Ripple - Cryptocurrency

[Big Worm 1]

Hi All

I'm new to all this cryptocurrency stuff, but fancy having a little dabble. I want to invest in Ripple but it doesn't seem like a simple process. I can't just buy it using a debit card from an online trading site? From what i have read, i need to buy Bitcoin, then put that into an online wallet, then use an exchange to convert the Bitcoin to XRP.

I'm hoping someone on here has done it and can advise me of the best process, best sites, exchanges, etc to use?

Thanks

[njr911]

Easiest way I found was eToro, everything else was a faf.

[cupraajy]

The route i went was buy either BTC/LTC/ETH through Coinbase, Send it to Evercoin and convert it to XRP and deposit that into wallet.

Although...due to the high demand just now for XRP, they are running out of Ripple from time to time.

[syko89]

Coinbase - Deposit Euros
Buy ETH on coinbase
Use GDAX to send ETH to exchange
Trade ETH for XRP

This seems to be the cheapest way.

You can ignore the GDAX bit and send straight to exchange but there will be some extra fees.

[andy ted]

Just ask one of the ‘richest men in the world’ to sell you some...

http://fortune.com/2018/01/04/ripple-price-google-...

Not sure about you but I am hearing alarm bells!

For your investment to go up 100’s of % in XRP so will his... then what will he be ‘worth’

It’s imaterial anyway as it has no liquidity that I can see

Good luck though, maybe I am too risk adverse!

[Big Worm 1]

njr911 said:

Easiest way I found was eToro, everything else was a faf.

Have you tried getting money out of eToro? I was reading reviews of the site yesterday, and people were claiming that putting money into the site was easy, but getting it out was a completely different story. One guy claimed they have ripped him off for £12k and he's taking them to the ombudsman.

[KrissKross]

Bump, I am also new to this. Someone the other day asked me if they could pay in Crypto, I gave a blank look... maybe I need to suss this out.

[Chamon_Lee]

you might want to hold off that investment seen as they have had a little slap and tickle today from the SEC - some might say its not big news, some will same that japan and the FCA have said its not a security but the fact is the SEC aint too happy with them.
Read the details and they mention details of market manipulation from the two head honchos to drive up prices etc.

Might be a good time to buy, might be the worst time to buy - take your pick by throwing a coin in the air and calling heads or tails

[KrissKross]

I wasn't thinking of investing, just for the purpose of accepting or spending, wasn't sure which company or account is reliable?

[tertius]

KrissKross said:

I wasn't thinking of investing, just for the purpose of accepting or spending, wasn't sure which company or account is reliable?

Bitcoin is by far the largest, most reliable and easiest to convert local currency.

Any number of choices in terms of wallets, exchanges and payment processors.

[Mr Whippy]

I've used Exodus for quite a lot of swizzling/swapping (mainly recovering BTC splits), and it's been robust and support good.

But they charge a fee.

Can buy in/out to 'real' money using them too.

[KrissKross]

Thanks

[CharlesElliott]

Revolut allow you to buy / sell crypto currencies but I'm not that interested personally so haven't looked what they support.

Just looked - yes, they support Ripple.

[gumshoe]

CharlesElliott said:

Revolut allow you to buy / sell crypto currencies but I'm not that interested personally so haven't looked what they support.

Just looked - yes, they support Ripple.

Just to mention with Revolut you are gaining exposure to price movements of the crypto but you are not really buying the crypto itself, but rather a proxy.

[marky1]

gumshoe said:

Just to mention with Revolut you are gaining exposure to price movements of the crypto but you are not really buying the crypto itself, but rather a proxy.

For bitcoin now I believe they hold the “physical” bitcoin for you.

[dingg]

marky1 said:

For bitcoin now I believe they hold the “physical” bitcoin for you.

Is there such a thing as a physical bitcoin?

I think not.

Eta but I'm probably wrong 🎅

Edited by dingg on Thursday 24th December 20:00

[Simpo Two]

gumshoe said:

Just to mention with Revolut you are gaining exposure to price movements of the crypto but you are not really buying the crypto itself, but rather a proxy.

A proxy to something that doesn't exist... what could possibly go wrong?

[Mr Whippy]

dingg said:

marky1 said:

For bitcoin now I believe they hold the “physical” bitcoin for you.

Is there such a thing as a physical bitcoin?

I think not.

Eta but I'm probably wrong ??

Edited by dingg on Thursday 24th December 20:00

If someone else knows your priv keys, they’re not exclusively your bitcoins.
Indeed, while you don’t know the priv keys they’re not yours.
And while two parties know the priv keys, they’re not really safe.

[marky1]

What I’m trying to say is that when you buy a Bitcoin on Revolut they buy one and hold it. They have the keys. Yes, lots can go wrong with that. The spread on Revolut is horrendous too. I sold some on Revolut this morning and was filled 400 dollars away from spot.