wide range of ways to lose your money.

Your account can get hacked very easily especially if you don’t have a strong password or 2-factor authentication.

The exchange itself could also get hacked. Let’s say an exchange holds $100,000,000 worth of cryptocurrency and gets hacked. The hacker runs away with $10,000,000; 10% of the exchange’s money.

Then the most likely case is that you as a user will have 10% of your balance removed. The exchange is very likely to pass on its loss to you.

Storing your coins on a wallet you control eliminates this risk for you.

Toast Wallet Review

Unfortunately, you can no longer download Toast wallet and there are no updates since the team stopped working on it out of protest of Ripple’s treatment of the community devs.

Toast Wallet has been removed from App Stores in protest at the abysmal treatment of community developers by Ripple. Existing Toast installs will continue to work and funds are safe. We await a clear and transparent community developer support program from xPring.

Because the app is no longer updated, that means that any security holes in the code that are found will never be fixed. With that in mind, we recommend moving to Atomic Wallet.

About the Author: Jordan Tuwiner

Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets. His articles are read by millions of people each year looking for the best way to buy Bitcoin and crypto in their country.

He has also written extensively about the history, technology, and business of the crypto world. Jordan is also the creator of some of the internet’s most famous Bitcoin pages, including The Quotable Satoshi and Bitcoin Obituaries.

To learn more about Jordan, see his full bio.

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