Ripple is a real-time currency exchange network created in 2012 by a tech company from the US, Ripple Labs Inc. As such, it has proved to be an invaluable payment method for online casino player all around the world. But how does Ripple work and why choose it as a payment method for online gambling purposes?
Built upon…
…an open-source protocol, Ripple supports tokens representing both cryptocurrency and fiat currency. Contrary to most payment methods that support either of the two, this solution makes online gambling way more convenient for online casino players who want to play using both.
It is essentially a ledger that employs its own native cryptocurrency, XRP, which is of decentralized nature, and as of 2020, by market capitalization, is known to be the third-largest coin.
Ripple was created…
…by Arthur Britto, Jed McCaleb and David Schwatz. These men made a deal with Ryan Fugger, the man behind a financial service called OpenCoin, launched in 2005, which provides secure online payments via a global network. The service was then transformed into Ripple.
XRP, the cryptocurrency created by the company, was based on Bitcoin but is much smaller than it, and was used to allow financial institutions to transfer money in a split second, with negligible fees.
As such…
…the company attracted many banks to start using its payment system. In 2013, many interested parties were reported. By 2018, though, over 100 banks had signed up. However, these banks were only interested in using its XCurrent messaging technology, and not in the XRP cryptocurrency. As you may as well know, cryptocurrencies, being decentralized, have volatility and authority problems, so banks are avoiding them for many reasons. So, in 2018, an executive at the company acknowledged their stance. Ripple started with the classic blockchain, but considering the feedback from banks, it was impossible to put the whole world on a blockchain.
Yet…
…today, Ripple is the only enterprise blockchain company with 300 customers across over 40 countries and six continents, working with central banks, governments and regulators, with the only aim to improve the way the world moves money. It has partnered with major financial institutions to enable this process, such as MoneyGram, American Express, Ria and Santander, among others. Just like the company says, it was built upon the concept of making value move like information today: online and quickly. They have remained loyal to this concept and work continuously in improving it and expanding its reach. In fact, in 2014, the company was named one of the 50 Smartest Companies in the MIT Technology Review, and that speaks volumes about its value.
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Using Ripple
Ripple runs via advanced blockchain technology, thanks to its RippleNet which connects multiple providers. It is a secure and scalable solution, which unlike Bitcoin, can still operate without its cryptocurrency, and be used as any of the worldwide-used eWallets.
In case you wish to play using the XRP cryptocurrency, there are a few things you need to know. First off, there is no mining process involved to get new coins, unlike Bitcoin. The coins are pre-mined, and new coins are only generated during a transaction. The platform provides support for 40 currencies as well as its cryptocurrency, so it is easier to make transactions with it.
Ripple, in short, is the exchange platform, and XRP is the cryptocurrency. The XRP actually works as a bridge between two currencies and exchanges them in three seconds, and that’s what makes payments with this solution instant and cost-effective.
How to Start Using It Across Online Casinos?
To start using it across online casinos, you first need to choose an eWallet with a service company that supports XRP, just like with any other cryptocurrency. GateHub is a perfect example of such a service company. Create your wallet by providing the service company with your personal details, for which you’ll get a wallet address so you’ll be ready to start using it.
To start using it…
…you’ll need to get your coins. You will need to conduct your own research to decide on which exchange service to use to get coins. There are plenty of them, each offering a different process for trading the cryptocurrency, policies and support, so you need to choose wisely. Considering there are plenty of them, Kraken, Bitstamp and Bittrex included, you’ll have many options to explore.
Once you get your coins…
…you can start using them across online casinos. The next step, obviously, is finding an online casino that accepts it. Currently, there are many online casinos that accept it, but you would need to find one that is safe, well-reputed and regulated. Look for online casinos that hold licenses to operate by a respected jurisdiction, such as the UK, Malta and Gibraltar, to name a few. Make sure the casino implements SSL encryption and other security measures and offers games by renowned software developers.
Finally, after you’ve made sure the casino meets all the criteria, go to its Banking page and see whether Ripple is among the payment methods on the list of accepted options. If yes, then you can proceed to create your account with it.
Making Deposits and Withdrawals
To make a deposit…
…you would have to log in to the casino you’ve created an account with and go to its Cashier section. Find Ripple’s logo and click on it.
