A recent discussion forum held in Wall Street had a round of conversation about cryptocurrencies. There was mention of Bitcoin, Ethereum and others, but also Ripple’s XRP, and that turned out to be discussion’s most crucial point.
The forum’s participants agreed collectively that Ripple’s XRP will grow into the world’s preferred means of exchanging value, especially internationally, instead of the USD, which has been the world’s “moneda franca” since the end of World War II. And they had reasons to support such a bold statement.
Ripple’s tools and currency improve speed dramatically
The forum’s participants all agreed that Ripple’s technology and currency improve international transfers substantially. Settling a payment in the foreign exchange market using Ripple takes seconds instead of days (from two to seven) which is the typical time horizon when you use the standard SWIFT system instead.
The technology allows for real-time operations in the financial scene which was unheard of before Ripple come along. Additionally, Ripple’s new platforms such as xCurrent or xRapid, make everything even faster, cheaper and more reliable. It’s better for the banks and their customers. And, while they didn’t say this at the forum, it’s also better for the cryptosphere.
Ripple’s system can transfer any fiat currency into any other fiat currency, from one country to another, even faster than the Bitcoin network can. It can manage 1.5k transactions every second and payment is fully settled in four seconds or less.
Thus Ripple has a competitive edge over the conventional system which is outdated, slow, expensive, and prone to errors.
Jumping back onto the main point, Wall Street guys have been talking about it since 2018, last year.
The Future of Finance
May 15, 2018
The panel included:
Ruth Wandhofer – Citi Bank
Andrew Hauser – Bank of England
Daniel Masters – Chairman of Global Advisors (Holdings) Limited pic.twitter.com/v2kQWSPDFC
— ༜༝🅂🅃🅄🄰🅁🅃🅇🅁🄿💧⚡ (@stuart_xrp) May 8, 2019
Ripple is partnering with banks all over the world
Ripple’s leadership has managed to persuade more than 200 banks all over the planet to adopt its technology and its cryptocurrency to settle cross-border transfers. Some of them are running pilot tests, and some of them are already using it at the production stage. The Ripple Net continues to grow as we write this, and a new bank joins it every week on average.
Because Ripple is designed for this use case since its inception, it doesn’t only has the edge over SWIFT but also over other cryptocurrencies. Some digital assets are supported by blockchain networks that can manage only seven transactions per second. That would be better than the conventional system, but not nearly enough to persuade a bank to leave the old ways behind because it wouldn’t be real-time.
And Ripple is not working with commercial banks only. It’s also working with some of the world’s central banks. That will also help adoption with the rest of the local banks as they will find it convenient to adopt Ripple to expedite business operations with their own national central bank.
The forum concludes that settling payments using XRP has many advantages over the USD in terms of speed, price, and security. They believe that it will take about five more years to see XRP take that market away from the dollar for good.
Mind you, this is not a conclusion coming out of an XRP fan or bull (of which there are plenty) but from a group of Wall Street insiders which have not had the friendliest attitude towards cryptocurrencies in general over the last decade. So listening to them could be a particularly good idea.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.