I'm not hundred percent sure I got the whole principle of Ripple right. But as far as I could understand it is possible to deposit a currency into my ripple account/wallet via a gateway (e.g. USD via snapswap.com) and then send that currency to another wallet/ripple account and get it exchanged automatically.
For example I want to deposit 1 USD via snapswap.com into wallet1 and then send 1 USD worth of EUR to wallet2. This way, the owner of wallet2 receives my payment in EUR.
My first question would be:
- Did I get this right, that it is possible to exchange a currency within the ripple network? Or is it that you have to convert your currency before you deposit into your wallet? In my example convert USD to EUR then deposit into wallet1 and send EUR to wallet2.
- Is there a way I can see the exchange rates the ripple network can offer my for any currency pair? e.g USD / EUR.
- I want to know if there is a way to get the exchange rate at which my USD will be converted to EUR, before I send the USD / EUR to wallet2. Or, do I have to send my money haphazardly?