how to buy bitcoins with ripple

If you want to get bitcoins into your Bitcoin address, you will need to go through a Ripple Gateway.
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I don’t see anywhere in the ripple client that shows my bitcoin address, and I can’t recall if I entered it.
If you ever send bitcoins to them through Ripple, the debt might be lowered, extinguished, or even reversed based on the amount.
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In order to buy Bitcoin using this guide you must first fund your Ripple account with some asset you are going to trade for the Bitcoin.
If you want to trade CAD for Bitcoin, you may use any of Ripple Union’s normal funding mechanisms.
The above withdrawl mechanism sends Bitcoin out through Bitstamp, so your account history will show you sent Bitcoin to Bitstamp, and they are where any support requests about this bridge should be directed.
Ripple Union does not set the price, take a fee, engage in Bitcoin trading, or otherwise involve itself in this transaction.
Note: by following this guide you are buying Bitcoin from other users of the Ripple system.
Unlike in Bitcoin, you cannot simply create as many Ripple accounts as you want simply by generating new private keys; you also need to make an initial deposit of 50 XRP, Ripple’s internal currency, in order for the account to become usable.
The process for sending and receiving in Ripple is the same as with Bitcoin; in the “Receive” tab of the Ripple wallet, the interface provides you with a Ripple address, which looks exactly like a Bitcoin address with the exception of starting with an “r” instead of a “1”.
Back in WeExchange, select “BTC” as the withdraw currency, enter the deposit amount and paste in your Ripple address.
If you want to buy more XRP later there is also a “decentralized exchange” inside of Ripple that allows you to exchange any other currency within the Ripple system for XRP, but it requires you to already have 50 XRP in your account to use.
While Bitcoin allows anyone to hold, send and receive bitcoins over a decentralized network to and from anywhere in the world with extremely low fees, Ripple seeks to allow anyone to do the same thing with any other currency as well.
Make sure to include the full address, with the token, when making your payment – the token is included in the Ripple transaction, and tells Private Internet Access which order the payment is for.
Copy in the same Ripple address that you entered into your trust list to set WeExchange as the currency issuer for BTC.
The process can be used to send any currency that you have in your Ripple account, although if you and the recipient are not linked through a chain of trust the only currency that you will be able to convert is XRP.
Since writing this article, I have been contacted by both Ripple Labs and SnapSwap, and I have now received all of my money.
As part of Ripple’s grand strategy of giving away billions of Ripples to encourage early adopters, the new Seattle-based gateway called SnapSwap was giving away 500 Ripples to anyone who used their service to transfer $10 into a Ripple Wallet.
So, I sent another $100 to SnapSwap, hoping to eventually exchange the money for Ripples and to claim another 300 Ripple reward.
First, the reason my money hadn’t appeared in my Ripple Wallet was because SnapSwap had a problem with my account.
One of the more promising ones is called Ripple (XRP), which has raised funds from Google Google Ventures and, unlike Bitcoin, is uninterested in appealing to humanity’s seedier side.
The confusion that the Twitter conversation created prompted Ripple to request that the user make clear that he operates independently of Ripple Labs.
Third, it was brought to my attention that the Twitter account XRP Ripple Helpdesk is not officially affiliated with Ripple Labs.
A gateway is any person or organization that enables users to put money into and take money out of the Ripple network.[4] They accept currency deposits from users and issue balances into Ripple’s distributed ledger.
In Ripple, users make payments between themselves by using cryptographically signed transactions denominated in either Ripple’s internal currency named XRP or in arbitrary other assets (including real-world assets such as dollars, gold, air miles etc.). For XRP-denominated transactions Ripple can make use of its internal ledger.
Ripple’s path finding algorithm leverages this functionality to allow users to send money in one currency and the recipient to receive it in another currency.[24] For example, a user who holds only USD balances can send a payment in EUR to a merchant who wants to get paid in euros.
Ripple is a payment system, currency exchange and remittance network by Ripple Labs.
"Ripple Network Adds Currency Conversion for Bitcoin Payments".
When a user conducts a financial transaction in a non-native currency, the Ripple network charges a transaction fee.
Anyone can open an account.[39] There are mobile apps for making payments over Ripple using a smartphone.[40] Ripple’s Path Finding Algorithm searches for the cheapest path between two currencies.[41] In the case of a user who wants to send a payment from USD to EUR, this could be a "one-hop" path directly from USD to EUR, or it could be a multi-hop path, perhaps from USD to CAD to XRP to EUR.
The Ripple network allows users or businesses to conduct cross-currency transactions in seconds.[35] All accounts and transactions are cryptographically secure and algorithmically verified.
For example, if a user deposits $50 and BTC 2.00 at The Rock Trading, the user will have to grant trust of at least that much in both currencies to the gateway for the monies to be available in the Ripple network.