A separate window will open. This is where you’ll need to enter the wallet information. Enter the required details, and add the amount you wish to deposit. Then, you’ll either need to provide the wallet’s address or scan the QR code with a mobile app to make the deposit to the online casino account. If providing the address, make sure you write down the exact one. After you confirm your transaction, the funds will be on your online casino account, ready for you to start playing your favourite blackjack, poker and slot titles.
To make a withdrawal…
…you would need to repeat the first steps. Go to your casino’s Cashier page, and find Ripple. Select the amount you want to withdraw, and enter your wallet address. Go through the identification and verification processes, and confirm your request. Once the transaction is complete on your side, the casino will transfer the funds to your wallet.
Finally…
…once the funds arrive on your wallet, you will need to use the exchange site to convert the coins into the currency of your preference, depending on your country.
Although getting started with Ripple may seem confusing and complicated, once you start the process, you’ll see how intuitively it will go. As you can see, once you have everything in place to start playing at online casinos with it, making deposits and withdrawals with it is quite simple, just like with any other eWallet or cryptocurrency.
Benefits and Drawbacks of Using This Payment Method
One of the main benefits…
…of using Ripple is reliability. Contrary to all cryptocurrencies out there, and thanks to its technology and concept, it is the only one that has the backing of respected banks throughout the world. And although it has managed to keep its blockchain technology and its decentralized nature, it still has the support of many banks such as Santander, for instance. This is what makes it reliable and what attracts people to start using it. Having this kind of trust from well-respected banks gives it the level of legitimacy that no other cryptocurrency could possibly offer.
Versatility is another advantage which rarely if any, cryptocurrency can offer. The fact that it supports both cryptocurrencies and fiat currencies makes it the perfect solution for those users who want to use both. Ripple acts as a mediator between the crypto and fiat currencies, and that’s why it is so convenient and easy to use and move.
On that note, it provides you with extremely cost-effective transactions. Seriously, the exchange fees are exceptionally low, almost insignificant. This is thanks to the fact that it makes the exchange without involving the bank, so the usual bank commission is off the picture here.
As mentioned above, transactions with this solution are instant. In just three seconds, XRP manages to complete the exchange between two currencies. And while once Bitcoin transactions were the fastest ever, with years, those transactions became much slower. But Ripple’s powerful payment system allows for transactions to be much faster than Bitcoin.
And finally, there’s the fact that Ripple is an internationally-used payment method, available across 6 continents, in 40 countries. Not only is it available but also super-successful. The fact that you can make an international transaction in mere seconds with it proved to be appreciated and recognized by both users and providers all over the world. Other cryptocurrencies may take days for international transactions, while with traditional banking systems and fiat currencies, this process can even take weeks.
On the other hand…
…when it comes to drawbacks of using this method, there are only a few. The first one, the one that discourages people to even consider using it, is how complicated the whole process sounds. Sure, that goes for all cryptocurrencies, but not for what Ripple actually offers: safe and quick exchange of money. The fact that there are a blockchain and a cryptocurrency in the middle confuses people, and that’s one of the major downsides. Getting started feels intimidating at first, but once you do it, you’ll see that it is actually a very smooth process.
And then, of course, you have all the cryptocurrency-related risks. Now, you could be discouraged by this, too, but then again, remember that XRP coins are pre-mined. They already have their own value, and that value is not as highly fluctuating as with other digital currencies. Plus, the fact that this payment solution has been recognized and endorsed by legit banks all over the world, proves that it has something else to offer other than just currency exchange. The sheer intellect behind it is what made it attract so many banks’ attention, so do not dismiss it so easily. Give it a chance.
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FAQs
No. The former is the company that provides the service for people to send money globally through its payment network RippleNet. The latter is the digital currency that enables this process via the open-source technology behind it. The two are independent, however, they function together.
While not necessarily, most of them do. There are plenty of online casinos that accept it as a payment method; you would just have to search for them. Once you see that the casino accepts it, though, make sure you that the casino is a legit one and safe one for you to join.
This would depend on the casino you join. There are no limits on the part of the payment service, but there may be limits set by the casino. Each online casino has its own terms and conditions and policies players should follow. So before you decide on one, make sure you check whether the limits would work well for you.
In general, no. Most leading operators do not charge additional fees, so the only fees you could be looking at are the extremely small ones Ripple charges. However, be careful with your choice of a casino, since you may come across casinos that would want to charge additional fees.
Considering it is active in over 40 countries in Europe, North America, Africa, Asia and South America, chances are it would be allowed in your country, but that of course, depends on the country you’re playing from. Make sure you do your own research and see whether your country is on the list of countries where Ripple is available.
