Bitcoin is one of the most popular, oldest, and largest cryptocurrencies globally. Apart from bitcoin, there are thousands of other cryptocurrencies in the market. Those cryptocurrencies are called altcoin.
One of the most widely known altcoins is ripple. The concept behind the creation of ripple was to enable instant and frictionless money transfer across global banks.
Both Bitcoin (BTC) and Ripple (XRP) are ever-growing digital currencies. However, the value of the two currencies fluctuates in the market every now and then. You might want to convert BTC to xrp to capture the better-valued currency.
This article will solely focus on how to convert bitcoin to ripple by providing the ultimate guide to bitcoin to ripple converter.
Difference Between Bitcoin and Ripple
Before we dive into the step-by-step approach of BTC to xrp exchange, we need to understand what these two are clearly. We know that Bitcoin and Ripple are two forms of digital currencies. Several things make them different.
The Mining Process
It is easy to exchange bitcoin for ripple. However, ripple uses a different kind of mining system. Bitcoin uses blockchain to validate the transaction. On the other hand, ripple uses a unique mechanism.
The mining process of ripple consists of verifying the transaction through a poll. This makes the transaction and mining process more reliable than using blockchain. Moreover, the mining process utilizes less energy to mine more ripple coins quickly.
The Number of the Two Coins
It is notable that when ripple was first created, 1 billion coins were mined during the launch. On the other hand, bitcoin mining has a limit of 21 million to be present in the market. This means that ripple is more accessible and available in the market than bitcoins.
Furthermore, the process of mining ripple includes following intelligent contracts and a pre-developed schedule. This makes the overall mining process faster with lower transaction cost.
However, bitcoin has a better reputation in the market. The market value of bitcoin is much higher, and its performance is better.
How to Convert Bitcoin to Ripple: 3 Options to Choose from
If you want to change bitcoin to ripple, first be sure about your decision. The digital currency market fluctuates heavily. Therefore, it is wise to follow an xrp to BTC calculator and know the current values before moving forward.
Here are three possible options you can choose to convert bitcoin to ripple.
The Shortest Route
The easiest way to trade bitcoin for ripple is to use a ripple converter. The best one in the market is Binance. For this, you will need to create an account on the platform.
The first step in creating your account is to provide personal information like your Email address, mobile phone number, and other necessary data. The registration page should include several fields to fill up. Your job is to complete the empty fields.
Once you complete this step, the platform will take you through the verification process. After that is out of the way, log in to your Binance account.
You will need to deposit bitcoins from your wallet to the Binance wallet as you want to convert bitcoin to ripple. You can go to the wallet option at the bottom to find your Binance wallet address.
After clicking on that option, find Fiat and Spot button and click on it. Search for bitcoin on the new page. Once you find the bitcoins option, you will see a deposit option on the right. Click on it and copy the BTC wallet address. After that, go to your personal bitcoin wallet and paste the address into the withdrawal section.
Now that you have deposited the bitcoins, search for XRPBTC Trade Window on the Fiat and Spot page. After that, click on the button called trade drop-down. This will launch the Binance TradingView platform. You can begin converting your bitcoins to ripple here now.
The Longer Route
The longer route of converting bitcoin to ripple includes a double conversion method. This way, the first job is to convert the bitcoins to USDT. Then, convert the USDT to ripple coins.
In this option, you need to follow the previous steps until launching the XRPBTC Trade Window on Binance. Deposit your bitcoins the same way mentioned above. Once those steps are complete, find USDT on the Fiat and Spot page instead of searching for XRP.
Launch the BTCUSDT exchange and trade the bitcoins to USDT. After this is done, again search for XRP on the Fiat and Spot page. This time, launch the XRPUSDT exchange option. Insert the desired amount and finally convert the USDT to XRP.
But why should you take this longer route rather than directly converting ripple from bitcoins? USDT is a stable market. This stable coin is linked to US dollars. Therefore, converting bitcoins to USDT first can save you from unexpected fluctuations in the bear market.
