What is Ripple and how does it work?
Ripple (XRP) is a cryptocurrency that connects providers through RippleNet, which is advanced blockchain technology. Ripple is a secure and scalable payment method and it’s an excellent choice for online casino players. Ripple has not only gained popularity among blockchain users, but also with online casino enthusiasts
Meant for payment networks and banks, Ripple is a gross settlement system, a remittance and currency exchange network. It is a transparent and secure way for payment networks and banks to transact cash. Initially, Ripple wasn’t designed as a payment method. It was instead designed as a method of transferring different property and currencies. However, different people across the globe started accepting XRP as a payment method and even some gambling sites has followed the trend.
The original company known as OpenCoin corporation started back in 2012 and it was co-founded by Chris Larson and Jeb McCaleb. By 2013, they changed the name to Ripple Labs and by 2017, XRP’s value increased 30 times its original value. Ripple now has a very large customer base and they are the third largest cryptocurrencies around the world.
With that said, the obvious difference between the crypto casinos and regular online casinos becomes apparent. Mainly that the live casino games experience with live dealer games and sports betting are not in the priorities of the XRP casino.
Pros vs Cons of Ripple Deposits
The Top Ripple Casinos
5 Things You Should Know About Ripple Deposits
How to Use Ripple to Deposit at Online Casinos
Depositing money into your online casino account using crypto is slightly different from traditional method deposits. The process also differs from one casino to the other. However, depositing to Ripple casinos is very easy. Follow these steps:
- Log into your Ripple casino account, Head to the banking section and search for “Ripple”
- Select the amount you would like to deposit
- The casino will give you a QR code. Scan the code with your laptop or mobile
- Confirm and enter your Ripple wallet’s address code
- Wait for a few seconds and your Ripple casino account will be topped up
What is the Ripple Network?
Ripple is a money transfer network that’s designed to offer financial services to people. XRP is a cryptocurrency created to work on the Ripple Network. Ripple is a platform offering blockchain-based solutions to interested parties. The network is used for value-transfer use. Ripple utilises XRP ledger and two other protocols: Interledger and PayString. Interledger comes in handy when payments are being done and multiple systems are in use. PayString simplifies the payment addresses. Thanks to this, Ripple can handle mass numbers of transactions unlike other methods like Bitcoin. The XRP ledger can process 1,500 transactions in a second, putting it on equivalence with Visa. With such capabilities, you will never hear stories about Network jamming. Certainly, Ripple is capable of handling many transactions and probably in due time, they might succeed in their mission.
Ripple Casino Safety - Is Depositing With Ripple Secure?
XRP is managed by one company and the issuing of XRP is managed by trusted nodes who are selected by Ripple executives. That’s the starting point when it comes to the security of Ripple casinos. XRP uses a network that’s very secure for the remittance, so sending coins to and from casino accounts should be totally secure.
Although the transaction information is publicised, individual payment data isn’t visible to anyone else. What’s more, Ripple casinos are licensed and regulated by proper authorities. Most of these casinos have licenses from respected gambling authorities. Some even have SEALs of Approval from different entities.
From the casino’s end, you will find that most casinos use the latest encryption to secure player’s data and payment transactions. With all these factors in play, you can rest assured that Ripple casinos are safe and your deposits are secure.
How to Withdraw Your Casino Winnings Using RippleWithdrawing from Ripple casinos differs from one casino to the other. Each casino has its unique guideline on how withdrawals are done. However, the process is somehow similar across many online casinos and here is a general guideline:
Ripple & Taxes - Do UK Players Need to Pay Taxes for Ripple Deposits?
In most states, gambling income is always recognised as taxable income. It includes the cash and the market value of anything you win. In such states, gambling winners must report their winnings on their income tax returns. The good news is that UK players don’t need to pay taxes for their winnings. When it comes to gambling with cryptocurrencies such as XRP, the rules are very simple. The law states that you don’t have to pay taxes for your winnings. However, if you win, you should pay for capital gains. If you’re still unsure about the taxation laws in your country, just declare any Ripple gambling related income. You can also contact a qualified accountant and ask for help. This could save you a lot of trouble.
3 Tips for Making the Most out of Ripple Casino Deposits
Take advantage of deposit bonuses
Standing out from the rest, the best online casino sites award their players regular bonuses. The best Ripple casinos usually display welcome bonuses and promotions for their customers. These bonuses give you an extra chance to keep playing and winning on the casino. So you should always be on the lookout for Ripple casinos offering deposit bonuses.
Remember, just like any other cryptocurrencies, XRP’s rate keep fluctuating. Therefore, you should always check the rate before you make any purchase and deposit. That way, you will avoid making losses.
