“If you like gold, there are many
reasons you should like bitcoin.”
Coinstash in the media
5 Min Read
Cryptocurrencies – they’re all the rage right now. But far from being a passing fad, these alternative currencies are revolutionising the way global business is conducted and have the potential to reap huge rewards for savvy investors. You’ve probably heard of Bitcoin, but did you know that Ripple XRP is one of the strongest and most popular cryptocurrencies across the world? Read on to learn how to buy Ripple XRP in Australia.
Ripple was invented in 2012 by Ripple Inc. It is a payment validation system, currency exchange and remittance network that enables people to conduct financial transactions across country borders without the expensive fees and long wait time of traditional banking institutions. It supports multiple currencies including fiat currencies the US dollar, euro, yen and pounds, but mostly uses its own digital currency – XRP. The value of XRP has risen by over 5000% since its inception, making it one of the world’s leading cryptocurrencies.
If you want to send money to someone in a different country using traditional banking methods, the bank will charge a fee for the transaction and currency conversion. There will also be a wait time – often of a few days – for the transaction to be approved and processed. The receiver will have to wait for their money and the sender will have to spend money to send it. This makes sending money internationally time consuming, expensive and unsuitable for small amounts of money. Using Ripple, international transactions are almost instant and the fee is very small.
Unlike many other cryptocurrencies that are designed to circumvent the mainstream financial institutions, Ripple is designed to work alongside them and be used by them – in fact, over 200 banking institutions worldwide use the Ripple software to enable real time cross border payments(i).
For this reason Ripple is fast gaining traction worldwide in banking institutions and companies. There are many circumstances where instant money transfers are needed but the infrastructure of traditional banks is too slow to facilitate this. Ripple can be used by banking institutions, companies of all sizes and individuals to conduct real time, minimal cost financial transactions.
Bitcoin is a decentralised cryptocurrency that uses blockchain technology and needs to be mined by vast networks of computers. Ripple uses a common ledger accessible to multiple users, where each transaction is quickly cross referenced and checked by a network of validating servers. The Ripple currency XRP doesn’t need to be mined the way Bitcoin does – it is pre-mined, with Ripple Inc having already created 100 billion RippleXRP coins. So far 38.7 billion have been released for circulation, with Ripple holding the remainder to control supply (ii). This means that Ripple is not decentralised as the price is largely controlled by Ripple Inc.
Ripple has a much faster processing time than Bitcoin transactions and the fees are much cheaper. Bitcoin transactions need to be validated by a Bitcoin miner, and there is a limit on how many transactions can be validated simultaneously and how many transactions can fit in each block of the blockchain. Miners are paid partly by the fees of the transactions they validate, so often give priority to the transactions with higher fees. If Bitcoin users want their transactions to happen quickly, they will need to pay a higher fee. Currently, the average Bitcoin transaction fee is US$25.14(iii). However, even if a user’s transaction is processed as quickly as possible, it will still take around one hour as the transaction needs to be validated by six separate miners(iv). Transactions using Ripple can take as little as three to five seconds, and the standard fee for a RippleXRP transaction is 0.00001XRP. With XRP currently costing US$0.47, the fee is miniscule(v).
Bitcoin has a highly volatile value that is currently rising at a very fast rate. This makes it ideal for investing. Due to its centralised nature Ripple is less volatile, but its increasing popularity for online transactions make it very much worth investing in. Since its inception, RippleXRP’s price has risen by 5000%, but because its starting value was very low – US$0.01 – it currently doesn’t have the impressive value per coin of Bitcoin.
Ripple’s ability to streamline and economise international money transfers make it a winning investment for businesses of any size looking to trade globally. Worldwide over 100 companies are using Ripple to conduct their international business. It is also a sensible choice for anyone who needs to regularly send money overseas, perhaps to family, where speed is important.
If you want to make money from investing in cryptocurrencies, the smart way is to spread your investments across various currencies – in other words, don’t put all your eggs in one basket. For the best results you need to grow your cryptocurrency portfolio. RippleXRP is one of the top performing cryptocurrencies, so it makes sense to add it to your portfolio.
Ripple is a good investment opportunity. When it was first released, a single XRP was worth around US$0.01. Currently it has risen to $0.55. If you had bought $1000 worth of Ripple in 2013, by now it would be worth around $51,000 (vi). It is clearly a viable investment.
To buy Ripple in Australia you need to use an online exchange platform. The internet is filled with cryptocurrency exchange platforms, but they are not all created equal. In fact, many of them are scam companies and unlike most scam companies they can be hard to differentiate from legitimate businesses. They often have professional looking webpages and convincing (but fake) celebrity endorsements. They are so convincing that $9 million is lost each day by people signing up to scam exchanges(vii).
The safest option is to buy your RippleXRP in Australia through Coinstash, a reputable Australian based exchange. Coinstash has helped thousands of Australians invest in and use RippleXRP and other cryptocurrencies. Signing up is simple – just provide us with some ID in the form of an Australian drivers licence, birth certificate, international passport or Australian Medicare card. Once your identity is verified you can set up PayID or BPay, deposit your money and begin buying, trading and selling cryptocurrency. There is no minimum spend. Your money will be securely kept in a digital wallet, which you can access at any time. You can also convert your cryptocurrency to AUD and withdraw it whenever you want. We have a dedicated support team available from 9am-11pm every day to help you get set up and support you in growing your cryptocurrency portfolio.
Coinstash makes it easy to trade, sell and buy Ripple XRP safely in Australia. When you use Coinstash to buy Ripple cryptocurrency you can be confident that you are using Australia’s #1 cryptocurrency platform. Coinstash is registered with AUSTRAC and participated in Austrade’s Landing Pad program. We are an Australian business with real offices and a dedicated support team based in Brisbane. We want your investments to be successful and have a vested interest in protecting you and your money. We have proudly become the most trusted and reliable cryptocurrency platform for buying and selling RippleXRP and other major cryptocurrencies such as Bitcoin and Ethereum (ETH).
“This Platform is the easiest to use Australian platform I have come across. I was verified within minutes and had Bitcoin and Ripple in my wallet just 10 minutes after signing up. I also received some complementary funds for joining. My primary reason for choosing Coinstash was the fact that it is recognised by the Australian Governments landing pad program.” Marcus Mckenzie, Trustpilot.com
“Coinstash is one of the best platforms I have seen in Australia. They have great customer support (Bella is a true star) who always respond within seconds. They have a good range of crypto to choose from, and what’s most impressive is their speed – you can sell Bitcoin on there and get your AUD in the bank account within SECONDS!” Frank, Trustpilot.com
“Best cryptocurrency exchange in Australia… Always good service all the time whether buying or selling. The only place you can buy crypto late at night. Live chat definitely a winner as you get updates and can ask any questions in real time.” Trevor Sosono, Trustpilot.com
Like Bitcoin, the value of RippleXRP is rising, so the sooner you start buying, the more value you will get for your money. Whether you want to conduct instant, low cost financial transactions for yourself or your business, or you want to invest in cryptocurrency before it becomes too expensive, the time to get started is now. Signing up to Coinstash is safe, easy and only takes a few minutes. Get started building your cryptocurrency portfolio today!
About the author
Ting is a finance professional and an accomplished investor. Ting is well-conversed in financial markets, as well as having a background in taxation and law. Having previously worked for a top-tier accounting firm and an US-listed fintech company, Ting decided to pursue his passion in cryptocurrency in 2017 by joining forces with high school friend Mena.
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