The advances in technology and the use of the Internet may have opened the door for market globalization, but they’ve done little to improve the payment system. Ripple Lab, Inc. is one of the few fintech companies that has come up with a solution to this problem.
They’ve created the Ripple protocol and payment network, and the Ripple (XRP) coin that keeps the network running, with the aim to promote a concept known as “the Internet of Value”. The idea is to be able to send money online anywhere in the world, just as if you were sending information via the Internet.
This is especially beneficial for large companies and incumbent financial institutions that conduct cross-border payments on a daily basis. Using Ripple allows them to save around $3.76 for each transaction, which amounts to a lot when calculated on an annual level. At the moment, Ripple has 200 clients spanning 6 continents, including some major players like SBI Holdings, American Express, and Barclays.
XRP can be bought in different ways, but PayPal is by far the most convenient payment method. Unfortunately, not every crypto exchange supports it. Today, we’ll give you some guidelines on where and how to purchase XRP using PayPal.
Get an XRP Wallet
You can’t purchase cryptocurrencies if you don’t have a suitable digital wallet to store them in. Luckily, the Internet abounds with different options to choose from, ranging from third-party online wallets, wallets created by certain crypto exchanges, and hardware wallets.
Regardless of the provider, software wallets are most commonly used by traders around the world. They’re usually web-based or need to be downloaded as a software to your computer or mobile device. The app generates a public key, i.e. an encrypted wallet address, and keeps it safe. However, you should keep in mind that these wallets are often targeted by hackers.
If you’re looking for stronger fund protection, you can purchase a hardware wallet instead. This USB-like device generates and stores your wallet address in much the same way as software wallets. However, this device is disconnected from the Internet, making it virtually impossible for hackers to reach it. Before buying on, make sure they support XRP. Popular choices are Ledger Nano X or TREZOR Model T.
Got your digital wallet? Perfect. Copy the generated address or write it down. You’ll need it later to send XRP coins to your wallet.
Purchase BTC on Paxful Using PayPal
Time to buy Ripple then! We hate to disappoint you, but there’s no shortcut to buying XRP using PayPal. You’ll have to buy another prominent cryptocurrency first, like Bitcoin for example, and then exchange them for XRP on a crypto exchange that has XRP/BTC on its list of trading pairs.
Paxful is a great peer-to-peer platform for buying and selling Bitcoin. The advantage of Paxful over regular trading platforms is that it supports a range of payment methods that would otherwise be unavailable to traders elsewhere. That’s because it connects buyers and sellers around the world, making it super easy to find someone who’ll accept your chosen method.
To buy BTC using PayPal, go through the offers on the site and search for “PayPal” offers directly to find a seller that agrees to be paid with PayPal. Different sellers might offer different rates. Once you find one that you like, you can finalize the order clicking the “Buy” button.
Exchange BTC for XRP
Our final stop is finding a platform to exchange the BTC you’ve just bought for the sought-for XRP. Nowadays, you have plenty of crypto exchanges at your disposal, so finding a reliable one might be tricky for some. It’s definitely worth looking into buying your XRP using one of our recommended exchanges:
- Best crypto exchanges for Australia
- Best cryptocurrency exchanges for Canada
- Best US crypto exchanges
We recommend using Binance, a crypto-to-crypto exchange that supports over 170 different cryptocurrencies. On the trading dashboard, find the XRP/BTC trading pair and link your wallet address with your Binance account. You’d be surprised by the platform’s affordable fees and the smooth and straightforward trading experience it offers.
Another reliable option is Coinmama, where you also have the option to buy XRP directly with your credit or debit card, instead of PayPal. Choose Coinmama if this method sounds easier to you, and you don’t mind the slightly higher fees.