Cryptocurrencies are becoming increasingly popular for casino funding and Ripple has always been popular for its speed of transactions and low fees. Online casinos such as VIPCoin Casino are opting to provide a service that consumers want, while other gambling firms stick with traditional payment options that often have more regulations.
Originally launched in 2012, Ripple (XRP) is a payments cryptocurrency designed to make cross-border payments. The original ambition for the project was to be a major payments processor to rival the likes of Visa and Mastercard. The coin is fast and has cheap transaction fees with elements of anonymity, which makes it ideal for use at casinos and other merchants. The project was designed by Ripple Labs and has been one of the most popular coins among investors for years.
There are many advantages to using Ripple over fiat currencies when playing online at a crypto casino.
Ripple and other cryptocurrencies were designed to offer fast and anonymous transactions and crypto casinos may not require intense background or credit checks.
Decentralization was one of the key design ideas for cryptocurrency, and Ripple benefits from that. It means that there is no centralized party that can interfere with your payments, so users often have more freedom.
Ripple and other cryptocurrencies were designed to offer fast and anonymous transactions, and as crypto casinos may not require intense background or credit checks, it is a good match. Ripple is super-fast and the average transaction time is four seconds to completion. We have the technology now to eliminate the slow and expensive bank transfers of old, so why not use it?
Without the use of third-party intermediaries, Ripple fees are also very low. The cost to complete a transaction on the Ripple network is just 0.00001 XRP.
Deposits to a Ripple casino are very simple and require the following steps.
The first step is to purchase Ripple (XRP) from one of the reputable cryptocurrency exchanges such as Coinbase or Binance. To buy Ripple, you can do so direct with a credit or debit card. You will then own XRP and it will show up in your balance on the exchange.
Using the full benefits of decentralized currency will require a wallet stored on your PC or mobile device. This will mean that you have control of your coins and can send anonymous transactions without the interference of a third party. You can store more coins than you need for the future, or you could make a large transfer to a casino.
Ripple (XRP) can be purchased from exchanges such as Binance, Kraken and Bitfinex.
To complete the transfer, click ‘Withdraw’ next to your Ripple holdings on the exchange. This will open up a withdrawal page with a box for the destination address. In the wallet on your device, you will find the destination address for Ripple. Copy and paste the destination address into the destination box and XRP will be transferred very quickly to your wallet.
You are now ready to send your coins to the casino. This involves the same withdrawal process from wallet to casino. Simply find the deposit address for Ripple on your chosen platform. That will be the destination address, and you will now be able choose how many coins to send. Sending Ripple is generally quicker than other coins and will be ready to use immediately for your favorite casino games.