Looking to gamble with Ripple (XRP)?
Ripple is the world’s third most popular cryptocurrency in terms of market capitalization. Often referred to as XRP, its underlying blockchain has the ability to perform ultra-fast transactions in a scalable manner. In fact, unlike Bitcoin and Ethereum – which are limited to just 7 and 15 transactions per second respectively, Ripple is able to handle up to 1,500 in the same period. As a result, the protocol provides an ideal framework for a range of industries.
One sector in particular that has the potential to merge its current systems in to that of the Ripple blockchain is the online gambling space. In this brief article we explain the benefits of choosing to gamble with Ripple, not only in comparison to other cryptocurrencies, but to traditional fiat money too.
How to gamble with Ripple
If you are looking to gamble with Ripple, then there are now a plethora of online platforms that can facilitate this. Whilst there are no casinos per-say that choose to specialize purely in Ripple and XRP deposits, there are platforms that include it as a payment method alongside other popular tokens.
Nevertheless, the end-to-end gambling process is very straightforward. Upon choosing a well-established crypto casino, you will then need to proceed with the account opening process. As we will explain in more detail further down, you do not need to provide with the casino with anything other than an email address, username and password.
The next part of your gamble with Ripple journey will require to fund your account. Your newly created account will have a unique Ripple deposit address attached it, which you will need to copy to your clipboard. Next you will need to access your personal Ripple wallet, paste in the recently copied address and then transfer the funds. By refraining from entering sensitive financial information such as your debit/credit card details, there are no security risks associated with a Ripple deposit because you are transferring the tokens externally.
Upon sending Ripple from your wallet, your crypto casino account should be funded instantly. The main reason for this is that the Ripple blockchain is able to confirm a transaction within a couple of seconds. Moreover, as the casino knows that the deposit address you used is uniquely tied to your account, there is no requirement to manually validate the transfer.
If you decide to make a withdrawal, the procedure is very similar to that of the aforementioned deposit process. You simply enter your personal Ripple address, choose how much XRP you want to take out and then the casino will automatically make the transfer. As a result, withdrawals are instant.
The alternative – fiat currency
As you might have noticed from the previous section, there is practically no red-tape or regulatory burdens when choosing to gamble with Ripple. The main reason for this is that cryptocurrencies do not fall within the remit of real-world money. This viewpoint was further amplified in August 2018 when the Securities and Exchange Commission (SEC) came to the verdict that – just like Bitcoin and Ethereum, Ripple is not a security. As a result, XRP does not need to be regulated in the same way as traditional financial instruments.
The first benefit of such a legislative framework is that there are no requirements for a crypto casino to identify the players that use their platform. On the contrary, conventional fiat casinos must ask for a range of information prior to authorizing a withdrawal. Initially, this will include basic information such as your name, address and date of birth. However, you will then need to verify this information by uploading some documents. Notably, this will consist of your passport or driving license, along with a proof of address.
On top of this, fiat casinos must also follow a set of rules regarding withdrawals. As they are dealing with fiat money, the casino must employ both manual payments and risk departments. This is to ensure that they monitor suspicious gameplay, as per the regulations set upon them by policy makers. As a result, withdrawals can take days, if not weeks before they are received by the player. This is in stark contrast to the service you will be accustomed to when choosing to gamble with Ripple, as both deposits and withdrawals are instant.
Now Let’s find out with it is better to gamble with Ripple over other cryptocurrencies!
Why Ripple is better than Bitcoin and Ethereum
So now that you know some of the benefits pertaining to Ripple gambling, we wanted to conclude our ‘Gamble with Ripple’ article by briefly discussing why the Ripple blockchain is more suited to online gambling that its Bitcoin and Ethereum counterparts.
As we mentioned earlier, Bitcoin is only able to process 7 transactions per second and Ethereum is slightly better at 15. However, Ripple performs significantly better than the two blockchains put together. Without any disruption to the system, Ripple can comfortably handle 1,500 transactions per second. This is absolutely crucial for online casinos, because each and every gaming outcome is based on a unique transaction.
In a nutshell, Ripple casinos use an innovative protocol know as provably fair. Essentially, this guarantees that each and every gaming outcome is true and fair. Each outcome, for example, could be anything from the roll of a dice or a spin of the roulette wheel. As the provably fair protocol needs to treat all of these events as independent, it must generate a new transaction.
In the context of online gambling alone, this is a significant amount of transactional demand. The good thing is that Ripple’s capacity of 1,500 transactions per second means that it could easily handle this amount of through-put, making it ideal for online casino platforms.
It is also worth mentioning that Bitcoin transactions take 10 minutes to confirm, which is significantly slower than Ripple. Whilst Ethereum can manage an average transaction speed of 16 seconds, it still struggles with scalability.
Nevertheless, an extra plus-point for Ripple and XRP is awarded due to the underlying costs of making a transaction. Whilst Bitcoin and Ethereum fees can fluctuate largely when the network gets busy, Ripple fees are fixed. It costs 0.0001 XRP to transfer funds, which is an ultra-small fraction of 1 cent. So now that you know how easy it is to gamble with Ripple, only one question remains – How much are you going to WIN!