The Alternative Route
The last option you have is to use the Peer-to-Peer (P2P) exchange route or the Decentralized Exchanges (DEXs) route to convert bitcoin to ripple.
There are numerous platforms available to use the P2P exchange route. However, one of the best platforms is Paxful.com.
The first step in this process is to create an XRP wallet. This wallet should also function as a Ledger Nano X hardware wallet. Such a wallet is also known as Exodus wallet.
After creating the wallet, open Paxful and create your account. Log in to the account after the registration process is complete. After logging in, find a suitable vendor who would be willing to trade ripple for bitcoins.
The vendor will most likely ask for some form of verification. Comply with this and ask for the vendor’s wallet address. You will also need to provide the Exodus wallet address you created before signing up on Paxful.
Once all the necessary wallet information is exchanged, the vendor will confirm the receipt of your bitcoins. In the meantime, you will start receiving ripple coins that were held in escrow.
4 Prominent Bitcoin to Ripple Converting Platforms
Along with Binance, several online platforms are available where you can convert your bitcoin into a ripple. All of them have almost similar steps in the conversion process. Here are 4 top converting platforms available on the internet.
This is a platform you can use to exchange bitcoin with ripple instantly. In addition, this platform provides quick exchange opportunities across different cryptocurrencies.
The best part about Changelly is that you do not have to use any lengthy registration forms like KYC to complete the verification process.
If you wish to use Changelly to convert bitcoin, the process is pretty similar to the previous sections. You will still require an Email ID. In case you do not want to disclose your identity, you can use an alibi.
Binance is one of the most preferred cryptocurrencies converting platforms globally. The platform is widely favored for the kind of services it provides to the users.
Binance is a platform where you will find more than 140 altcoins listed. As a result, you can exchange almost any digital currencies on this platform. If you have read through this part, we are sure that the conversion process should seem simple to you as well.
Huobi Pro is a brand of Huobi Global. It is one of the leading digital currency exchange platforms. The platform is run by one of the top cryptocurrency financial services, Huobi Group.
Like the other platforms, you will need to register at Huobi Pro using your Email ID and a unique password. However, the platform will require you to verify your identity through KYC.
Bitfinance is the last and another widely used cryptocurrency exchange platform across the planet. Before Binance came into the market, Bitfinance had been the most popular platform for users.
Bitfinance is still one of the top three digital currency exchange platforms in the world. One of the unique parts about Bitfinance is that the platform provides a service for users to exchange Ripple with Bitcoin.
However, the major drawback with Bitfinance is that the registration process takes a long time. You can expect to wait for 15 to 20 business days before you can get a confirmation of your registration and verification on the platform. As a result, the overall experience on the platform may not be as swift as the other platforms on the list.
Knowing how to convert bitcoin to ripple can be a competent knowledge to acquire. You never know when you are hit with a sudden drop in the price of bitcoins. Therefore, the three suggested options can guide you through the process of exchanging your bitcoin with ripple. This can bring you the highest market value against your investment in digital currencies.
Frequently Asked Questions
Is Ripple Better Than Bitcoin?
There is no concrete answer to the question. Ripple is a much faster, safer, and cost-effective altcoin than the famous cryptocurrency, bitcoin. However, bitcoin can have a much higher market value than ripple coins.
Can I Buy Ripple Coins with Bitcoins?
Yes, you can buy ripple coins using your bitcoins on online platforms.
How Can I Exchange Bitcoin with Ripple?
There are several online platforms available where you can convert your bitcoin to ripple within no time. All the platforms require you to sign-up and verify your identity through KYC before using them.
Will I Lose Money Converting Cryptocurrencies?
Most of the platforms’ basic features are free to use by anyone. However, converting cryptocurrencies will ideally require you to pay some fees to utilize the premium versions necessary for the conversion process.