Ripple is an open-source, decentralized, blockchain-based payment method that is increasingly being used by gamblers to fund their online betting account. By the way, this is one of the most popular cryptocurrencies in the world and is in Coinmarketcap top 10. So, let’s check where this popularity comes from and why bettors love using Ripple sports betting sites.
The payment system has been operating since 2012. If you have your own national currency, Ripple system allows you to open an account, or rather an electronic wallet, where you can not only store digital currency, but also pay with it on various Internet resources. However, it is worth noting that in the US the use of the Ripple system is prohibited by law. This means that if you are located in the United States, you will have to choose a different payment method.
The idea behind XRP
You can sell XRP tokens at any time for dollars or any other currency through exchangers. But the very idea of working Ripple is very far from the usual fiat currency, and from most cryptocurrencies.
The principle of network operation is more convenient to consider with an example:
Let’s say one person has a $2,000 bike, another has a decent $1,500 laptop;
With the help of Ripple, both participants in the transaction open a trust limit to each other, as a result, things change ownership, and the difference in their value is covered by a debt obligation of one of the parties. Essentially the same bill, but in electronic form.
The situation becomes more complicated if the participants do not want to open a trust limit to each other. In this case, a search is made for intermediate participants. The number of such intermediaries can be in the tens and even hundreds.
There are many options for using the system. You can, for example, transfer money almost instantly to anywhere in the world; in the Ripple network, the transaction process will look like a series of offsets between different participants (the very debt obligations will be paid off).
As for the XRP tokens themselves, they were introduced into the system only in its second version and are used in situations where a direct exchange cannot be made. They also pay commission for completed transactions.
Characteristics of Ripple
Instant transactions. If, for example, with Bitcoin you have to wait until the next block is found (waiting times can be calculated in hours), here everything happens instantly;
The commission is minimal – 0.00001 XRP for each new trust line;
There is no 51% attack problem, there is no mining as such, which means that network participants cannot concentrate huge powers in their hands and “rob” the rest;
There is no Ripple cryptocurrency mining, the developers have issued 100 billion tokens, at the moment there are 38,531,538,922 XRP in circulation. Some part remains the property of the developers, the rest are put into circulation;
The system is protected from DDoS attacks. If you tried a DDoS attack, the number of transfers would increase like an avalanche. In this case, the developers have provided for an exponential increase in the cost of the transaction. Those, the organizers of the attack would simply go bankrupt.
There are no questions about safety and reliability. The approach used in Ripple is also convenient in that it makes it impossible to concentrate huge power in one hand (as happens, for example, in Bitcoin mining pools). Everyone who contributes to the development of the network receives a commensurate reward.
Ripple is a currency for a payment system, with a completely open source software code. The system was launched in 2012 as a fully decentralized payment system focused on currency exchange transactions without chargebacks. The Ripple coin cannot be attributed to Bitcoin forks, since the program code was written from scratch. Since 2017, the Ripple distributed network has been tested by the world’s largest banks for cross-border payments. The system has a very high transaction speed, while the commission is only $0.00001. Unlike other cryptocurrencies, Ripple cannot be mined. Initially, 100 billion XRP coins were issued, of which the creators kept 20% of the coins for themselves, and the remaining 80% are intended for use in the Ripple network. Now there are about 40 billion coins in circulation. At the moment, Ripple ranks among top 10 coins in terms of market capitalization.
Advantahes of sports betting with Ripple (XRP)
First of all, the biggest advantage of using Ripple for sports betting is the same advantage as for most other cryptocurrencies – the ability to place bets without having to enter personal information. Simply put, an e-wallet is completely anonymous. Another equally important advantage is the high speed of transactions, as well as the fact that there are practically no fees for a currency-related transaction. Benefits of using cryptocurrencies in sports betting
Safety. No matter how you conduct financial transactions, the security and protection of transactions is the most important thing. Best Ripple sports betting sites have two-factor authentication and encryption. Winnings are withdrawn to the digital wallet in the form of XRP coins. Cryptocurrencies have been designed to be harder to hack when compared to other payment methods. Thus, the cryptocurrency guarantees the highest level of security.
No commissions or very low commissions. The structure of Ripple is designed in such a way that very low banking fees are charged. That is, prices for cryptocurrencies are even more transparent compared to banking organizations, where they often try to tie commissions to payments. This allows bookmakers to lower the minimum deposit threshold.
Anonymity. No one will know who you are and how much money you have. If you bet using other payment methods, you need to go through identification and pay taxes. It is impossible to bet anonymously with fiat bookmakers, but it is quite possible in crypto gambling sites.
Speed of operations. If withdrawal of money to a bank card sometimes has to wait for several days, with Ripple everything is easier – at the best Ripple sports betting sites deposits and withdrawal of funds are carried out instantly.
Sports betting with Ripple: summary
Ripple is one of the most used cryptocurrencies in the world, that is also being used in betting on sport. The advantages speak for themselves. The only thing you should always remember is to choose a trusted bookmaker and not to pick a scam site. On this page you can find only the good betting sites that accept XRP, read their detailed reviews and take advantage of theur promotions.
XRP betting FAQ
Is Ripple popular for sports betting?
At the moment, Ripple payment system and its virtual currency XRP are well known in the crypto gambling industry.
Is there a transaction fee when making deposit / withdrawal at Ripple sports betting sites??
Yes, but the cost of transactions is very low. Now it is 0.00001 XRP.