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I don't see anywhere in the ripple client that shows my bitcoin address, and I can't recall if I entered it. When I make an offer to buy X BTC for Y XRP, where does the BTC go when accepted?
What happens when I buy BTC with XRP from the Ripple client?
Answers
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Ripple operates differently for ripples and other currencies. Ripples can be transmitted between person to person like Bitcoins, while all other currencies operate like IOUs through a web of trust. When your friend that you trust sends you BTC, your Ripple accounts will show you both that they owe you some amount of money. If you ever send bitcoins to them through Ripple, the debt might be lowered, extinguished, or even reversed based on the amount.
If you want to get bitcoins into your Bitcoin address, you will need to go through a Ripple Gateway. They accept Ripple IOUs and pay you with an appropriate currency, including BTC.
Thanks for the direct answer and not ripping on the noob-ish question. – mardlin – 2013-05-22T14:51:57.623
The same thing that happens when you use a BTC/USD exchange like MtGox. You don't get any bitcoin until you withdraw them. The withdrawal procedure is different tho. You send the BTC within Ripple to a gateway like Bitstamp.net or DividendRippler.com and they send you actual bitcoin to a bitcoin address. – dchapes – 2013-05-09T20:48:59.100