Ripple (XRP) Casinos

Since its inception, Ripple has managed to hold a position in the leagues of top cryptocurrencies by market capitalization. Its highlights have not gone unnoticed to casino operators and players, many of whom are big fans of Ripple gambling.

The primary reason for this is that it offers some clear benefits over other digital cryptocurrencies such as faster transaction processing and better security. This comes as no surprise given that its founder, Brad Garlinghouse, has extensive experience in technology. Among other roles, he was at one point a senior VP at Yahoo. As a result of his experience and leadership, Ripple has developed a highly innovative system.

The software it runs makes it possible for banks as well as individuals to easily transfer money to any part of the world. It offers immediate transaction settlement by virtue of its underpinning currency, which is known as XRP. This effectiveness in transmission and settling is what has made XRP a top choice at many casinos around the globe.

In this guide, we look under the hood of this unique crypto and figure out all there is to know about Ripple casinos. Read through our in-depth review of XRP casinos to get all your questions answered.

What is Ripple (XRP)?

Ripple is one of the world’s most popular cryptocurrencies and has been used at numerous gambling sites for faster and more secure transactions. Ripple was founded in 2013 by Brad Garlinghouse who has an extensive background in several major technology companies, including Senior VP at Yahoo!. Under Brad’s leadership, Ripple have developed software which enables banks (and individuals) to transmit money anywhere in the world with immediate settlement finality using the platform’s currency, XRP. XRP is now becoming a currency of choice for many of the world’s most famous Bitcoin casinos – largely in part, due to its rapid transaction speeds.

Why use Ripple (XRP) instead of Bitcoin for gambling?

Ripple’s cryptocurrency, XRP operates on a distributed ledger much in the same way that Bitcoin does. Many thousands of nodes safely secure and validate transactions on the network; meaning that there is no central point of failure and that the entire history of the ledger is agreed by consensus. Ripple’s key difference to Bitcoin is that the blockchain is run as a “consortium”. In a consortium chain, trusted nodes are selected to validate the network. In a public chain (such as Bitcoin’s) any node can choose to join and validate (or attack) the cryptocurrency’s blockchain. By operating as a consortium (or “private”) blockchain, less time needs to be spent on protecting users from malicious activity. It is also not possible to mine the XRP cryptocurrency because the entire supply of XRP was distributed on its inception. A large portion of these funds are time-locked by Ripple Labs and will be slowly distributed back into the economy in the years ahead. For this reason, blocks are not “mined” as such, but packaged up and verified by nodes on the network – allowing for faster settlement.

Ripple’s main advantage as a cryptocurrency for gambling is by far its transaction speeds and network scalability. The trade off of this speed is a certain level of centralization, however that is becoming quickly diminished as more consortium nodes come online. XRP is also setup in a way that if Ripple Labs was to disappear, the blockchain’s open source code could still operate without issue.

The Ripple cryptocurrency – XRP – has typically been associated with bank to bank transactions however its application as a gambling currency is underappreciated. Ripple is the PayPal of blockchains, however unlike PayPal, there is no central authority to determine which transactions can or can’t be allowed. PayPal and many other payment processors have always been hostile towards transactions that involve casinos, and so an equivalent platform that is agnostic to gambling could not be more welcome. We have listed the best XRP gambling sites and casinos below, all of which accept Ripple XRP deposits and withdrawals.

How does the Ripple network work?

The Ripple network differs from other cryptocurrency networks in the sense that it is a centralized currency exchange system. Unlike a majority of other cryptocurrencies whose networks operate on decentralized networks of miners, Ripple uses a centralized network of servers. These run its internal ledgers and use consensus to guarantee transactions.

Basically, the network acts as an intermediary between trading parties and the facilitator of transactions. It seeks to offer real-time payment settlements as well as currency exchange services. But rather than try to replace existing financial institutions, it works hand in hand with them.

What is RippleNet?

As a result, at least 100 companies, including banks and money service providers have adopted its software, creating RippleNet. RippleNet is essentially a network consisting of institutional payment service providers. It uses the solutions that Ripple has created to offer a fast and frictionless experience when sending money globally.

A major drawback of its centralized structure is that even though the Ripple Network protocol is open source, Ripple Labs holds control over XRP supply. This limits the viability of the network in the absence of a controlling entity.

Furthermore, it is a private company and the project has financial objectives. Therefore, it is more likely to listen to the views and requirements of clients (financial institutions) rather than the average user.

Why use XRP currency?

The Ripple network has its own currency, XRP, which is primarily a technology for its digital payment network and protocol.

Interestingly, transactions on the network are not limited to XRP. It also supports a wide array of fiat currencies. These include the US Dollar, Euro, Pound and Japanese Yen. Additionally, the network supports other cryptocurrencies such as Bitcoin as well as value markers like gold and frequent flyer miles.

