Ripple is a payment network, spil well spil the name given to the network’s cryptocurrency token. It is a distributed, open-source toneelpodium which functions similar to Bitcoin te many ways. However, while Bitcoin is to be mined by miners, Ripple is a pre-mined cryptocurrency. While there are 21 Million Bitcoins, there are 100 Billion Ripple tokens. Transactions overheen ripple are swifter than compared to Bitcoin transactions. Let us now take a look at how to buy Ripple using Bittrex.
Keep Your Bitcoins Ready
Before you buy Ripple, you would need to keep your Bitcoins ready. Bitcoins can be mined or traded for fiat currency. There are a number of ways by which you can buy Bitcoins. You can pay via contant, debit cards, credit cards, PayPal, bankgebouw transfers, exchange with other coins, or even via tokens that hold some monetary value such spil Amazon Bounty Cards or Skype Credits.
Create an Account on Bittrex
Once you have your Bitcoins ready te your Bitcoin wallet, you would need to create an account on Bittrex.
Here&rsquo,s a little note about Bittrex: There are two types of exchanges –
Those that let you buy cryptocurrencies with fiat currencies
Those that let you buy cryptocurrencies using other cryptocurrencies
Bittrex falls te the 2nd category.
Bittrex is a cryptocurrency exchange. It is one of the most popularly used exchanges te the world and is a trusted and safe name. Te order to create an account on Bittrex, go after thesis steps:
Step Two: Scroll down and you&rsquo,ll see a opbergruimte called &lsquo,Get Commenced Now&rsquo,. Click on it and it will redirect you to account registration pagina.
Step Three: Register your e-mail address and password. You will then be asked to confirm your details by clicking on the activation verbinding te your mail.
Step Four: Once you sign-in, you will be asked to pack te private details such spil your name, address, etc. You will then be asked to verify your phone number with Bittrex to ensure safety of your account.
Step Five: After completing this process, you need to activate Two Factor Authentication system which will ensure that you and only you can open the account. This means that there is a dual layer protection protecting your account from being hacked. Any user (including you) who wishes to build up entry to the account would need two things – very first, your password and 2nd, your Google Authentication code.
Ter order to enable 2FA, you will need to go to Settings and then click on Two Factor Authentication on the menukaart on the left. This will require you to download and install the Google Authenticator app on your phone, followed by you scanning the QR code which will generate a 6 digit code on your app which keeps switching at immobile intervals.
Create a Wallet on Bittrex
Now that you have bought bitcoins, registered your Bittrex account and secured it with 2FA, it is now the time to generate a wallet on Bittrex. Wij strongly urge readers to read this part very cautiously.
This is an effortless process. On the top right corner you&rsquo,d see an option called &lsquo,Wallets&rsquo,. Click on it. When you click on it for the very first time, it will vertoning you a large list of cryptocurrencies. Find Bitcoin &lsquo,BTC&rsquo, and click on the Plus button next to it. The Plus button is for deposits and the Minus button is for withdrawals.
Make sure you deposit Bitcoins ter a Bitcoin wallet. The currency and the wallet should correspond. You cannot deposit Ripple ter a Bitcoin wallet and Bitcoins ter a Ripple wallet. Doing so would result te the voortdurend, irreversible loss of your currency.
Clicking on the plus button next to Bitcoins will voorstelling you the option to generate a fresh wallet. Do that ONLY on the very first time. This will generate a string of characters which would be your wallet address. This is your public wallet address and anyone who wished to deposit Bitcoins to your Bittrex wallet would be able to do so with the help of this wallet address.
There&rsquo,s also a QR Code, scanning which would result ter other Bitcoin Wallets automatically knowing what your wallet address is.
The thing to keep te mind here is: Once your wallet address is generated, do not generate a fresh wallet from this service till absolutely necessary. It is critical to know that if you switch your wallet address mid-transaction, the transaction would be deemed invalid and the Bitcoins would be lost te transaction. This is an irreversible process and you may end up losing your Bitcoins. Do NOT switch the wallet address while a transaction is going on.
Add Bitcoins to your Bittrex Wallet
With your wallet being created, now is the time to Deposit Bitcoins to your wallet. Transfer them from whichever Wallet service you are on. For example wij use Zebpay, where there&rsquo,s an option to transfer Bitcoins to another wallet address.
