In the crypto community, Ripple is considered a black sheep by many. Some people look askance towards this network and do not perceive it as a cryptocurrency at all. Still others are indifferent to it. But the third category is happy to take advantage of this protocol and ask for supplements.
Indeed, the Ripple system is very specific. It doesn’t care about the processing power of your video card, processor, or ASIC device farm. All this does not have the slightest significance, because in her case there is no place at all for such a concept as “mining”. One hundred billion XRP was created at the very beginning – there are no plans to add more.
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Ripple is often referred to as “centralized,” and this can be confusing for inexperienced gamblers. There is no oxymoron here, since the network does not rely on traditional blockchain technology for most cryptocurrencies. Take your time to get discouraged, because the unique operating principle of this system offers significant advantages.
The privacy of user data does not disappear anywhere either. Add this to the other pluses discussed below, and it becomes clear that Ripple has something to offer the gambling industry. But first, let’s figure out what Ripple really is and what XRP is and where is decentralization in all this.
Crypto casino with Ripple games
In the context of cryptocurrency casinos, Ripple remains relatively popular. This cryptocurrency is not used as a payment method as often as, for example, Bitcoin, Ethereum or Tether. However, there are more than enough casinos that accept XRP.
Our top Ripple gambling sites casinos include the best casinos with games and bets on Ripple. There is no need to worry about the reputation of the portals, since these names have long been known in the industry, and some have even managed to receive prestigious awards. Therefore, it remains only to choose a casino or sportsbook to your taste and start playing on XRP.
What is Ripple
The Ripple protocol was created as an alternative way to transfer money and conduct settlements. Ripple itself is not a currency – for this, the system uses the XRP digital asset. However, both one and the other name are often used to refer to the very currency at the heart of the system.
XRP is a digital asset of the XRP Ledger and, according to Ripple.com, “is capable of transactions in 3-5 seconds.” XRP Ledger, in turn, is an open source blockchain. Like other cryptocurrencies, XRP can be sent directly without the need for approvals and checks from financial intermediaries.
Thus, XRP can be used as a “bridge” between two different currencies, significantly increasing the speed of financial transfers.
Ripple’s philosophy is to create an efficient direct money transfer system. Such a system should carry out settlements in real time and be much cheaper, faster and more transparent than similar systems used in traditional financial institutions.
In this context, mention should be made of the concept of the Internet of Things. The idea is to enable people to send money and information at the same speed. That is, sending money to relatives should take the same amount of time as sending a text message in a messenger. Similar ideas are being promoted by Ripple.
The Ripple network does not need a decentralized database. In any case, this is exactly what the creators thought and came up with their own consensus algorithm. According to this algorithm, the confirmation of transactions is assigned to a specific list of nodes (servers), which must make sure that the sender has sufficient funds to send funds. These nodes are also called validators because they confirm the validity of the transfers.
At the same time, the blockchain is used for XRP – the digital token at the heart of Ripple. Therefore, the output is a centralized system with a decentralized asset.
Ripple or XRP?
Ripple is a payment and settlement system. XRP is the cryptocurrency used for transactions in the Ripple system. If you compare Ripple with SWIFT, which is the leading international interbank payment system, XRP will act as fiat currencies that are used internally by SWIFT.
Benefits of Ripple gambling in casino
What method do you think will allow you to quickly transfer money across the Atlantic Ocean: using modern payment systems or flying on the Spirit of St. Louis 1927 with a bag of cash in hand? If in the first case the SWIFT transfer will take up to two days, then Charles Lindbergh managed to get from New York to Paris in 33 hours in the first third of the 20th century.
But, fortunately, the beginning of the third millennium pleases with innovative technologies. It took more than a decade for the Ripple payment protocol to become one of these. Here’s what he is offering today.
Very low transaction costs
At the moment, it is 0.00001 XRP, and at the current rate, 1 XRP is almost equal to $ 1. Do you feel the difference? The cost can only increase if the network load increases.
Very fast transactions
This is where Ripple’s “centralization” comes into play, allowing you to make payments in a matter of seconds. Since there is no need to solve math problems and add transactions to blocks, this greatly simplifies transfers in comparison with traditional cryptocurrencies.
Ease of currency exchange
You can exchange your local currency for any other currency using XRP. At the same time, commissions will be minimal.
With this function, the user can replenish the BTC wallet with any currency. At the same time, you do not have to additionally use the services of exchanges that take their own commission. In other words, you can send bitcoins without actually purchasing them.
Use in large companies
Ripple has something that most other altcoins cannot boast of, namely successful partnerships with real organizations. For example, Ripple Labs and Santander have jointly developed One Pay FX, a cheap international payments service. Cooperation with the Malaysian payment system MoneyMatch also helped to reduce the cost of international money transfers.
The creators of this network allegedly managed to take the best from fiat money and cryptocurrency, combining it in a powerful payment system. Its qualities fit perfectly into the field of cryptocurrency gambling:
1. Super-fast transactions within the system indicate that the deposit and withdrawal of money from the XRP casino account will be no less rapid.
2. The cheapness of transfers allows you to make deposits at a convenient time, replenishing the account with the amount that you think is necessary. Perhaps, it is with the money saved that you will be lucky to hit the jackpot.
3. Although the information about the transactions is public, the payment data is still not available for viewing. In this way, Ripple keeps the sender’s privacy.
4. Even if you do not use the services of banks, you can still send funds over the Internet using XRP.
5. Does your local currency lack sufficient currency pairs? You can still use it to fund your cryptocurrency online casino account using Ripple.
Although XRP tokens were not conceived as an investment, their price still tends to make good leaps upward thanks to the efforts and long-term plans of the developers.
Disadvantages of Ripple gambling
Before you start playing on Ripple, you should make sure that such a payment method is exactly suitable for your specific needs. As with any other digital currency, XRP has a number of features that can be defining and make you look for some other options for casino games.
The lack of control from banks and governments from the very beginning was one of the key advantages of the first cryptocurrencies. In the case of Ripple, the issuance of XRP tokens is controlled by more than a hundred validator nodes, while the bulk of the cryptocurrency supply is controlled by Ripple Labs. Each new validator must be approved by 51% of the existing validators who were initially selected centrally.
In December 2020, all XRP holders were excited to read the latest news. The US Securities and Exchange Commission decided to investigate whether Ripple Labs’ actions are legal regarding when and how to release new XRP into circulation. As a result, Ripple disappeared from several cryptocurrency exchanges, including Coinbase. It is not yet clear how the court proceedings will end.
Pre-formed XRP stock
A huge supply of XRP is stored “out there”. In this case, there is no mining, where electricity would have to be spent to solve complex problems. In theory, large amounts of XRP can come into circulation when it is convenient for the parties in control of this initial stock. This could have a defining impact on the XRP price.
How to start playing in Ripple casino
Before making a deposit to an online casino account, you need to somehow get these very funds for crediting. It is not difficult to do this, but you will have to create an account on one of the crypto-exchanges. You can choose one of the list on the official Ripple website.
According to Coinmarketcap.com, the largest daily XRP trading volumes occur on the following crypto exchanges:
• Huobi Global
The most popular pairs are XRP / USDT, XRP / KRW, XRP / BTC and XRP / USD. After registration, you will have access to the currency exchange. Choose a convenient currency pair, evaluate the rate – and go ahead, place a purchase order. After completing the deal, you will be able to send XRP to the Ripple casino address. Then just choose one of the best Ripple online casinos and enjoy the game.