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There’s no way you haven’t considered the possibilities of investing in cryptocurrencies in this age and day. Even though the recent crypto boom began in 2020 when the pandemic threw global economies into a tailspin, the trend is still strong and growing more than a year later. While the general public has largely remained sceptical about cryptocurrencies thanks to the negative press and government regulations surrounding them, they’re now coming around. Cryptocurrencies are no longer a concept that can only be grasped by techies or practised by enthusiasts. The crypto-mania is all over the place, from social media to your job to your family and friends, and pretty much everywhere in between.
In fact, cryptocurrencies have come a long way since their inception to become the most popular investment choice in 2021. Crypto markets, by their very nature, offer minimal risk and incredible rewards in a short period. And if you were to take a look at existing centralized financial services and products, the financial freedom and other benefits that cryptocurrencies provide are unrivalled. With such a lucrative concept, it’s no surprise that millions of individuals worldwide have begun investing in different kinds of cryptocurrencies, starting from Bitcoin, the most popular, to other altcoins like Ethereum, Dogecoin, Cardano, and others.
While Bitcoin continues to lead the crypto market in terms of market capitalization and price performance, numerous altcoins have also performed well. And these days, Ripple (XRP) is the hottest phenomenon in the crypto markets.
Here’s all you need to know about Ripple, including how you can buy Ripple in India.
What is Ripple (XRP)?
Created and developed by US-based tech company Ripple Labs, XRP is a real-time gross settlement system, currency exchange, and remittance network. The terms Ripple and XRP are frequently used interchangeably, when in reality, Ripple is the company’s name and network underlying the XRP. In contrast, XRP is the native cryptocurrency for Ripple Labs’ products.
Ripple essentially advertises itself as a global payments network that has major banks and financial institutions as customers, and XRP is utilized in Ripple’s products to allow instant settlements between different currencies that last no more than 3-5 seconds. Rather than using blockchain mining to authenticate transactions, the Ripple network employs a unique distributed consensus method in which participating nodes conduct a poll to verify the transaction’s validity. And this is what enables Ripple to execute near-instant confirmations without the need for a central authority.
Consequently, XRP stays decentralized and outperforms many of its competitors in terms of speed and reliability. Furthermore, XRP transactions may be resolved quickly without the need for proof of work, which saves energy on mining. The XRP consensus system uses only minimal energy, making it far more environmentally sustainable than Bitcoin, which uses massive amounts of energy. Powered by a decentralized network of more than 150 validators worldwide, XRP is also highly scalable and can handle 1,500 transactions per second 24 hours a day, seven days a week, meeting the same throughput as the Visa payments network.
Around this time, XRP is the sixth-largest cryptocurrency by market capitalization and trades at $1.14. Ripple price in India is ₹88.9997. With the advent of cryptocurrency in India, wannabe investors have a plethora of crypto exchanges to choose from. If you’re looking for the best platform to buy Ripple online, then WazirX is your best choice.
Why is WazirX the best to buy Ripple in India
One of India’s largest and most trusted crypto exchanges, WazirX has several key features that make it the best. Some of the platform’s main features include superior security, quick KYC procedures and speedy transactions, accessibility across multiple platforms, simple and easy-to-navigate interface, and the fact that the platform is built by a team of passionate blockchain believers who are positive that crypto is the future. WazirX is not just the best to buy Ripple in India – it is also the best platform for several other prominent cryptocurrencies such as Bitcoin, Ethereum, Polygon (previously Matic Network), etc.
In addition to this, the platform also has its own utility token known as the WRX token. The primary purpose of the WRX token is to engage the WazirX community in helping to build the platform and reward them for their contributions.
Let us now look at how you can buy Ripple in India.
Buy Ripple online with WazirX
To buy Ripple online through WazirX, you need to make sure that you have registered on the platform first. If you’re not familiar with it, follow the steps below.
- Create an account
- Download the WazirX app from Google Play Store or App Store, or visit the WazirX website.
- Sign up on the platform by filling out your email address and password.
- Next, verify your email address.
- Secure your account
- You can secure your account by using an Authenticator App or through Mobile SMS. You also have the option to skip this process, but it is generally recommended to secure your account with 2-factor authentication for your own safety.
- Verify KYC
- The next step is KYC Verification, which is an essential step for crypto trading. WazirX offers top-of-the-line identity verification systems that process your KYC in the fastest way possible, thus hastening your onboarding process for a seamless trading experience.
- Deposit funds
- The next step is to deposit your funds into the platform. You can deposit your funds either through INR or through cryptocurrencies.
- To deposit INR funds, submit account number, bank name, IFSC code, and other relevant details. You can easily deposit INR funds from your bank account to your WazirX account via different payment methods such as UPI, IMPS, NEFT, and RTGS.
- Depositing cryptocurrency funds from your wallet (or even from other exchanges) is also quite a straightforward process and comes at no extra charge. For this, first, go to your WazirX wallet and get your deposit address. Then, to transfer your cryptocurrencies, simply share this address in the ‘Send Address’ section of your other wallet.
- Buy XRP
- Once you have deposited funds into your WazirX wallet, then you’re good to go. Visit the WazirX Exchange and select “XRP/INR” to view the current Ripple price in India.
- On the box that displays “Buy” and “Sell,” enter the INR amount of XRP you want to buy, click on the “Buy” button, and wait for XRP to be transferred to your wallet once the order is executed.
And that’s all it takes to buy Ripple online without much hassle. To learn more about WazirX, click here.
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Pi Network (PI) is the newest digital token to catch the cryptocurrency community's interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Litecoin has an 84 million coin limit and a 12.5 LTC block reward, which is more than other cryptos. Miners will find that mining Litecoin is faster than mining any other cryptocurrency because the average time to mine a Litecoin is under two minutes. Because of its increasing popularity, Litecoin is the best of all the altcoins. At WazirX, the current price of Litecoin is ₹12,410.22.
Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.