If you don&rsquo,t have Bitcoins, you can purchase them using fiat currency on ZebPay and other similar apps and exchanges.
To transfer from Zebpay to Bittrex, Simply scan the QR Code provided by your Bittrex wallet using your ZebPay wallet and transfer the number of Bitcoins that you want to send from one wallet to another.
Before you make the transfer dual check thesis two things:
You are using the code of your Bittrex BTC wallet and not the wallet of any other currency.
The wallet address is onberispelijk. It is strongly recommended to check it even after the QR code is scanned just to make sure your Bitcoins don&rsquo,t end up reaching someone else spil the process is irreversible and untraceable.
After you deposit your Bitcoins, it might take spil less spil Five minutes and spil many spil 48 hours to show up on your Bittrex wallet. It is based on the number of transactions happening at the uur spil it takes time to verify transactions. Four verifications are needed for the amount to ultimately reflect te your Bittrex Bitcoin wallet.
You could check the progress of your transaction here: https://blockchain.informatie/address/WALLET-ADDRESS (Substitute wallet address with your Bittrex Bitcoin Wallet address).
Your Bittrex Bitcoin Wallet shows the following sections
Account Balances: How much balance do you have of each cryptocurrency with you
Pending Withdrawals: After you withdraw your money, it emerges here te the interim period inbetween the ogenblik you withdraw and the ogenblik it is deposited to your other wallets.
Pending Deposits: Currencies on their way to your wallet pending a accomplish verification are shown here. They won&rsquo,t reflect on your account balance till decently verified, but you&rsquo,ll see them here.
Let us quickly take a look at everything you have done so far:
Created an account on Bittrex
Enabled 2FA on your Bittrex account
Created a BTC wallet on Bittrex
Transferred your Bitcoins to your Bittrex BTC Wallet
Now that you have all the prerequisites te place, it&rsquo,s time to commence trading.
Step 1: Head overheen to the Bitcoin markets. On the top left corner, you&rsquo,d find two markets. One with the Bitcoin symbol and another with the dollar symbol. The market that wij are worried is the one with the Bitcoin symbol.
The other market that you see considers Tether, which is another cryptocurrency spil the base spil opposed to the Bitcoin markets, where Bitcoins are the base currency you use to trade. Tether (USDT) is a cryptocurrency which is a dollar-backed currency. However let us not get into the details of this currency and concentrate on trading via Bitcoins.
When you click on the Bitcoin Markets, you&rsquo,d see an option to search for cryptocurrencies. Key te the code of your currency (for example ETH for Ethereum), and if you don&rsquo,t know the code you could simply type the name of the currency and choose it from the list.
Select your preferred currency, ter this case Ripple from the list.
Step Two: You would now see various statistics related to Ripple. Below the graph you&rsquo,d see a opbergruimte with the title &lsquo,Trading&rsquo,.
You would see many boxes here. However the one that is of primary concern is the Bid opbergruimte. Tapping on Price would vertoning you three options
Bid Price: The highest price at which the currency is being suggested at the ogenblik. This is similar to an auction where the highest bid takes the voorwerp being auctioned.
Last Price: The last price at which someone bought this currency.
Ask Price: If you wish to buy the currency at a rate lower than the existing market rate, you can set an Ask Price and the transaction will only take place when there&rsquo,s a seller suggesting a coin at that rate or lower than that.
For example, the picture below depicts buying Ripple ter exchange for Bitcoins at the &lsquo,Last Price&rsquo,
Select the type of Bid you want to make – ter this case wij&rsquo,re going with last price.
Then, inject the no. of Ripple you want to buy te &lsquo,Units&rsquo,
Your Total will automatically be updated.
Once you&rsquo,ve determined, press &lsquo,Buy Ripple&rsquo, to make the purchase. You will then be shown a confirmation screen where you would be asked to confirm your payment. Your purchase will be shown ter your wallet and a fresh Ripple Wallet will be formed. The amount will automatically be deducted from your Bitcoin wallet and Credited to the Ripple wallet.
Your order is now accomplish. This is how you buy Ripple using Bitcoins via Bittrex.