BitPinas. Ripple (XRP) wants to break barriers in conventional financial networks that restrict users with fees, charges, and delays. We will give you a brief introduction about this cryptocurrency and how to buy it in the Philippines.
Please note that while a major cryptocurrency, XRP purchase does not mean buying shares of the company Ripple.
This article had a very minor update on October 2, 2018 and again on May 17, 2019.
What is Ripple?
Table of Contents
- 1 What is Ripple?
- 2 How to buy XRP in the Philippines
- 3 Update August 31, 2018:
- 4 Buy Ripple at Binance Crypto Exchange
- 5 Update: Mar. 28, 2018: Buy Ripple from Abra:
- 6 Other ways to buy Ripple
- 7 XRP Wallets
- 8 Ripple Philippines
Ripple is a platform which uses an open payment network. It uses the digital asset XRP, its official cryptocurrency in making transactions.
Ripple’s aim is to decentralize the digital currency approach. The idea is to replace SWIFT, a system used by banks to confirm money transfers between them. Of course SWIFT was created to make sure that when money moves out from one bank into another bank, the former bank doesn’t really have that money anymore. The verification process actually takes time.
Payment systems today are where email was in the early ‘80s. Every provider built their own system for their customers and if people used different systems they couldn’t easily interact with each other. Ripple is designed to connect different payment systems together. – David Schwartz, Chief Cryptographer, Ripple
Although Ripple wants to make transactions move freely, it doesn’t mean it is all free. It charges a really small portion of a Ripple from each transaction, which is still fairly low compared to banks and other financial institutions.
Ripple (the company) has been working with many companies in the Philippines. Ripple partners with these companies so that they can use its Ripple platform (xRapid or xCurrent) to facilitate faster cross-border payments. In a February 2019 report, Ripple said it wants to link Southeast Asia more tightly when it comes to the transfer of money.
The South Korean cryptocurrency exchange is linked to the Philippines through Cebuana Lhuillier through Ripple’s xCurrent. Remittance service Moneygram is partnered with Ripple. Finally, SendFriend, a Ripple-powered xRapid payments solution aims to cut costs and speed up remittances from the US to the Philippines.
How to buy XRP in the Philippines
Update August 31, 2018:
Buy Ripple with Credit Card
- You can purchase XRP using your credit card or debit card using Cex.io.
- You can also do this with Abra.
- (Note that going the credit card route will mean exposing your card details to companies.)
Buy Ripple at Binance Crypto Exchange
- Binance is one of the largest cryptocurrency exchanges in the world in terms of volume. Register at Binance here to purchase XRP in the Binance Platform. (You can also buy XRP with credit or debit card here.)
Steps to Buy at Binance
- Sign up and have your account ready.
- Have a BTC account via Coins.ph or Bitbit.cash
- Go to Binance.
- Open a new wallet by using a Ripple wallet. You can use a free desktop wallet by coinpayments.net. The same wallet can also store other cryptos.
- There are also other XRP wallets available in Android and App Store but use them at your own risk.
- Ready your Bitcoins in your Coins.ph or Bitbit.cash.
- Send BTC from Coins.ph to your Binance BTC wallet.
- Buy Ripple using your Bitcoin in Binance.
- After purchasing, transfer your XRP to your chosen wallet.
- (Note that since you can also buy XRP at Coins.ph, you might think it doesn’t make sense to buy at Binance anymore. But remember, Binance is a large volume crypto exchange and since it is an “order book” exchange, you can set your own price per XRP).
Update: Mar. 28, 2018: Buy Ripple from Abra:
Abra supports depositing fiat via local banks and through credit cards. You can exchange bitcoins for XRP within the Abra App. Should in case you want to cash out, you can do via partner merchants like Tambunting.
- Download Abra here! (It will ask for your mobile number, start with the PH area code 63.)
- Buy cryptocurrency on Abra through credit card!
Other ways to buy Ripple
- Coins.Pro of Coins.ph supports XRPPHP Trading pair.
- You can meet with an XRP trader in person or online by joining legit Ripple Facebook groups.
- Poloniex Crypto Exchange
- Bitfinex Crypto Exchange
- Other Cryptocurrency Exchange sites HERE.
The following are cryptocurrency wallets that support Ripple:
- If you’re able to get an XRP trader online and both parties are willing to meet up, make sure you and the trader are in a safe public place.
- Bitbit.cash doesn’t support XRP. Coins.ph does.
- After making a trade from your chosen Crypto Exchange, keep your XRP safe by tucking it back in your wallet.
As of this update, Ripple currently sits at rank 3 in the cryptocurrency race basing from CoinMarketCap behind ethereum (eth). There will be a total of 100 billion Ripples to be released.
- How to Buy Monero in the Philippines
- How to buy IOTA in the Philippines
- Steps to Buy Bitcoin Cash in the Philippines
- A Growing List of Blockchain Jobs in the Philippines
- List of Licensed Virtual Currency Exchanges
- List of Cryptocurrency Exchanges in the Philippines
- List of CEZA-Approved Offshore Crypto Exchanges
- List of Cryptocurrency Wallets
- List of Bitcoin Wallets
- List of LoyalCoin Partners
- Philippines Blockchain Business Directory
- List of Philippine Blockchain Events
- Bitcoin to PHP
- Cryptocurrency Charts in Pesos
Notes and Disclaimer:
- Follow Bitpinas at Telegram.
- For press release, sponsored content, and other advertising options, click here.
- Invest in bitcoins (or in any altcoins) only the amount you can afford to lose!
- Don’t put all your eggs in one basket. Spread your bitcoin and cryptocurrency investment.
- Before investing in any cryptocurrency, check the people behind it, its mission, and other details to ensure that they are worth investing for. Don’t invest in something you don’t know.
- This article is for informational purposes only and does not constitute an investment advice. Your actions are solely your own responsibility. There is no substitute for doing your own research. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.
For news tips, partnership discussions, or press release submissions, please send to email@example.com
Subscribe to our newsletter: