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Cryptocurrencies are getting increased attention from online casino players, and that's why operators continue adding new options for them to explore, among which you'll certainly find Ripple. This is an excellent crypto solution to use since with it you can use both fiat and digital currencies to gamble online. Since it is a network for currency exchange, you can start using it with your native currency to continue playing at an online casino using crypto! How awesome does that sound? Add to that the fact that the solution offers its amazing service at a low cost, and there you have it, a must-try method. If willing to try it at your favorite online casino, stay with us to discover more about it. What is Ripple and why choose to use it across online casinos?
About Ripple
Even though not really a new solution, being launched in 2012, this is still one of the most unique and effortless-to-use crypto solutions out there. It is actually a network providing currency exchange, which allows you to turn your fiat into digital currency, and vice versa. Based on an open protocol, the solution was designed by a tech company from the US, Ripple Labs Inc. As such, it offers its own XRP token and has its own ledger, which in 2020 was dubbed as the third-largest coin, following Bitcoin and Ethereum.
But before we get into any more details, we must tell you the history behind it. Creating it from scratch, David Schwartz, Jed McCaleb, and Arthur Britto partnered with Ryan Fugger from OpenCoin and launched it back in 2012. OpenCoin, if you don't know, is a financial service that has been operating since 2005, and its massive global network helped the solution become an instant hit since the service has been delivering secure payments over the internet to these users for ages.
When it first launched, the only ones that were using the XRP token were the financial institutions that were part of OpenCoin’s network. With it, they could move money over the internet in a split second, at a low cost. The token, built on the tech and concept of Bitcoin, was much smaller upon its launch, but by 2018, it was being used by over 200 financial institutions and banks.
Yes, banks, you read right. You can notice the elephant in the room, no? How can a crypto solution be used by banks? Well, banks and financial institutions only use its XCurrent messaging technology, which has nothing to do with crypto but only facilitates the transaction and speeds it up. This way, the solution managed to do something no other blockchain company in the world has: team up with a huge network of banks and financial institutions, regulators, and governments to move money like information, quickly and over the internet!
Realizing it won't be able to put the world (read: banks) on a blockchain, the solution gave up that dream but still managed to team up with major brands in achieving its goal, to further expand its presence, including Santander, Ria, MoneyGram and even American Express. With that, and every other effort it put into innovation, it was dubbed in the MIT Technology Review as one of the 50 Smartest Companies in the world.
It is no wonder the online gambling industry embraced it immediately after its launch, right? You can rest assured that, should you decide to use it, you’ll have hundreds of crypto-friendly and even crypto-only sites to join, to use it. If that’s what interests you, stay with us as next, we’ll take you over the getting started procedure with it, and later, over the depositing and withdrawing processes. Stay tuned!
Getting Started with It
Since the solution does not only offer the crypto token but also the entire currency exchange network, you won’t be going through the usual procedure for purchasing cryptocurrencies, to which you’re used to. No, you’d need to visit its official website first, to read all about the wonderful things the company behind it offers. The site is extremely informative and useful to explore, so we highly recommend you explore it.
Considering it uses advanced tech, it can operate without the XRP, it is highly scalable, and runs on its own blockchain technology. Since banks can offer its exchange service, you'll find it offered across them as an innovative eWallet for secure and swift transactions. To use it as an eWallet, you’d need to go through the standard procedure for wallets, meaning create an account with it and connect your favorite payment methods to it to fund it.
But, if you wish to use its token to gamble online with, the first thing you should know is that XRPs are pre-mined, and cannot mine them. New coins can be generated during a transaction, but you can discover more about that on its website. Here, you should know that you can also purchase your coins, on popular exchange platforms like Bittrex, Kraken, and Bitstamp, using your native currency.
Once you have your coins, create a crypto wallet to store them. GateHub is the preferable choice here, but you can choose any that supports the token. Get your keys, meaning public and private addresses, and you can start using the solution right away. Since Ripple supports XRP, of course, and over 40 fiat currencies, it is the perfect bridge for the exchange which happens in under three seconds, and that’s what makes it one of the fastest payment methods available across online casinos. Continue reading to find out how to use it for deposits and withdrawals next.
