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.
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