How does XRP work?
XRP’s value proposition comes from the fact that, despite advances in fintech over the years, the cost of sending money across international borders is still prohibitive to many. Ripple aimed to be the first cryptocurrency company to bridge the gap between traditional and new finance, with the XRP token the conduit to achieve that. While primarily aimed at institutions, individuals can still use the XRP token to send money globally.
Ripple seeks to improve the speed and ease of money transfers by utilizing blockchain technology to enable users to transfer money as speedily and seamlessly as they do information, to the degree that sending money will co-occur as sending a text message.
What is XRP?
Ripple started life in 2004 under the name RipplePay, with no blockchain connotations at all. In 2012 it was sold to Jed McCaleb, Arthur Britto, and David Schwartz, who renamed it to OpenCoin and changed the technology to feature a blockchain, creating the XRP token at the same time. In 2013, OpenCoin changed to Ripple Labs, Inc and then again to just ‘Ripple’ in 2015.
Ripple’s core offering is the ability to send money (through XRP) quickly and cheaply, and it certainly delivers, with transactions costing 0.00001 XRP regardless of the total value, with a settlement time of around 3-5 seconds. The cost, however, is decentralization, with XRP being far more centralized than other cryptocurrencies.
This more centralized approach, plus the fact that it is targeted at banks, has set Ripple and XRP at odds with the cryptocurrency community, who generally favor decentralization and oppose the actions of banks.
XRP has a lot of benefits for crypto casino players, given its speed and focus on payments, which is why you will find XRP accepted by a large number of sites.
Benefits of XRP betting
The biggest attraction of gambling with XRP is the lightning-fast transaction times of the token, with XRP transactions executed and registered on the blockchain in a matter of seconds.
When gambling with XRP, a player benefits from the use of addresses (a 25-35 character string of letters and numbers) rather than personal information.
Most countries don’t consider digital assets like XRP to be currencies, which means countries that ban online gambling with fiat currencies may not prohibit XRP gambling.
This opens the gateway to dozens of different XRP casinos and games for players, hugely increasing player choice and improving the overall experience for crypto gamblers.
XRP transactions are some of the cheapest around, with just 0.00001 XRP being charged per transaction.
XRP gamblers typically see their deposits hit their accounts almost immediately after they have sent them, although XRP casinos can set the number of ‘confirmations’ required for deposits, which may slow down deposit times.
The number of confirmations an XRP deposit needs to achieve depends on the security of the blockchain in question – crypto casinos make sure that any coins sent through blockchain with lower reputations are guaranteed to arrive before they credit the user.
Fortunately, XRP is considered a low risk blockchain, which means that XRP deposits are almost instantly credited to the player’s account.
The speed and low cost of XRP makes it a great option for microstaking, meaning you can deposit multiple times without worrying about transaction fees.
XRP casinos also almost always have bigger welcome and win bonuses than fiat casinos, with the limits that gamblers typically find placed on fiat casinos usually non-existent for XRP casinos.
Drawbacks to gambling with XRP
There are a couple of drawbacks to gambling with XRP that you should be aware of.
XRP is not as widely accepted as other cryptocurrencies such as Bitcoin and Ethereum. This means that your favorite crypto casino may not accept XRP, and the overall choice may be slimmer.
While XRP is referred to as a cryptocurrency, its lack of decentralization is a concern to some online casino users. Ripple has pre-mined all 80 billion XRP tokens and holds the majority of them, a level of control that many in the cryptocurrency space see as too centralized to be called a cryptocurrency.
What are XRP slots?
XRP slots are similar to traditional online crypto slots, except that stakes and payouts are done in XRP, and the wins can be bigger.
When it comes to XRP slots, there aren’t many variations between them and other crypto and non-crypto slots, with everything from gameplay to to the games themselves being nearly identical.
The only significant difference between XRP slots and fiat slots is that fiat slots have more limitations placed upon them.
What are XRP table games?
There are a lot of parallels between XRP table games and classic casino table games, just like there are with XRP slots and regular slots.
All of the classic table games are there, such as baccarat, poker, and Texas Hold ‘em. The advantages of betting with XRP, such as improved privacy, higher limits, and near-instant transactions, allow players to have even more fun.
The best XRP casinos also offer top-notch live-action table games, complete with human croupiers who make you feel as if you’re there in person.
Where can I buy XRP?
Buying XRP has never been easier.
There are many quality cryptocurrency exchanges online that allow you to buy XRP with a credit card, debit card, or bank transfer, and once you have them you can send your coins to your XRP casino of choice.
There are pros and cons to each crypto exchange, so we would advise you to research which XRP-selling exchanges are the best before you buy, or at least research any you have heard about.
Make sure, too, that whatever exchange you eventually buy from allows you to withdraw the XRP you plan to buy – some don’t let you withdraw at all, which of course is no good if you want it for XRP gambling!
Be aware too that the exchange will take a processing fee when you buy, so make sure you know the costs associated with buying XRP from an exchange before you do so.
These charges are often a fixed fee rather than a percentage, so factor that into your planning if you intend to buy multiple times.
Some XRP casinos do allow you to buy XRP directly from them, but the fees are often higher, so make sure you are aware of all these costs before you buy through an XRP casino.
Best XRP wallets for gambling
Once you’ve bought your XRP you will want to store it in a wallet.
Leaving your XRP on an exchange is not a secure way to hold it, while some exchanges do not facilitate the sending of XRP to crypto casinos.
There are lots of wallets that support XRP but not all of them are reputable, so, again, make sure you do your research before you send your coins on.
Make sure you familiarize yourself with these different types of wallets and learn their balance of security versus convenience in order to find out what’s the best option for your needs.
This guide breaks down the different types of XRP wallets and their benefits and drawbacks. Some good examples to check out are Gatehub, Electrum, Trezor, and Trustwallet.
Conclusion
As we have explored, XRP is a great currency for gambling, balancing the benefits of high transaction speeds with low costs. It is also a well established project, so it can be trusted not to disappear overnight.
However, XRP is not accepted as widely as other cryptocurrencies at online casinos, and does not have a particularly high standing with the cryptocurrency community due to its comparative lack of decentralization.