With a sufficient number of market makers, the path finding algorithm creates a near frictionless market and enables users to seamlessly pay each other via the network in different currencies, without assuming any undesired foreign exchange risk.[24] For example, one user might choose to hold his wealth in bitcoins.
If the Ripple network were completely free to access, adversaries could broadcast large amounts of "ledger spam" (i.e. fake accounts) and transaction spam (i.e. fake transactions) in an attempt to overload the network.
The bridge makes it possible to pay any Bitcoin user straight from the Ripple client without ever needing to hold any of the digital currency.
For its creation and development of the ripple protocol (RTXP) and the Ripple payment/exchange network, the Massachusetts Institute of Technology (MIT) recognized Ripple Labs as one of 2014’s 50 Smartest Companies in the February 2014 edition of MIT Technology Review.
Esquire counters however that “If that is devious, then so is every company that’s ever gone public while retaining the great bulk of its shares.” [49] Ripple supporters feel this is especially true as Ripple Labs charges no fees and has no revenue streams to finance its support and promotion of the network.
Though the network facilitates the use of any electronic value holder, others in the crypto-currency space are quick to point out that XRP are “pre-mined” and that the founders retained 20% and Ripple Labs retained 25% of them while selling the majority of the remaining 55%.
Users of the Ripple network are not required to use XRP as a store of value or a medium of exchange.
The bitcoin bridge allows any Ripple user to send Bitcoins without having to use a central exchange such as BTC-e to acquire them.
The other currencies in the Ripple network are debt instruments (i.e. liabilities), and exist in the form of balances.[4] XRP is not dependent on any third party for redemption.
The Ripple network is a global system for making transactions of any kind: US dollars, bitcoin, yen, or any other existing currency.
Currency exchange is built into the Ripple network, allowing people to pay and receive in their preferred currency, including Bitcoin.
Also like Bitcoin, there is a known, finite number of ripples: The Ripple network contains 100 billion XRP, a good deal of which will be distributed for free by OpenCoin Inc.
You can use Ripple to send and receive money in dollars, euros, yen or Bitcoin without having to do extra work for foreign exchange transactions.
XRP also provide an important security feature: every Ripple transactions destroys a miniscule fraction of an XRP, and while this amount will be unnoticeable by even high-volume users, it prevents anyone from overloading the network with abusive transactions.
Ripple is a decentralized transaction network that also contains a virtual currency.
In addition to the representations and warranties otherwise set forth in this Agreement, User hereby represents and warrants to Ripplewise that: (a) he has all right, power, and authority necessary to enter into and perform this Agreement, (b) when executed and delivered, this Agreement will constitute its legal, valid and binding obligation enforceable against him in accordance with its terms, (c) he is in compliance with all Applicable Laws, including without limitation any such laws that may apply to User’s ownership of the Purchased Ripple Currency, and (d) he is not and has not been a party to any current, pending, threatened or resolved enforcement action of any government agency, or any consent decree or settlement with any governmental agency or private person or entity regarding the ownership of Ripple Currency or Bitcoin.
User shall defend, indemnify and hold harmless Ripplewise (and its Founder) (each an “Indemnified Party”) from and against any Claim or Loss to the extent any Claim or Loss is based on (a) any breach of any representation, warranty or covenant of this Agreement by User, (b) any use, distribution or resale of the Purchased Ripple Currency by User, or (c) any taxes that User is legally obligated to pay in any jurisdiction, which are incurred or arise in connection with or related to his activities (under this Agreement or otherwise).
User acknowledges and agrees that Ripplewise has no liability to User or to any third party for any loss, theft or misuse of any Purchased Ripple Currency that Ripplewise has transmitted to User pursuant to this Agreement.
Ripplewise has no obligation to redeem or exchange Ripple Currency for monetary value, goods, services, or any other item, and (c) although Ripplewise owns, and under this Agreement will transfer, title to the Purchased Ripple Currency to User, Ripplewise is not the “issuer” of Ripple Currency and is not responsible for any losses which might occur.
“Confidential Information” means the terms of this Agreement and any non-public information or materials provided by either Party to the other Party in connection with the performance of this Agreement, but does not include any information or materials that: (a) was previously known to the receiving party free of any obligation to keep it confidential, (b) becomes generally available to the public through no wrongful act, (c) is rightfully received from a third party under no obligation of confidence to such third party, (d) is independently developed by the receiving party without reference to information which has been disclosed pursuant to this Agreement, or (e) is required to be disclosed in order to comply with Applicable Laws, administrative process or governmental or court orders; provided, however, that in a circumstance in which disclosure is compelled by Applicable Laws, administrative process or governmental or court orders, the party that is subject to such compelled disclosure shall limit the disclosure to only that information that must be disclosed to comply with the order and shall give the other party prompt prior notice of such compelled disclosure so that the other party may seek to protect such information.
