What is Ripple
In recent years, cryptocurrencies have been used for payment both online shopping and in brick-and-mortar stores. And more and more operators are adopting virtual currency in online casinos.
There are more than 2000 types of virtual currency, but among them, the virtual currency called Ripple is gaining popularity due to its fast settlement speed.
In this article, we will introduce how to use and benefits of Ripple online casinos.
Overview of Ripple
Ripple (Ripple / XRP) is one of the virtual currencies that was born in the United States in 2012, and with the investment of Google, it quickly became famous all over the world. Also, in Australia, Bank of Tokyo-Mitsubishi UFJ has announced that it will be used in its own company, and it is a virtual currency that is attracting attention.
Ripple was originally a virtual currency that pursued speed and cheapness in international (interbank) remittances, and currencies such as yen, dollars, and euros can be converted on the platform on Ripple. And this transaction time is known to be faster than Bitcoin.
Also, when you use Ripple to send money internationally, you can pay less fees than when you use a bank.
Such Ripple is always ranked high in the market capitalization of virtual currencies, and you can see that it is traded by many people. Therefore, it can be said that the future is high.
Ripple can be used at the following online casinos:
When depositing or withdrawing Ripple at an online casino, it will be converted to a specified currency such as Euro or US Dollar before being reflected in your account.
When you deposit or withdraw Ripple at an online casino, all you have to do is enter your Ripple address. There is no need to enter detailed personal information like a bank transfer or credit card.
When you deposit or withdraw at an online casino with Ripple, you will be charged a fee. The fee at that time varies depending on the exchange, but in most cases, a cheap fee of several hundred yen is set.
When using bank remittance or electronic payment services, a few percent of the withdrawal amount may be taken as a fee. In that case, the higher the amount, the higher the fee.
Compared to this, Ripple's fees are set very low.
However, when using Ripple, the exchange will charge a fee in addition to the transaction with the online casino.
Therefore, if you are starting Ripple only for online casinos, you should consider exchange fees in advance.
Benefits of Ripple Deposits and Withdrawals
Here are the benefits of Ripple deposits and withdrawals.
○ Larger capacity and faster remittance speed than Bitcoin
Ripple is known for its faster transfer speed than Bitcoin. Bitcoin has a processing speed of 3 to 6 times per second, but Ripple can process 1000 times. Therefore, the transaction time of Bitcoin is over 1 hour, while Ripple's transaction time is as short as 4 seconds, which is a big advantage.
Bitcoin can be said to be fast enough compared to other electronic payment services and banks, but if you want to pay more attention to speed, we recommend using Ripple.
○ High anonymity
Cryptocurrencies such as Ripple are known for their high anonymity.
If you use your credit card or bank account to make deposits and withdrawals at online casinos, you will have to provide personal information. However, many players are concerned about sending such personal information to online casinos.
With Ripple, you only need to enter your address when depositing or withdrawing money, so your account and personal information will not be linked. Therefore, it is recommended for those who seek high safety and security.
○ Available 24 hours a day around the world
When sending money using virtual currency such as Ripple, the procedure can be done 24 hours a day because there is no bank intermediary. Therefore, the advantage of using Ripple is that transactions can be completed quickly regardless of the bank's business days and hours.
Disadvantages of Ripple deposits and withdrawals
Here are the disadvantages of Ripple deposits and withdrawals.
▲ The value of Ripple may drop
Virtual currency is one of the investments and is characterized by large price fluctuations. Therefore, it is not uncommon for prices to change significantly over the course of a few days.
If this happens, even if you have made a lot of money at an online casino, you may end up with a small profit when you withdraw cash, or even a loss.
The value of Ripple at the time of deposit and withdrawal is not always constant. So keep in mind that there is always the risk of price fluctuations.
▲There is a risk of hacking
Ripple is bought and sold on exchanges. And you can store your Ripple in the wallet provided by the exchange.
Although some exchanges are highly secure, they are still online tools and are at risk of being hacked. In the past, there have been many examples of actual cryptocurrency exchanges being hacked.
Therefore, when trading Ripple, it is necessary to take measures against hacking, such as using a dedicated wallet.
How to get started with Ripple
To buy Ripple, you need to be registered on a cryptocurrency exchange.
The virtual currency exchange is like the Tokyo Stock Exchange in stocks, where virtual currencies including Ripple are bought and sold.
Here you can buy Ripple using Australian Yen, and you can also sell Ripple you already have. You can also use Ripple to buy other cryptocurrencies.
Exchanges where you can currently buy Ripple include:
All of these exchanges deal with Ripple, but the other cryptocurrencies they handle and their fees are different. Therefore, choose the best exchange depending on how you want to use the exchange and which virtual currency you are interested in.
Here, we will introduce how to register bitflyer, which is particularly popular among virtual currency exchanges. bitflyer boasts the largest number of users in Australia and is known for its high security. And we handle all 8 types of virtual currencies, including Ripple and Bitcoin.
Step 1. Email address registration
First, go to the bitflyer official website. Then, on the top page, there is an indication "Create a free account in as little as 3 minutes", and below that there is an entry field for your email address. Enter your email address here and press "Send".
Then, a "bitflyer account registration confirmation email" will be sent to that email address. The URL and keywords for the registration screen are described in the email body, so let's proceed with account creation according to the instructions.
After confirming the e-mail address, the terms of agreement will be displayed, so check the contents and click "Agree".
Step 2. Two-factor authentication registration
Bitflyer requires two-factor authentication registration during initial registration. This is a security step, so be sure to complete this first step.
You can receive the verification code used for two-factor authentication in the app or by SMS.
Items that use two-factor authentication include "when logging in", "when registering an external address", "when withdrawing Australian yen", and "when returning virtual currency externally (required)". Let's check it.
Step 3. Registration of personal information
When the two-factor authentication registration is completed, you will be taken to the screen for personal information registration. Enter the following information here.
-Date of birth
This information must match the identity verification documents that you will submit later.
Step 4. Submit identity verification documents
Bitflyer requires the submission of the following documents as identity verification documents. Submit only one of these.
-Health insurance card
-Copy of resident card
-Special permanent resident certificate
- My number card
-Various pension books
-Various welfare notebooks
-Seal registration certificate
-Foreign official documents (overseas foreigners only)
Step 5. Registering a bank account
You need to register a bank account to deposit Australian Yen to bitflyer or buy Ripple. To register a bank account, enter the following information:
Step 6. address verification
Once your account is created, you will receive a postcard to verify your address. All procedures are complete when you receive this postcard.
Once this is done, you will be able to purchase Ripple on bitflyer. Purchase Ripple from the "Ripple Shop" menu.
Also, after purchasing Ripple, you can store it in the bitflyer wallet, but if you want to increase security, we recommend using a dedicated wallet.
Since the exchange is subject to hacking, there is a risk of damage by depositing Ripple here. After registering with Bitflyer, let's register an account with a dedicated wallet together.