XRP has consistently held a spot in the top 5 cryptos by market cap since its creation. In May 2020, it is the third cryptocurrency by market capitalization. Its market capitalization is about $8.8 billion and the price per token is $0.2.

A Brief History of Ripple

San Francisco-based startup Ripple Labs established Ripple (XRP) in 2012. However, the idea behind it had been conceived as far back as 2004. In fact, RipplePay.com, the brainchild of Ryan Fugger, came into existence in 2005 before the inception of blockchain-based cryptocurrencies.

Back then, it was a secure payment platform designed for communities. It did not become popular. In 2011, Chris Larsen and Jed McCaleb approached Fugger with the idea of replacing RipplePay with a digital asset network. And in 2012, their work on the new transaction protocol kicked off.

Main Features of Ripple (XRP)

Take a look at some of the unique features that could explain its popularity in the crypto market:

Payment Platform and Crypto in One

Due to Ripple’s unique operational framework, many in the crypto community consider it a sort of black sheep.

It is both a cryptocurrency and a payment platform. The network itself, RippleNet, was designed to function as a global payment and settlement system. On the other hand, XRP is its underpinning token, exchanged on the platform for payment facilitation.

The network had one clear objective – to use the power of distributed ledger technology to streamline global money transfer. This is one of its distinguishing features.

No Mining

Another one is the fact that when it started out, its entire supply of 100 billion XRP was created. Therefore, it differs from most other cryptocurrencies whose tokens are mined over a period of time.

From its total supply, the creator, Ripple Labs holds approximately 55 billion units. This makes it stand out from most other cryptocurrencies whose focus is on decentralization. However, the team behind it placed the funds in escrow, under cryptographic lock and key.

In order to ease centralization concerns, they put a contract in place to release 1 billion XRP every month into the market. As such, the project team no longer holds the power to flood the market with XRPs. Notably too, doing this is a way to limit the price fluctuation of XRP.

Unique Distributed Ledger Framework

Another distinguishing aspect of Ripple is that it uses its own distinct form of distributed ledger technology.

The distributed ledger underpinning the network is based on an open-source protocol. But instead of having miners to validate transactions, it has validators. These are appointed by Ripple Labs, which is another reason for its claim of centralization.

But like other networks, the validators make use of a consensus mechanism to prevent double spending and ensure security.

Can Ripple Be Used for Gambling?

Similar to Bitcoin and other cryptocurrencies, Ripple can be used for gambling.

It offers the same set of advantages that other cryptocurrencies offer to gamblers. But at the same time, it is just as volatile as Bitcoin and other digital assets. To use it for gambling, you would need to find a casino that supports it as one of its payment methods.

In a bid to avoid volatility, a good number of casinos that accept XRP convert it into chips. These have fixed value and therefore offer some level of stability.

Fortunately, crypto casinos that do not want to deal with volatility but wish to support cryptocurrencies now have an alternative, which comes in the form of stablecoins. These stablecoins offer a relative measure of stability. Unlike regular cryptos, they are pegged to real-world assets to minimize price fluctuations.

Differences Between XRP and Bitcoin

Since the emergence of cryptocurrencies, Bitcoin has always remained a clear leader. This applies in terms of popularity, market capitalization as well as adoption. However, with the emergence of altcoins like Ripple, users can enjoy distinct benefits that are lacking in Bitcoin.

For instance, unlike Bitcoin, Ripple is not just a payment system. As explained earlier, it also exists to provide currency exchange services to financiers. It provides liquidity for financial institutions as they carry out international money transfers.

Moreover, Ripple offers significantly faster transaction times. Because the network does not have miners confirming transactions, it is incredibly fast. In typical scenarios, a payment might take as little as four seconds between the time it is initiated and completed. Its robust network can process as many as 1,500 transactions every second unlike Bitcoin’s 4 to 16 transactions per second.

Another major difference is that the BTC network is based on the blockchain network. This means it works on a public, distributed ledger containing a record of all verified transactions. On the other hand, XRP is a digital payment technology that functions as a remittance system, asset exchange and payment settlement platform.

Why Use Ripple (XRP) Instead of Bitcoin for Gambling

Whether you are new to crypto casinos or have been playing on them for a while, you might already know the advantages they have to offer. But you may be wondering, is there any benefit of using Ripple rather than Bitcoin for gambling?

Well, XRP has some distinct benefits over the king of crypto when it comes to gambling. Just like Bitcoin, Ripple’s XRP exists and functions on a distributed ledger framework. It has thousands of nodes validating and securing transactions too. This means it has no single, central point of failure. Rather, network validators use consensus to agree on the history of the entire ledger.

However, the main point of divergence is that unlike Bitcoin, XRP’s blockchain operates as a consortium, not a public blockchain. Validators do not join at will and its security is thus less prone to threats of compromise. As such, little time goes into protecting the network.

