Destination tag bitstamp exchange rates
Before you transfer FlashFX funds from Bitstamp, "request" a withdrawal on the user dashboard. This is how we recognise that the funds coming into our Ripple wallet are from you. Input the amount of money you are looking to convert. Provide details for the person who is sending the money.
If you are the sender, enter your personal details here. You do not need to enter a destination tag when requesting a withdrawal from Bitstamp. Calculate the in-Ripple transfer fee. Bitstamp charges an in-Ripple transfer fee of 0. Here's a formula to help:. Amount you want to receive X 1.
Unfortunately, there's not a lot I can do to make this process easier - hopefully it's on OpenCoin's radar to remove some of the barrier to entry. Once you have created and "funded" with enough XRP to create a trust line account, you're ready to proceed.
You very likely trust your BTC exchange to hold money, if only for brief periods, while you buy BTC at the very least - even if you only buy BTC on LocalBitcoins, you're still trusting the person not to rob you at gunpoint.
This is all you're going to do in Ripple - extend trust to an exchange, to reflect that you trust them for X in BTC, even if only briefly. In this example we'll use Bitstamp. Assuming you have setup a Bitstamp account, click "Deposit", then "Ripple", and you'll be given a Ripple address and a Destination tag in one convenient quasi-address, for a made-up example BitStamp's address should always be the same, but for trust issues I am not including it here:.
Name the contact something useful, like "Bitstamp", and paste the address into the address box. Ripple will tell you it's not a valid address, because it has the destination tag on it - copy the numeric part "" and paste it into the "Destination Tag" box this is so Bitstamp can tell you from other Bitstamp customers without using new accounts for each customer , and delete the question mark and everything after it, so you're just left with the address itself.
Next, head on over to the "Trust" window, via "Advanced"; "Trust", and extend trust to Bitstamp at whatever level you're comfortable with, in whatever currencies Bitstamp uses that you are happy to accept, and at whatever levels you're comfortable accepting what is essentially an IOU from Bitstamp for.
For example, you may not trust Bitstamp to deliver on more than 1 BTC, so that's where you set your trust level. In our example, we'll withdraw USD because that's what I had handy in my Bitstamp account, but it must be stressed that you can receive any currency that your gateway supports. In this example, I'm using another account I set up purely for testing purposes, but basically your client s needs to repeat steps one and two.
This is where the hard part about starting to use Ripple comes from, getting everyone set up. From here on out it gets a ton easier. But to reiterate, on my test account and you can make another wallet as well if you're interested in throwing away 0. You'll be amazed at how fast this step is when you're coming from BTC! The sender of the funds clicks the "Receive" tab to get their own Ripple address, and pastes it in to the "Withdraw Ripple" page on Bitstamp or your other gateway.
Time it though, it's fast:. This is where I think so anyway Ripple starts to get amazing. Well, we can simply send what's left of the USD after fees, if that's what I want to receive the funds in:. You'll notice that in both examples, because the available XRP balance on this account is sufficiently high, we can also send XRP as well, and Ripple will also handle the currency conversion for you. From the above screenshot, I changed it around and in fact sent 0.
Now you simply withdraw the funds back out of Ripple. What has essentially happened here is I requested an "IOU" from Bitstamp for one currency, which because I then sent a different currency, I then "sold" the IOU on the market in exchange for a different currency, then took that IOU and transferred it to the business account:.
You can see by hovering my mouse above the USD balance, that there's still a little "dust" left in the account - which is a minor pain in the arse.
Bitstamp effectively owes me a tiny fraction of a US penny, and there's probably no reasonable way to ever spend that - but if you're using the Ripple service quite a bit, it's unlikely to matter too much. We then call that IOU in at Bitstamp by sending it to Bitstamp's Ripple deposit address screenshot modified, do not use this Ripple address, use the one you get from Bitstamp's website:.