Within one (1) business day after Ripplewise has received the full Purchase Price in accordance with the terms of Section 1.5.1, Ripplewise shall transmit the Purchased Ripple Currency to User via the Ripple Payment Network to the Ripple Payment Network address specified by User.
The goal of the ripple system, according to its website, is to enable people to break free of the “walled gardens” of financial networks – ie, credit cards, banks, PayPal and other institutions that restrict access with fees, charges for currency exchanges and processing delays.
In addition to giving Bitcoin more ways to connect with those using other forms of currency, Ripple promises expedited transactions and increased stability.
I had done the above steps, send 0.0007 bitcoin to bitstamp, and withdraw at ripple wallet, but when I paste the ripple address on bitstamp, it said that my ripple address is invalid, so that I cannot deposit bitcoin to ripple wallet.
I am now trying to send the bitcoin in the bitstamp account to my new ripple wallet but it says that my destination address is invalid.
In order to transfer ripple to your wallet, you’ll be asked to trust Bitstamp address first.
I don’t understand how to buy Ripples because I don’t have any money in my Ripple wallet, so my Ripple wallet won’t let me trust anyone, so I can’t trust bitstamp, so I can’t buy Rippes.
In order to purchase ripple, first of all you need a ripple address, if you don’t have your ripple wallet then follow our previous guide to setup ripple wallet and address.
First click on “Withdrawal” then select “Ripple” as the withdraw currency, enter the amount you want to transfer in your ripple wallet.
Here is step-by-step guide how to buy Bitcoins on the Ripple network using SnapSwap dollar Top Up and dollars in Ripple wallet.
Unlike any other Bitcoin exchange, there is no transaction fee, traders buy and sell Bitcoins in the Ripple network at market rate with no additional charges.
If you want to send Bitcoins to any Bitcoin address, click Send and enter a Bitcoin address as Recipient.
You can sell them later if you want or you can send Bitcoins to anybody on the Ripple network instantly at no cost.
You can keep your Bitcoins in your Ripple wallet, it’s easy and convenient.
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Bitcoin Forum October 19, 2014, 04:44:26 AM Welcome, Guest.
News: Bitcoin Core 0.9.3 has been released.
Litecoin – 84 Million Coins Faster Than Bitcoin Capitalization: 734 Million Dollars.
• Ripple platform allows for issuing debt via “IOUs,” Bitcoin can also do this as a platform, but this feature has yet to be explored.
Bitcoin – First and Biggest (but Maybe Not the Best) Capitalization: 12 Billion Dollars.
• .01 Peercoin Transaction fee (on every transaction) is said to render Peercoin a better “store of value,” and it may be used as a backbone cryptocurrency according to some, and its creator, Sunny King.
Peercoin uses “centralized checkpointing,” but Sunny King, Peercoin’s creator, says this feature will be removed with future versions and when the cryptocurrency stabilizes.
• While an alternate DNS system is useful, Namecoin as a cryptocurrency distinguishes itself in no other way from Bitcoin.
Bitcoin has orders of magnitudes more adoption, acceptance and use compared to any other cryptocurrency on the market.
• Permitting for an uncensored internet means Namecoin could lead to illegal activities online, beyond even the scope Bitcoin, such as child abuse or similarly illegal websites.
• At .5 billion dollars, it has the second or third biggest market cap, depending on whether or not you consider Ripple to be cryptocurrency (as of (11/25/13).
• Said to be sustainable and long-term environmentally friendly because mining will require orders of magnitude less power than Bitcoin and Litecoin.
• Uses identical cryptography to Bitcoin protocol meaning Bitcoin miners could mine Namecoin profitably should Bitcoin mining become unprofitable.
While many are still being turned on to the perks of Bitcoin as a speculative asset, platform, and currency, there are other players in the game.
• 100 billion total Ripples (XRP) with all of them “pre-mined,” as Ripple is not a cryptocurrency.
Namecoin – Cryptocurrency, Buy Now, Get One Free Internet Capitalization: ~60 Million Dollars.
• For speculative growth, Bitcoin is perceived as expensive, people don’t like to own one or two of something, but rather 10s or 100s, but this may be solved by a naming convention, calling Bitcoin, mBTC, or millibitcoin.
A cryptocurrency based on a meme, does this mean Bitcoin has truly gone mainstream? Well, it’s definitely gone doge.
• More coins than Bitcoin means that Litecoin may be more future-proof than Bitcoin.
Peercoin – The Environmentally Friendly Standout Capitalization: 122 Million Dollars.
Ripple – Venture Capital’s Electric Money Capitalization: 5 Billion Dollars.
This means now I can move money from my US dollar bank account to my Ripple Wallet, back and forth, through SnapSwap.
