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

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Ripple
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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.

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Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry

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Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.

Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.

Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.

Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.

Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…

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Education

Adoption from the grass roots: The reason its just not happening yet!

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As someone who has been extremely involved in the cryptocurrency space the past 2 years, and 6 as an investor I want to point some things out.

  1. The whole space is full of egomaniacs

When I first got involved as an investor in 2013 buying 2.5 BTC I thought very little of where it could go. It was a small tight group of believers back then. As the space evolved you found there were more and more Craig Wright’s. What I mean by that is there were tons of people with massive egos who did not care what others said. It was okay before 2016-2017 as I wasn’t so closely following what was going on.

Once I got involved in the space more quit my job and went deep into the space I noticed something. I saw a tom of egomaniacs pretending they really knew what they were talking about, I saw people acting like they knew everything about everything and I saw CEOs who had little to no hope other than big talk and hopium.

In my opinion, we need more humble leaders in the space, people who truly care about it more than making as much money from people as they can. People who aren’t showing off watches during a hash war that ended with zero winners, and led us into the longest crypto winter…

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The Impact of SEC Regulation and the Crypto Bear Market on Ethereum

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Ethereum
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Way back in June 2017, it was beginning to look inevitable that the flippening would occur and Ethereum would take over the top spot of cryptocurrency market caps. With smart contract capabilities and an order of magnitude more potential applications than Bitcoin, everybody was keen to jump on the Ethereum bandwagon.

Of course, a lot has changed since then.

The speculation-fueled bull run that culminated at all-time highs in late 2017 for Bitcoin and January 2018 for altcoins was unsustainable. Talk of a global paradigm shift appears laughably premature in hindsight.

Today, prices have collapsed across the entire market, with Ethereum itself breaking below $100 last December after all-time highs of $1.4k just 11 months prior. Although a mini-recovery has ensued in early 2019, the situation continues to look bleak and the reputation of cryptocurrencies for the general public is still far from stellar.

Prominent blockchain expert Peter Du, the founder of Du Capital, recently explained the crux of the problem, saying:

“Cryptocurrencies, which were once the new darling and dream of investors have now taken a backseat, given the current crypto blizzard. To be sure, maintaining hundreds of billions of dollars in valuations supported by unsecured coin issuance was…

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