Book Image

Ripple Quick Start Guide

By : Febin John James
Book Image

Ripple Quick Start Guide

By: Febin John James

Overview of this book

This book starts by giving you an understanding of the basics of blockchain and the Ripple protocol. You will then get some hands-on experience of working with XRP. You will learn how to set up a Ripple wallet and see how seamlessly you can transfer money abroad. You will learn about different types of wallets through which you can store and transact XRP, along with the security precautions you need to take to keep your money safe. Since Ripple is currency agnostic, it can enable the transfer of value in USD, EUR, and any other currency. You can even transfer digital assets using Ripple. You will see how you can pay an international merchant with their own native currency and how Ripple can exchange it on the ?y. Once you understand the applications of Ripple, you will learn how to create a conditionally-held escrow using the Ripple API, and how to send and cash checks. Finally, you will also understand the common misconceptions people have about Ripple and discover the potential risks you must consider before making investment decisions. By the end of this book, you will have a solid foundation for working with Ripple's blockchain. Using it, you will be able to solve problems caused by traditional systems in your respective industry.
Table of Contents (7 chapters)

Trading XRP

In this section, we will look at how we can exchange XRP for other cryptocurrencies. You need an account in a crypto exchange to make a trade. You can use the exchange of your choice, but here we are going to use StellarX because it's a decentralized peer-peer exchange. Please go through the process of account creation in StellarX. You will also be creating a Stellar wallet in the process, so make sure you note your keys down.

Click on the Deposit button on the top right, as shown in following screenshot:

StellarX requires you to deposit more than 68 XRP.

Your XRP will be automatically converted into XLM (Stellar Lumens), as shown in the following screenshot:

You will be asked to confirm these details in the next screen. Once you've confirmed your details, you will be asked to deposit Ripple to a specified address, as in the following screenshot. You will...