This article contains detailed guide on buying ripple in Nigeria, how to buy ripple and where to buy ripple in Nigeria.
What You Need to know about Ripple XRP
Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native cryptocurrency called XRP (ripples).
Released in 2012, Ripple purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes.
At its core, Ripple is based around a shared, public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process. Ripple (XRP) just became the second largest Cryptocurrency by market cap at an astonishing $122 billion dollars. Making Ripple’s co-founder, Chris Larsen, the 8th wealthiest man on earth as he holds the equivalent of about $55B USD (as of January 4th, 2018 at 16:00 hrs EST).
Ripple aims to be a solution to a lot of current cross-border banking issues that are currently plaguing the financial ecosystem on a global scale. Anyone who has sent a wire transfer through the banking system knows that cross-currency settlement can take many days and is often quite slow.
Ripple purports these settlement issues are caused by manual settlement done in order to translate one bank’s ledger system’s transactions into another bank’s ledger system. Ripple however introduces something called the interledger protocol which uses a new cryptocurrency (ripple [ XRP]) to settle accounts across two banks differing ledgers, allowing for much faster settlement times.
Ripple’s team is heavily stacked and connected to both cryptocurrencies and Fintech, which is one of the reasons that has justified their valuation and quick rise so far. Ripple was co-founded by Angel Investor Chris Larsen, and Software Programmer Jed McCaleb.
Chris Larsen is a Silicon Valley venture capitalist, he helped co-found Ripple, as well as multiple FinTech related companies such as E-Loan, OpenCoin, and Prosper Marketplace.
Jed McCaleb, is well known for creating largest Bitcoin exchange ever by volume of BTC, the now defunct Mt Gox (hacked after McCaleb sold the company to Mark Karpeles). Jed is now worth $20B from his Ripple’s token and is on the top 40 richest people on the world.
Besides the co-founders, the team at Ripple has a large team of crypto veterans, as well as partnerships with six international banks.
Buying Ripple Coins in Nigeria
There are websites that you can buy ripple coins in Nigeria but first i must tell you to be extremely careful when going into this type of exchange. Even though the websites are reliable but you need to take extreme measures too.
Buying ripple in Nigeria through Luno
The first thing you have to do is get a Luno account here. You’ll be asked to provide some type of identification before you proceed. Click on the “Accounts” section on your Luno page and select your local currency account. Next, click on “Fund Account”. Now that you have added some money to your wallet, you’ll be able to buy some Bitcoin.
Buying ripple xrp in Nigeria through Bitstamp
Create Bitstamp account here and follow the outlined instruction to secure and verify your account using your registered email address. The moment you notice that your Bitstamp account has been credited (you’ll get a notification to confirm this), you can buy your XRP. Just select the correct market for your currency (you have XRP/EUR, XRP/USD and XRP/BTC trading pairs.) and complete your order in the main account.
Buying ripple in Nigeria through Gatehub
First you need to create your Gatehub account here, After storing your recovery key, you’ll be required to confirm your account via email. The verification system is pretty standard.
The next step is for you to sign in. For added security, you might be required to confirm your identity before conducting any transaction on GateHub. After confirming your identity, connect a gateway so you’ll be able to deposit funds. When you have confirmed that your account has been credited, buying XRP on GateHub is a matter of clicking on the exchange page.
The three websites are my trusted place to buy ripple coins in Nigeria but again be very careful cause you might encounter fraudsters.