2. What does Ripple do?
According to is OpenCoin, the company behind ripple, the currency addresses the need to keep money flowing freely. A company blog post titled “Ripple and the Purpose of Money” gives a brief history of money and its transportability, and points to the frustration of having banks and other institutions impede the transfer of funds with transaction fees and processing delays. The goal of Ripple, it says, is to build on the decentralized digital currency approach set by bitcoin and do “for money what the internet did for all other forms of information.”
3. How would Ripple function like the internet?
Ripple’s chief cryptographer, David Schwartz, explains it like this:
“Payment systems today are where email was in the early ‘80s. Every provider built their own system for their customers and if people used different systems they couldn’t easily interact with each other. Ripple is designed to connect different payment systems together.”
Schwartz also anticipates the possibility of seeing “big companies lose their control over the flow of other people’s money just as they’ve lost control over the flow of information.”
Step 1. Buy some Bitcoin in case you don’t have it (fastest way is using changelly.com)
Step 2. Add your wallet address from Binance
Step 3. Exchange BTC into any altcoin