Ripple is great! XRP, One of the best of the cryptocurrency world, It’s so fast and there are no fees. It’s a great coin. It’s just a shame that it’s not widely accepted out there, hopefully that will change in the future. Definitely
Ripple is great! XRP, One of the OGs of the cryptocurrency universe, It’s so fast and there are no fees. It’s a great little coin. It’s just a shame that it’s not widely accepted out there, hopefully that will change in the future. Definitely recommend buying some to hang onto, it doesn’t hurt to expand your portfolio and you never know what the future might bring
I really like Ripple (XRP) due to the fact that it processes much faster than most other cryptocurrencies do…I’m talking like within seconds. So for that reason I prefer depositing with it although the only drawback is that not every site accepts it.
one of the best coins of the last few years, its price got higher than everyone expected, it was from a few cents to almost the 3 usd in value, the fees are almost non existent and the transactions on the xrp network are always instantly, so u gotta love this coin
Ripple is my preferred method of depositing at online casinos. The transaction times are extremely fast, and the fees are minimum. Most popular exchanges provide xrp as an alt coin. The downsides are having a minimum xrp balance in non-custodial wallets and the inclusion of memos. As I stated previously, xrp transaction times are extremely fast and a wide variety of online casinos accept ripple
Really informative post! I didn’t realize Ripple offered such fast, fee-free transactions compared to other cryptocurrencies. It’s a great option for secure, anonymous deposits—just wish more casinos accepted it!
I won some Ripple from a dice game site and then used it a few times to make some deposits of around $10 to $20 at online casinos and a financial betting site.
One thing that Ripple does better than many cryptocurrencies is how fast the transaction is processed. It took under a minute and it was confirmed.
There are also many wallets for mobile and desktop.
The only drawback is that not that many online casinos support it compared to some of the other more popular crypto coins.
I used Ripple (XRP) for a casino deposit. The transaction was processed in about 4 seconds, and the fees were minimal, which was impressive. However, I noticed that not all casinos accept XRP, and the value can fluctuate, which might affect the amount you receive upon withdrawal. Overall, it’s a fast and cost-effective option, but availability and volatility are considerations.
Ripple is among my favourite cryptocurrencies to use while playing online. The transaction speed is unmatched that along with very low fees on transactions make it a favourable choice for me. I also never feel the need to worry about it having huge fluctuations as it is generally a pretty stable looking coin Well I would first recommend something like light coin for absolute beginners ripple is an excellent choice for you if you’re getting a bit more comfortable in crypto.
I’ve only used Ripple (XRP) a few times for online gambling, but it’s not too bad. Transactions are pretty fast, and the fees are relatively low, which is always a plus. It’s easy to use, and I appreciate how it offers a good alternative to Bitcoin and other cryptocurrencies. While it’s not as widely accepted everywhere, it’s still a solid option for those looking to use crypto in online casinos.
i dont really like using ripple if i have other crypto choices but if i have to use it then its still better to get quick cashouts instead of waiting on more traditional methods for cashout. i really prefer etherium first before other crypto currencys
After Eth and then Doge Ripple is my 3rd favorite depositing currency to use. Not all casinos accept it but the ones that do have a wide range of betting amounts and it’s very cheap to send/receive plus fast to confirm
Great way to put money into the casino if you need that option a fast crypto transferred I definitely prefer this crypto coin for depositing any day
I recently tried using Ripple for my online casino transactions, and I’m really impressed! The speed of deposits is lightning fast, which is a huge plus when I want to jump right into the games. I appreciate the low fees compared to traditional banking methods, too. Plus, I feel more secure using crypto. The only tricky part was setting up my wallet initially, but once I got the hang of it, everything’s been smooth. Definitely a method I’d recommend for fellow players!
Definitely haven’t got a deposit too often with his coin, but I’ve a couple times I have. It’s been cool. It’s been OK. It’s average. It’s not like bitcoin or anything so it’s OK.
Ripple is one of my favourite deposit and withdrawal methods to use. It’s cheap in fees and very fast and secure. But the only drawback is that not many casinos I play allow this as a deposit method so it’s use is limited
One of the fastest and better ways to deposit via crypto, and also has a characteristic that can be tricky, which is that for the transaction, as happens with other currencies, you have to use a memo that you can make a mistake but in everything else it is excellent and very similar to other crypto