Beginner’s Guide on How to Convert XRP to ETH?
Ripple and Ethereum are two of the most popular cryptocurrencies that have been around since 2013. They differ in many ways, but the main difference is that Ripple is a for-profit company and Ethereum is a non-profit organization.
If you’re new to the world of cryptocurrencies, it might seem like a daunting task to figure out how to convert XRP to ETH. But converting cryptocurrency is pretty simple, provided that you have the proper knowledge.
This blog post will teach you everything you need to know about converting XRP to ETH, and it’s guaranteed to be easy so that even beginners will understand. Read on for more information!
What Is ETH?
ETH is the cryptocurrency of the Ethereum blockchain. If you’re not familiar with Ethereum, it’s a decentralized, public platform that runs applications on a shared infrastructure. In other words, ETH isn’t just a single type of coin—it’s what drives Ethereum as a whole.
Ethereum is a blockchain that can run applications and programs without any downtime. To use the Ethereum network and send ETH from one wallet to another, users need to pay “gas” in return for using it. The gas is measured in Gwei and can be thought of as measuring how much work needs to be done by the miners on the network to process your transaction and execute your code. It also determines how quickly your transactions will be processed.
What Is XRP?
Ripple (XRP) is a form of cryptocurrency that was designed to offer fast and secure transactions. It’s also the world’s third-largest cryptocurrency by market capitalization, behind Bitcoin and Ethereum.
Chris Larsen and Jed McCaleb co-founded Ripple, originally launched in 2012. XRP cannot be mined; instead, it is available for purchase on exchanges. Once purchased, you can convert your XRP holdings to another currency like Ethereum or USDT.
The Key Difference between Ethereum and Ripple
Ripple and Ethereum are already proving to be the most significant cryptocurrencies. Both the digital currencies have not only brought traders a healthy profit but have also provided the industry with a robust and reliable digital currency.
A key difference between Ethereum and Ripple is how they function and appeal to their user base. Ether is built as a production platform, while Ripple is a transaction platform. The other difference is that Ripple is not wholly decentralized like Ethereum. Both digital currencies have pros and cons, but if you are looking to make big bucks, Ethereum is the best of the two.
How to Convert XRP to Eth
Converting Ripple to Ethereum is a straightforward process. You don’t need to register on the platform to exchange Ripple into Ethereum; all you have to do is follow the below-mentioned steps:
Steps to convert Ripple to Ethereum:
After visiting Cryptocurrency exchange online – LetsExchange platform.
- Go to the Exchange pair section and choose the coin you want to exchange.
- Select XRP to ETH exchange.
- Enter the number of Ripples that you want to be converted into Ethers
- The site will ask you which wallet or exchange you want to store your cryptocurrency in. Provide the wallet address and then click the ‘Next’ button.
- Once the exchange is complete, the exchanged coins will be deposited at the desired address.
Now that you know how to convert XRP to ETH, you can easily convert one into another whenever needed to make the best trade.
However, like any other investment, ETH and XRP are constantly fluctuating and ensuring that your investment grows patience and a thorough understanding of the market. So, before you invest your hard-earned money, take some time to learn more about the world of cryptocurrency.