With Bitcoin reaching record highs, Ethereum and Litecoin following in suit the buzz around cryptocurrencies has become more and more obvious. According to popular media, the next big currency is supposedly Ripple.
As things stand in December 2017, purchasing Ripple with GBP isn’t as straight-forward as many newbies to cryptocurrencies would like it to be. So this guide explains how you can get your hands on some Ripple/XRP coins whilst the price is still low.
This guide is for those purchasing from the UK in Pound Sterling, but there is no reason why it cannot be followed by anyone around the world. This guide is aimed specifically at those who are new to trading cryptos and therefore illustrates the easiest route to buying your first batch of Ripple coins. There are large fees involved, but once you’ve got your first coins you can find other platforms with lower fees to essentially do the same thing.
Step 1: Sign up at Coinbase here. You’ll use this platform to purchase Bitcoins (BTC) with GBP. You don’t need to purchase an entire Bitcoin, but I would recommend you spend atleast £50.
You will need to go through the verification process on Coinbase before you can buy. This may take up to a week so do it in good time.
Once verified, use the mobile app or website to purchase Bitcoin using your credit or debit card. There is a large fee (approx. 2.99%) charged on BTC purchases so be aware. Read the tips at the end of this post to get the best value for your money.
Step 2: You will use a seperate platf
orm to purchase and hold your Ripple XRP called Bittrex. You’ll need to sign up here.
Again, go through the verification process so you can deposit and withdraw.
Step 3: After purchasing your BTC on Coinbase you will have had your first hands-on experience of the issues around the BTC network and blockchain. Your transaction likely took between 10-45 minutes to process.
With the BTC successfully in your Coinbase account and your Bittrex account set up and verified, you are now ready to transfer your BTC…
Step 4: Go back in to your Bittrex account and then navigate to your BTC wallet. If this is your first time, you’ll need to click the option to get a new Bitcoin address. This can take a while, but once done you can transfer your Bitcoin from your Coinbase wallet to your Bittrex wallet.
The easiest way to transfer is to use the Coinbase app and then scan the QR code for your Bittrex wallet. Alternatively, locate your Bitcoin wallet on the Coinbase website and use the option to withdraw Bitcoin to another address.
At this point you will again experience, first-hand, the issues of the BTC network. The transaction will take a while to process and the fee you pay for transferring your funds may be in excess of £10!
Step 5: You can track the progress of your transfer through the Bittrex wallet dashboard. Once your transaction has been approved by two nodes it will be available to spend on the Bittrex marketplace.
Step 6: The next step is to use the BTC balance in your Bittrex wallet to purchase Ripple from the BTC/XRP marketplace. Do this by navigating to the BTC/XRP page and placing an order under ‘Buy’.
Since the Ripple network is much faster and efficient, your transaction should process instantaneously and for a negligible fee.
You can now view your Ripple balance from your Bittrex XRP wallet.