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Does Ripple (XRP) Have A Shot At Becoming A Global Reserve Currency?

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The Ripple (XRP) coin and technology have proven itself over and over again as a means of facilitating almost-instant payment settlements across the globe. Recent xRapid tests indicate that the service manages to save financial institutions anywhere from 40% to 70% in transaction costs compared to using regular foreign exchange middlemen. The time spent was also reduced from 2 days to 2 minutes. How fast is that?

Now what if XRP found itself at the helm of being a Global reserve currency?

But first, let us define a reserve currency.

A reserve currency is a large quantity of currency maintained by central banks and other major financial institutions to prepare for investments, transactions and international debt obligations, or to influence their domestic exchange rate. A large percentage of commodities, such as gold and oil, are priced in the reserve currency, causing other countries to hold this currency to pay for these goods.

So how does XRP become a reserve currency?

To begin with, and from the definition above, we realize that a reserve currency is maintained by central banks. One thing to remember is that Ripple has partnered with 40 to 50 such global central banks which are testing Ripple’s products. The recent entry into the list is the Saudi Arabian Central Bank. All these banks can settle debts and make payments to each other once they are part of the ‘Internet of Value’ network provided by Ripple. This means that whenever one country wants to buy a commodity from another such as oil or even help with some humanitarian effort, all they have to do is send some XRP. In 3.3 seconds, the funds will be available on the other side of the globe.

A second reason why XRP has a shot at being a global central bank reserve currency is the fact that the technology behind Ripple has worked seamlessly for over 4 years. Also to add is that there have not been any forks to solve any so-called software issue. All transactions on the XRP ledger will continue being fast (3.3 seconds) and cheap ($0.0004 per transaction) as usual. There is also buzz of the XRP smart contract platform being developed to automate some functions.

The third, and not necessarily the last reason why XRP can become the global reserve currency, is the amount of XRP available that makes it highly liquid and available. The current circulating supply is 39.189 Billion XRP with a total supply of 99.992 Billion XRP. When compared to estimates of the total of USD currency floating around the globe as of 2013 ($1.2 Trillion) we can pretty much plead a case for XRP being a global reserve currency.

In conclusion, the adoption of XRP by the global central banks already in partnership with the project can prove to be the catalyst in making the digital asset a preferred reserve currency by the same banks due to the reasons outlined above. The only thing that can stop this, is the need for such countries to continue with business as usual in terms of having the USD, GBP, Yuan, The Euro or The Japanese Yen, as their core reserve currency.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or 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.

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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