Take the 2-minute tour ×
Bitcoin Stack Exchange is a question and answer site for Bitcoin crypto-currency enthusiasts. It's 100% free, no registration required.

See How can you buy XRP with BTC if you don't have any XRP?

Currently, there's no way to open an account with direct access to XRP. Could the ripple protocol be modified to include a way to open an account with BTC instead of XRP? The BTC would be exchange to XRP in the distributed exchange using the best available exchange rate.

share|improve this question
add comment

1 Answer 1

up vote 6 down vote accepted

The problem is that you need an account to hold BTC in the Ripple network. There is no known practical way to allow Bitcoins to transact directly on another network without a central authority to hold the keys that release the Bitcoins on the Bitcoin blockchain.

Hopefully, this should only be an issue for a short period of time. Once billions of XRP have been given away, there shouldn't be any significant difficulty in getting enough XRP to open an account.

Update: The gateway protocol could be used to do this, allowing you to do your initial account funding right from a Bitcoin account.

share|improve this answer
add comment

Your Answer

 
discard

By posting your answer, you agree to the privacy policy and terms of service.

Not the answer you're looking for? Browse other questions tagged or ask your own question.