How to Deposit at Online Casinos with Ripple?
We already mentioned that Ripple was embraced by the online gambling industry, and by default, that means that you’ll find it across many online casino sites. Playfina and ScatterHall are just some operators you could check out, but trust us, there are so many others you will find that offer the solution.
Explore a few options and make sure you register an account with the site that suits you most. To make a deposit with XRP, you’d need to go through the following steps:
- Visit your chosen casino’s Cashier/Banking page.
- Look for XRP’s logo on the list of offered cryptocurrencies and press it.
- Copy the operator’s wallet address and in the pop-up, use your credentials to enter your crypto wallet.
- Enter the amount you wish to deposit and paste the operator’s wallet address here.
- Confirm the transfer and you'll see the coins arriving in your casino balance immediately.
How to Withdraw Winnings with It?
The best part about Ripple is, that not only are deposits with it instant, but so are withdrawals! Speed being its strongest suit, the solution is one of the player-favorite options for withdrawals, actually. To request a withdrawal, repeat the steps we just described, only in step 3, copy your wallet address, in step 4 enter how much you wish to cash out and paste the address. The casino will have to review your request and as soon as it approves it, you’ll have the coins you won on your crypto wallet. As easy as that!
Fees and Limits
We mentioned already that Ripple processes transactions with incredible speed and at a low cost. That means that even though it charges fees, these are practically insignificant, only a fraction of the entire transaction.
You can rest assured that this is a solution that focuses on speed and makes sure it processes your transactions at the lowest cost. Go to its official website to discover exactly how much is charged for each transaction you make with it.
Allowed Countries
As soon as it launched, the solution became an instant hit in the US, but was soon offered globally, across more than 50 countries in the world, and continued with expansion in France and Sweden soon, to later be offered across six continents. That is when it comes to the currency exchange network.
The token, however, being decentralized like all other cryptocurrencies, is accepted literally in every country and territory in the world. So, you can rest assured that you’ll be able to use it, regardless of your country of residence.
Accepted Currencies
The currency exchange network circulates literally in any currency available in the world; the good part is, that the XRP token can be purchased in 40 currencies, too, mainstream ones that are offered across crypto exchanges.
Therefore, if you’re a player that uses Canadian dollars, the US dollar, the euro, or the UK pound sterling, for instance, you can rest assured that you’ll be able to use your native currency to purchase your coins.
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FAQs
Is there anyone I could get in touch with in case I have questions about Ripple?
While on its official website, you will find a Get Support page, where you'll see the support options, including a FAQs page where answers to many questions have been answered for you. But as mentioned, the website itself is incredibly helpful and full of information you could use to get to know the solution better and understand its purpose and objectives. We encourage you to explore it. Of course, if your question has not been answered that way, especially when it comes to deposits and withdrawals, make sure you contact the Support agents at your chosen casino.
Can I say that Ripple and the token XRP are the same thing?
You will find the token under the Ripple name, that’s true, in particular across online casinos, however, the two are not the same thing. The token is the crypto, while Ripple is the company’s name and by default the name of the currency exchange network provided by RippleNet. The network can function without the token, but not vice versa.
Can I reverse a transaction I made with XRP?
No, that’s not possible. Since XRP is a cryptocurrency after all, just like any other, transactions with it cannot be reversed. The token is decentralized as all currencies are, and works on an open-source protocol, so transactions are irreversible.
Does the token’s value fluctuate?
Yes, it does, just like with other currencies. As a digital asset, its value depends on the market dynamics. These fluctuations are not as volatile as they are with other better-established coins like Bitcoin, for instance, however, the value surely has its ups and downs.
Does Ripple encourage the use of one wallet over another when it comes to storing XRP?
No, it does not. The company won't ever endorse, recommend, or encourage the use of any wallet over another, but it does advise users to do thorough research before choosing the wallet to go with and select the one that offers the fairest terms and conditions and it’s the easiest to use.