Check fees and flexibility
Before joining any online casino check if they have any fee requirements. Most Ripple casinos don’t charge any fees on deposits, but a few will impose some extra fee. Always go for the online casinos that don’t charge any fee.
Alternate Deposit Methods - Ripple Alternatives
Apart from cryptocurrencies like Ripple, there are other deposit methods by online casinos. These are the traditional payment methods like debit cards, e-wallets and bank transfer. You will find these options listed on Ripple casinos as alternative payment options.
Players love using debit cards to deposit money online. Some of the most popular card issuing companies are Visa and Mastercard. These two debit cards are widely accepted by the best online casino sites. They are not only convenient for deposits, but are great for withdrawing from your casino account.How to Deposit with a Card
PayPal is probably the best e-wallet across the world. They have managed to maintain their client base for years as they attract more customers. PayPal is highly trusted by customers in the UK, America as well as customers in other countries. It’s one of the fastest, safest and most secure online casino payment methods.How to Deposit with PayPal
Paysafecard has become popular at online casinos in the recent years. Paysafecard is mostly known for its excellent security. It is a prepaid payment method that offers a platform for online transactions. Currently, there are over 40 countries offering Paysafecard and this makes it a suitable method for many players.How to Deposit with Paysafecard
Alternative Cryptocurrency - Can You Use Crypto Besides Ripple at Online Casinos?
You probably know that XRP is not the only cryptocurrency being used by online casinos. Actually, there are so many cryptocurrencies accepted by online casinos. Some of them include Bitcoin, Dogecoin, Ethereum, Dash, Zcash, Litecoin and many more. Here are a few of Ripple’s alternatives, their uniqueness and advantages.
Bitcoin is known as the King of cryptocurrencies and the reason is that the method has been around for the longest time. Online casino players love Bitcoin because it has a worldwide appal, it’s decentralised and secure. There are also many Bitcoin casinos and the method has been in use for long. What’s more is that Bitcoin deposits and withdrawals are extremely fast.How to Deposit with Bitcoin
Ethereum is the second-largest virtual currency around. It’s also accepted by many online casinos worldwide. Players tend to prefer Ethereum because it offers quicker transactions than Bitcoin and they offer anonymity to their customers. The method also has low transaction fees, making it a popular choice among virtual currency users and casino players.How to Deposit with Ethereum
Although Litecoin isn’t as big as the first two Cryptos, it’s still popular and widely used to make payments at online casinos. Litecoin also has a better proof of algorithm than most cryptos. In addition to this, it has extremely low fees especially when you are sending money to someone else.
Frequently Asked Questions About Ripple Deposits
How to check If an online casino accepts Ripple?
There are a great number of Ripple casinos around and finding them isn’t difficult. If you want to play at a Ripple casino, simply google a list of all the casinos that accept Ripple as a payment method. For confirmation purposes, check the site’s list of payment methods and see if Ripple is listed as an option.
Are Ripple Casinos Legal?
For you to say a casino is legal, it means that it has to be licensed by a known gambling regulatory body. Some of the well-known regulatory bodies are the United Kingdom Gambling Commission and Malta Gaming Authority. If a casino holds a license from any of these bodies’ it means that it’s legal and safe.
What can I do if my casino doesn’t accept Ripple?
If your casino doesn’t accept Ripple and you really want to play on a Ripple casino you have to find one. That doesn’t mean you will have to quit your casino since you can keep both casino accounts. Look for a Ripple casino, create an account and start playing.
How long does it take to withdraw winnings using Ripple?
Just like deposits, withdrawals are processed fast at Ripple casinos. The withdrawals from these gambling sites follow the same principle as the traditional payment methods. Some casinos will process your withdrawal in less than 24 hours while others might take up to 3 days. Just check with your casino before initiating any withdrawal.
What is the minimum amount needed to withdraw or deposit Ripple?
The deposit and withdrawal limits of using Ripple are determined by each casino. Thus, you will need to get in touch with your casino for them to pinpoint the exact limits.
Can Ripple be hacked?
Instead of proof of work, XRP uses consensus which ensures better resistance to different attacks including hacking. The company is led by a capable team that has managed to keep the company and wallets secure.
Is it free to open a Ripple wallet?
There are different Ripple wallets including Ledger Nano S, Toast wallet, Atomic wallet, Abra wallet and all of them are free to open. Due to the nature of crypto, all of them can be used for online gambling at ripple online casinos.
What are the best gambling sites?
Whether we're talking about regular or crypto casinos, the qualifiers remain the same: you need to look out for a good welcome bonus (preferably with plenty of free spins), a wide variety of casino games and, of course, a good license and safety regulations. The best online casinos and the top xrp casinos both have one thing in common: they take their players' safety seriously.