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Will the UK be the definitive Ripple test case? Yes. Here’s why.

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Ripple

A recently published report by Unesco has some very interesting things to say about money moving around the world. Especially out of the UK. And that’s where Ripple and its token, XRP, might fit in.

There are around nine million migrant workers in the UK. Low-paid jobs boast more the rule than the exception for them and they still find ways to send 8 billion pounds yearly to their families in their home countries. We are talking about jobs that are at the end of the food chain, so it’s very hard-earned money.

The point that Unesco makes in its report is that too much of that money is lost to the workers (and their families) in transfer fees. Unesco believes that wiring money around the world should cost no more than 3%. And yet the average is 7%.

The Unesco implies that such a high fee is rather unfair. But that’s not the only problem. That kind of transfer (called wire) usually takes at least a couple of days to complete, and besides being slow and expensive, it needs a lot of red tapes (the forms are quite complicated to fill up) and it’s also prone to errors because it’s based on the 43-year-old SWIFT system which is cumbersome and technologically obsolete.

Banco Santander already has a solution to this problem. It has an app that allows users to send money around the world using a mobile phone, for fees much smaller than 3% (fractions of a cent, actually), and that settles the payment in a matter of minutes. The caveat is that both the sender and the receiver must be Santander’s customers and know how to use the app, which is not all that common all over the world, despite Santander’s very strong global presence.

How did Santander manage to get ahead of the curve so dramatically? The answer is very simple: they’re using Ripple’s technology.

This is exactly the problem Ripple wants to solve for migrants in the UK, and everybody else in the world.

Ripple is trying to persuade remittance services (MoneyGram, Western Union) and banks around the world to adopt its platform and its currency (XRP) to do just that. If the industry would adopt Ripple’s technology and token to serve the customers that need to send money back to their countries, the transactions would take minutes, not days, the cost would be fractions of a cent (well, a penny since we’re talking about the UK), and the degree of safety would skyrocket.

More than 100 banks around the world have partnered up with Ripple to take advantage of the technology and the coin to deal with this problem as well. So why is it that the situation that Unesco decries is still around? Good question.

The financial industry is probably the most conservative in the world. It hates change, it’s dominated by inertia, and it’s always the last one to adopt the latest technologies of any kind. And the UK banks are famously among the most conservative in the world.

Santander is an exception in that as it deployed Ripple’s tech in production stage very quickly. But most other of Ripple’s clients have agreed to test the technology only and are not using it yet to serve their clients.

The migrant worker’s financial predicament in the UK is the perfect scenario for Ripple to prove it works, and that it helps every party involved in it. We just hope it happens quickly.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image Courtesy of Pixabay.

Ethereum

How can Ethereum casino improve the online gambling industry?

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Ethereum Casino

The undisputed king of the cryptocurrency industry is Bitcoin for the moment. This is an undeniable fact, maybe because it was the first and has been around for more than 10 years. But coming in a close second place is the Ethereum that has also been around for quite some time now. When it first emerged, ETH brought some major improvements to the table, most notably even faster speeds of transactions and the smart contract technology. From the get go, crypto casinos noticed the potential of Ethereum and that’s how the first ETH Casinos started to emerge. Since then Ethereum Casinos started going full throttle towards the progress of the gambling industry, bringing with themselves a ton of massive improvements that are truly revolutionizing the casino world.

The speed of Ethereum Casino

The first thing that everyone in the casino world notices is the incredible speed of the ETH Casinos. This is due to the fact that Ethereum uses smart contact technology that allows players to deal directly with the casino. This cuts down the time significantly and all processes are completed within a matter of minutes. For example, the classic online casinos take days to finalize the transactions, because they wait for 3-rd party organizations like banks. In case of Ethereum Casino, the deal happens directly, which translates into transfers that are made almost momentarily.

Security and Anonymity of Ethereum…

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Bitcoin

Is Bitcoin Esport Betting the next big thing in BTC Casinos?

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Bitcoin Casinos

Ever since the creation of the first sport games, people started enjoying the betting process. As the sports grew more popular around the world, so did the betting community and other than the physical betting shops, online sportsbooks have also started to emerge. Around 5 years ago the crypto gambling industry also made strides to join the fun and Bitcoin Casino started pouring its resources into providing proper sportsbook experience for their communities of players. For several years the things were steady and the concept of Bitcoin Betting was growing exponentially. Although recent events have significantly halted the progress of sports and betting, the new alternative started gaining traction in the gambling world, and that alternative was the Esport Betting. 

How did Esport Betting become so popular?

The beginning of 2020 was unprecedented for the history of mankind and all the global business, including the gambling industry. In the month of March, most of the sports stopped because of the ongoing global Covid-19 pandemic and betting services witnessed huge losses. That’s where the Bitcoin Casino industry found a viable alternative in the virtual sport segment. Because of that, Esport Betting has become increasingly more popular and the biggest BTC Casinos started providing a huge selection of tournaments in their sportsbook section.

How to participate in Esport Betting?

Esport Betting is basically the same process as the usual sports betting.…

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Ways To Become A Successful Trader

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If you want to start trading then you can trade in Forex market where you will find some great trading opportunities and you can take advantage from it if you know how to play the game in this market. At an early stage of trading almost all traders thinks that trading is all about setting up chart and entry and exit points. But if you want to be professional in this industry you must need to have knowledge about trading strategies, money management and should have control over your emotions. Now we are going to talk about a few tip which going to help you to stay alive in the trading game.

Study the Forex market

Having a sound knowledge about Forex trading is must if you want make a living from it. Traders need to know how this market works, the different currency pairs, how they behave, support and resistance and bid-ask price. There is also some complicated concepts like pips, spreads, leverage, slippage, commission etc. about which you need know clearly and able to calculate it without any confusion. You can analyze this market both technically and fundamentally, so you have to learn how to do them. There are lots of financial news publishes every day and a trader must need to understand those announcement and able to find out how the market can react to that news.

Choose…

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