Additionally, XRP tokens are not mined but are simply verified by validators. Therefore, transaction processing on the network is much faster than on the BTC blockchain. While Bitcoin transactions take on average 10 minutes, XRP transactions take a mere 3 to 4 seconds at most.

However, this speed comes at a cost – centralization. But even though centralization is in many ways a major weakness for the network, it might not be a permanent problem. More and more validators are constantly joining the ranks. This is gradually diminishing the aspect of central control.

One aspect that makes its form of centralization palatable is the fact that it does not have a central authority that decides which transactions to admit and which ones to reject. Though it has been referred to as the PayPal of the blockchain sector, it does not come with PayPal’s level of censorship.

Notably too, since the Ripple network operates on the basis of an open-source protocol, even in the event that Ripple Labs vanished, it would still keep running. For these reasons, Ripple provides a suitable alternative to Bitcoin in the gambling industry.

XRP vs BTC Comparison Table

Pros and Cons of Using Ripple at Crypto Casinos

Pros

Fast transactions
At present, Ripple is the fastest cryptocurrency network in terms of transaction processing. When used for bankroll funding as well as online payments, it offers an unparalleled speed of between 1 and 4 seconds per transaction.

Anonymity
For players who would rather not share any personal information, the use of XRP is highly beneficial. Even though the network is centralized, its ledger is private. It also keeps all player information anonymous, making it ideal for the privacy-centric gambler.

Low fees
Transactions on Ripple attract incredibly low fees, possibly the lowest on the crypto market. Presently, it could be as low as $0.00001, which is a negligible amount.

Recognized by many banks globally
Unlike other blockchain projects that are at loggerheads with mainstream institutions, the Ripple network is recognized and appreciated by banks from all over the world. It is considered a friend rather than a foe.

No exchange fees
As an exchange platform, Ripple allows users to convert cryptocurrencies with ease. What makes it truly outstanding and unique is the fact that it does not charge any exchange fees.

Legitimate
The fact that Ripple has gained the trust of over 100 mainstream institutions gives it considerable legitimacy. It works with top names in the finance industry and is highly unlikely to vanish, leaving you in possession of worthless tokens.

Cons

Centralized
The foremost drawback associated with Ripple is the fact that it is centralized. As such, it can be affected by RippleLabs executives or even government authorities.

Lack of widespread casino support
Not as many casinos support the use of XRP as those that support Bitcoin and other cryptocurrencies.

Ripple Casino Bonuses

Depending on the casino you choose to play at, there are different types of bonuses that could make your experience all the more thrilling. Take a look at some of them:

No Deposit Bonus

As the name implies, this is a bonus for which you qualify even before making your first deposit. All you need to do to get a no deposit bonus is to create an account at a casino that offers this type of bonus.

Welcome Bonus

Once you make a deposit at a Ripple casino, you may qualify for a range of bonuses. At times, these cover up to four deposits and depending on the wagering requirements, the welcome bonuses can be highly rewarding.

Loyalty Rewards

Loyal casino users may qualify for a vast array of bonuses too. These could include comp points that they can redeem for gifts or VIP programs that offer various benefits.

Periodic and Seasonal Bonuses

Some casinos have alluring daily, weekly and monthly bonuses. These bonuses range from cashbacks and free spins to free crypto and many more. There could also be a variety of seasonal promotions to keep the fun going.

High Roller Bonuses

In an effort to incentivize spending, crypto casinos often reward their biggest players. These may come in the form of crypto, gadgets, holidays and invites to elite clubs.

Game-Specific Bonuses

A Ripple casino might encourage you to play a featured or new game by offering promotions specific to that game. They can take the form of free spins, comp points or extra tokens for play.

How to Buy and Use Ripple

In order to play at a Ripple casino, you need XRP tokens, and once you buy them, you need to keep them safe and accessible. Let’s find out how you can do that.

Ripple Exchanges

The most common way to get your hands on XRP is on a crypto exchange platform. Since it is among the major altcoins, it is available on a majority of exchanges. Find an exchange that offers services in your country of residence and supports your preferred payment option.

Ripple Wallets

As mentioned above, there are no wallets from Ripple Labs for XRP, and you will need to find a suitable one. Below are some of the popular options.
a. Ledger Nano S
As one of the most popular hardware wallets, the Ledger Nano S offers a compelling range of features. Most significantly, the fact that it is a cold storage option keeps your funds out of harm’s way. And since it is a small device, you can carry it with you everywhere you go.
b. Atomic Wallet
What makes this a great choice is the fact that it supports a vast number of cryptocurrencies. It supports at least one hundred cryptocurrencies, which means that you may only need this wallet for all your crypto storage needs. Furthermore, it offers exchange facilities, making it easy to switch between cryptocurrencies.