XRP, being one of the most popular cryptocurrencies, is based on a payment solution provided by Ripple Inc. which is an organization that also manages the RippleNet cross-border payment network. If you have investments in this network in the form of cryptocurrency and you are planning to exchange your XRPs to Cash, PayPal is one of the best solutions. Continue reading to learn more about why and how to exchange XRP to PayPal.
What is XRP?
XRP is a cryptocurrency distributed and partially managed by Ripple Inc., a payment solutions corporation that also manages RippleNet’s cross-border payment network. Ripple started the sale of XRP in 2012. although the company has turned its attention away from the digital currency and towards its cross-border payment network in recent years.
How does Ripple Work?
Unlike Bitcoin and Ethereum, Ripple does not refer to a blockchain network with a native cryptocurrency asset. In fact, the company Ripple has a history of re-framing how XRP fits into its business model, first embracing it as the fuel that powers its technology for cross-border payments, then putting it to the side as it concentrated on xCurrent, xRapid, and xVia; still other cheaper and faster international payment networks.
Bitcoin vs. Ripple
While Bitcoin remains the clear leader in terms of market capitalization and overall adoption rates among cryptocurrencies, thanks to increasing adaptability and diverse applications, other competitors continue to surge ahead. After Bitcoin, Ethereum, and Tether, XRP ranks fourth on the list of top virtual currencies by market cap. XRP is often referred to as “Ripple”, although the name of the company and network behind the cryptocurrency is technically Ripple, and the cryptocurrency is XRP, as we mentioned earlier.
We will take a closer look below at what sets XRP apart from Bitcoin and other top digital tokens:
- The organization behind XRP, the cryptocurrency, is Ripple.
- Highly costly Bitcoin transaction confirmations can take many minutes, while XRP transactions are confirmed with little cost in a matter of seconds.
- XRP is a technology mostly recognized for its protocol and digital payment network.
- The XRP payment system is utilized by many major banks.
So Now What is PayPal?
If you are here and reading this guide, most probably you know what is PayPal and are willing to exchange cryptocurrency to PayPal in some ways. But let’s not neglect that and talk about PayPal a little bit. PayPal is a digital payment service that customers can use while shopping online. It stores payment information, such as bank account or credit card numbers, so that customers do not have to type the numbers out every time they buy something. PayPal further covers this financial information from businesses, adding a layer of security to the online shopping process. PayPal payments can be incorporated by small businesses as well as large corporations into an online checkout process.
Why exchange XRP to PayPal?
How and for what to exchange your XRP is a personal choice, you are required to exchange your digital currencies for traditional money most of the time, in order to be able to enjoy your cryptocurrency investments and revenue. However, PayPal is recommended as a safe option that you can use to keep your money and XRP income secure and perhaps end up paying less tax. If you are interested in learning more on how tax applies to PayPal, read Exchange Cryptocurrency to PayPal 101: Crypto Exchanging Made Easy article.
In addition, when you exchange XRP to PayPal, you are essentially conducting an entirely digital exchange process that takes a short amount of time. To do this process, you need to find an exchange agent with a reliable process and the least amount of commission.
Here at hi.exchange, we offer you trustworthy exchange services with the best rates available on the market in the shortest time possible. Plus, at hi.exchnage, there is no KYC required and the best part is that you will have transferred the exact market price of XRP to your PayPal account.
How to Exchange Ripple to PayPal?
The best part about exchanging XRP with PayPal on Hi Exchange is that for performing any sort of exchange, you will not be asked to sign up. Signing up is only required when you decide to exchange large quantities of cryptocurrency, e-currency or its equivalent in US Dollars.
Therefore, if you’re to swap your Ripple for PayPal USD/EUR you only need to take these steps:
- After entering the homepage, in the first stage, you will select Ripple and PayPal (Dollar or Euro) from currency pairs and enter the amount you are willing to exchange, then automatically calculate the amount of your destination currency.
- Press Exchange and you will be taken to the next level, where you will enter the details, email, and phone number of your PayPal account.
- Press exchange again, and you are taken to the next stage where your order is requested to be reviewed.
- Prove that you are a human, then press Exchange to go to the next stage where you will obtain a tracking ID, an address, and an Explorer URL.
- It is necessary to transfer XRP to the wallet that is specified in the method. You will click the “I’ve Paid” button after you have transferred your XRP to Hi Exchange and you can track the status of your XRP exchange to your PayPal order. You will receive cash from your PayPal account after your payment is confirmed.
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