EXCHANGE BITCOIN TO XRP
What do you need to know?
- The average time for exchanging BTC to XRP is 10-20 minutes
- You only need 1 confirmation of the Bitcoin blockchain for the exchange
- Bitcoin transaction confirmation rate depends on the level of blockchain network congestion, more in our article
- We use segwit Bitcoin addresses for faster and cheaper transactions, if your wallet does not support this type of address, contact technical support to change the address
- Destination tag is the payment ID in Ripple. If you need it when sending a transaction, be sure to include it
- If this is your first time using a Ripple account, you need to activate it. To do this, you need to send at least 20 XRP
Bitcoin is the first decentralized cryptocurrency
Bitcoin is the oldest and most popular cryptocurrency. Its dominance index over other cryptocurrencies ranges from 30% to 80%.
What if I can’t send Bitcoin to your wallet?
Most likely the fact that your wallet does not support sending on SegWit Bitcoin address. We use SegWit, because thanks to this technology, transactions are included in blocks more faster and the miner’s fee is much lower than in other versions, so the transaction is faster and cheaper. You can read about versions and differences of Bitcoin addresses in our article.
If your wallet does not support sending to SegWit addresses, we recommend that you think about changing your Bitcoin wallet, as it uses outdated technology.
Also, if you want to make an exchange you can always contact our support, we will change the wallet address inside your order to the standard one in real time.
How to estimate the confirmation time of the transaction?
There are several ways to estimate the time of confirmation of the transaction, but you need to understand that it is impossible to calculate it accurately since many factors affect the passage of your transaction, you can read more in our article.
- The easiest way to find out when the first confirmation of the network is to go in the service of collecting statistics from BitcoinFees Earn.com there you can see when your transaction gets into a block, depending on the fee which you sent it.
- You can also use the Explorer Blockchair.com where you can see the priority of the transaction. The first number is what place in the queue is a transaction, the second how many transactions are pending (e.g. priority 1676/9495). Each block includes approximately 2500 transactions, we see that our transaction is in 1676 place in the queue, and therefore must pass in the next block.
It is important to note that to increase the number of confirmations, a new block must appear, blocks in bitcoin can go from 1 to 75 minutes. The average time of Bitcoin block appearance is 10 minutes.
You can read more in our article about the confirmation time in the Bitcoin network.
XRP at a glance
Ripple is a blockchain-like payment system launched by OpenCoin Inc in 2012 that focuses on non-chargeback currency exchanges.
Ripple works not only with cryptocurrencies, but also fiat currencies and commodities. That being said, it is worth highlighting the difference in the names of Ripple and XRP. Until recently, an equal sign was put between these two names. Now, Ripple is the name of the company, and XRP is the internal cryptocurrency of the Ripple network.
Ripple account activation
If this is your first time using a Ripple account, you need to activate it. To activate a Ripple account, you need to send at least 20 XRP to it, which are frozen forever. This stock is attributed to spam protection. The purpose of the fees is to protect the network from DoS attacks, making them too expensive for hackers.
What if the Destination tag was not specified when needed?
Destination tag is the payment ID in Ripple and other coins. Many services have protection on addresses, which does not allow transactions without a tag.
If it happened that you forgot to specify the tag or specified it incorrectly:
- Check if the transaction went through. To do this, you can use the Xrpscan service.
- If the transaction is not confirmed, please write to our technical support. We will help you resend it.
- If, nevertheless, the transaction went through, then, unfortunately, we will no longer be able to help. In this case, you should write to the technical support service of the service to which you sent it.
The advantage of XRP over competitors is that the speed of financial transactions is almost instantaneous. An interesting feature is that the speed will not be affected by either the price or the Ripple rate, and even the load on the network will not be a problem.