For novices in crypto betting, XRP which is popularly called Ripple is the native cryptocurrency developed by Ripple Labs. Like other cryptocurrencies, XRP is used for payment settlement, asset exchange and many other transactions. Due to the fast and cheap transactions the crypto coin provides, it has been outstanding amongst other coins as one of the widely used and accepted cryptocurrencies in crypto betting.
However, like the general perception of crypto betting, the use of this crypto coin in betting is also construed with some little confusion especially for rookies in crypto betting. Therefore, if you are interested in XRP betting, then you are at the right place. We have provided below a step-by-step procedure through which you can easily place your bets withdraw your winnings while using XRP.
However, before we explain the steps on how to bet using XRP, we feel it’s important you know more about what you are about to get yourself into. That is, it is very essential you know the pros and cons of the XRP before you go ahead to place your bet.
Pros of XRP in betting
The XRP has acquired its popularity in the betting world due to some of its unique features and advantages as follows:
- Fast transactions
You will agree you often have some delay in placing your bet via the traditional payment methods like cards and e-wallets even though they are reasonably fast, but guess what? The XRP gives you a different lightning-fast transaction experience in betting.
You escape all the extra scrutiny and invasion of privacy that bugs the traditional methods, therefore, XRP has become the preferred choice of both casinos and players.
- Cheap transaction fees
One will think XRP will charge for the speed it brings, however, it gives you a waiver again by providing you with low transaction charges for both deposit and withdrawal at Ripple XRP betting casinos.
- No geographic restrictions
Ripple XRP has the goal of becoming a global digital currency, therefore, at the comfort of your room you can send XRP to people in other parts of the world with a different currency and they can instantly access the money in their currency. That means you can swap XRP seamlessly for every currency possible, whether fiat or crypto. This has brought so much flexibility and globalization into the betting industry.
At the tip of your fingers, you can play and make transactions in online casinos in different parts of the world.
- Very good for mobile betting
Just because of the ease and speed in XRP transactions, the XRP is the best thing after sliced bread for mobile betting. Right in the palm of your hands, you can enjoy the excitement of mobile betting due to fewer hitches in the deposits and withdrawals you make through XRP.
Ripple XRP has the backing of big banking institutions to assure you that you are in safe hands. You have high-profile banks like UBS bank, Santander bank, Union Credit and many others who believe in the efficiency and reliability of the coin.
Are you tired of how often your privacy is invaded while transacting with the traditional methods? Then your saviour is right here in XRP. With XRP, the only visible information is your XRP digital wallet’s address while you have other information well protected.
Cons of XRP in betting
XRP isn’t an Angel, therefore, it has the following flaws:
- Tech proficiency
Just like other cryptocurrencies, Ripple XRP also requires you to have a level of tech proficiency before you can navigate its operations effectively; therefore, this makes it a bit difficult especially for rookies in crypto betting.
- It is centralized
The common practice is that no single entity owns most cryptocurrencies, however, the fact that an entity owns about 51% of XRP and controls its supply has raised the fear that there are high chances that other XRP holders are at the
mercy of the major controller of the coin.
- XRP Price is volatile
Like other cryptocurrencies, the XRP is also volatile in price and surges up and down to put your bankroll as a gambler into the problem of being devalued suddenly.
How to place a bet using Ripple XRP
Now to the main gist, how do you place your bet with XRP after making up your mind to go with the coin in your crypto betting journey? The following are the steps to take:
- The first thing is to acquire some XRP from a trusted exchange. To do this you follow the following sub-steps
(a) Register for an account at the exchange. This step requires a KYC (know your customer) procedure which involves verification of your identity.
(b) Deposit your fiat money to acquire some XRP. This will require your banking details if you’re buying with your credit or debit card or via a bank transfer.
(c) Set up your digital wallet and transfer your XRP into the wallet. Here, you can choose hardware, hot or paper wallet and be sure you don’t store your wallet credentials online or on your computer because it’s safer.
- After acquiring some XRP, proceed to any of your favourite bookmakers who accept XRP and register for an account there.
- Select XRP as your preferred deposit transaction method and copy the unique address generated there. To avoid stories that touch, always double-check the address into which you are making the deposit.
- Then go back to your personal wallet and paste the above address and press confirm.
And there you have it. Almost immediately, your bankroll is ready and you can go ahead to place any bet you like. But someone may be asking, how do I withdraw my winnings also in XRP? Below is the simple procedure you can also follow:
- Firstly, go to the withdrawal option of the bookmaker and select the XRP as your withdrawal option.
- Take good care to copy and paste the address from your personal wallet and confirm. Almost instantly, you will receive the appropriate value of XRP in your personal wallet.
No doubt this is very straightforward to any newbie around here. We recommend you start off gradually at user-friendly online casinos and from there graduate into the advanced class of crypto gamblers in the world. We hope this makes your betting story more fascinating.