By opening a Ripple Wallet everybody gets access to the global currency market including digital currencies like bitcoin.
This means that anybody with a ripple wallet can now send bitcoins to any bitcoin wallet.
contacted Ripple Wallet users again to distribute more XRP, but in this case I had to join a new “gateway” service called to get my 1500 new XRP.
My $ bank account >>> My SnapSwap >>> My Ripple Wallet >>> My SnapSwap >>> My bank $ account.
Ripple account address: When you created your wallet not only your secret key was created, but also your public key.
Nevertheless it is worth exploring and getting a Ripple Wallet to buy some XRP and move money around the world for free.
Send money: To send money you need the Ripple account address of your counterparty.
Like with other types of transfers on Ripple you can originate the transaction in any currency, it will be exchanged into bitcoin at the best rate, and it will be delivered to the bitcoin address you indicated.
Last June I got the invitation to open one and OpenCoin Inc., the creators of The Ripple Network, gave me 1000 ripples as part of their global distribution program of the XRP digital currency.
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Once you do this you will be able to send dollars to your Ripple Wallet and vice versa.
Now the merchant can either hold on to the BTC in the Ripple network or send it to his gateway (gateway B) and withdraw the “real” BTC from them onto the Bitcoin blockchain.
As Bitcoin approaches the 30$ mark for the second time, we are proud to announce that we are the first VPN to accept a brand new currency, Ripple, the first cryptocurrency that truly has a shot at competing with Bitcoin.
Ripple’s two biggest achievements are solving the double spend problem without a blockchain and inventing a decentralized way to send and exchange non Ripple currencies over its network.
The first thing to understand is that the Ripple network will have many gateways that will hold the actual currency which is being transacted over Ripple.
If PIA want’s to join the Ripple network, they should set themselves up as a gateway and accept Ripple IOUs from other gateways that they trust in the currencies that they want.
Ripple’s major disadvantage to Bitcoin is that it starts out with 100% of Ripple Credits (XRP or ripples) being completely controlled by their originator, a corporation, OpenCoin Inc (founded by Jed McCaleb of MtGox and eDonkey fame).
2) True decentralized Bitcoin exchanges will now be possible via trading on the Ripple network.
The latter enables two things which will truly allow Bitcoin to flourish: 1) Most Bitcoin transactions can be done through the Ripple network, only to be settled on the blockchain when absolutely necessary.
The Ripple network also supports sending and trading between any currency enabling true decentralized BTC exchanges.
Ripple is the first true innovation in decentralized cryptocurrencies since Satoshi Nakamoto released Bitcoin.
Today, the value of one bitcoin exceeded $1,000 for the first time. But what does that mean? How real and safe are these things? What’s the future of your bitcoin? It might just be something else entirely — a ripple.
Naturally, there are haters who cannot endure the idea of a company, Ripple Labs, creating a more user-friendly protocol on top of the libertarian utopia of bitcoin.
With the August announcement that Germany will start taxing bitcoin assets, and a ruling by a federal judge in Texas that bitcoin is a legit currency, it’s clear that imaginary money is becoming more real by the day.
The True Value of Bitcoin and Ripple Digital currencies can break the tyranny of banks.
As revolutionary as I believe bitcoin to be, the mining process creates critical weaknesses — it’s difficult to understand and can be panic-inducing for the several minutes people are waiting to get their funds.
Over an already volatile 2013, the value of a single bitcoin has ranged from $13 to more than $1,000, and it’s attracted the attention of everyone from the Winklevoss twins to a new fund (the Bitcoin Investment Trust) composed only of bitcoins.
Ripple is a bit like Bitcoin, in that the network verifies transactions – this is essential if you’re removing the “trusted third party” role that banks usually fill, because someone needs to ensure that people aren’t double-spending their virtual money.
Although its use is also pseudonymous, Ripple isn’t quite the grassroots effort that Bitcoin is: on Thursday its sponsor, OpenCoin, picked up a round of funding from Andreessen Horowitz, FF Angel IV, Lightspeed Venture Partners, Vast Ventures and Bitcoin Opportunity Fund, “an investment vehicle for Bitcoins and Bitcoin-related companies.” OpenCoin’s development chief is Jed McCaleb, the guy who founded MtGox in 2010.
The company maintains that it’s “just here to pay to develop and promote the network,” and doesn’t control Ripple, but at the same time it’s a for-profit company (hence this week’s investment) that has a vested interest in seeing the value of ripples increase.
Ripple can be used to convert dollars into rupees, or for that matter Bitcoins, and send them across the world for the nominal fee of one “ripple” – this fee is only charged to stop people from swamping the system with millions of transactions.
Of course, Ripple users will need to get their hard cash into the system somehow, so the system employs what it calls “gateways.” Anyone will be able to act as a gateway, even individuals and convenience stores – although online services will probably be the most convenient.