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Fast and Cheap: Ripple’s xRapid Delivers on its Promise

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Ripple xRapid Delivers
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The latest tests have shown that Ripple’s xRapid actually delivers on its promise on making cheap and fast cross-border transactions. In another new twist, it would seem that Facebook will join the crypto hype as well, according to recent reports.

Ripple’s tests show great promise

Ripple has been announcing a new product for some time now, and it would seem that its development is finally nearing completion. A product by the name of xRapid has had its first pilot test recently, where it was used for sending funds across the border, and for minimal cost.

The project was developed due to many complaints that sending the money around the world is a slow and long process, which can get quite costly. Ripple decided to combat the issue, and so far, its efforts seem to be successful. The company has just finished a pilot test where they have sent a payment from the US to Mexico.

The payment went through xRapid to a financial institution and, according to Ripple, payments such as this will be 40-70% cheaper than before. The whole process took only around two minutes, while other, more-traditional methods usually take two or three days.

The process works through a connection made between a financial institution and a crypto exchange. This connection is represented by the xRapid product. The money begins its journey in a form of a currency that is being sent by the sender. On its way, it gets exchanged into XRP, which then gets exchanged into the currency that is desired by the receiver.

The transfers are cheap, fast, and can be tracked, which is a welcome introduction of transparency for this kind of transaction.

Facebook wants in on cryptos

Another new report from inside of the popular social media platform claims that Facebook is planning on competing with Ripple when it comes to the cross-border payments. The platform is already doing its research on cryptos and even on the creation of its own coin. If they decide to go through with this project, both Ripple and other cryptos may have a real problem on their hands quite soon.

An anonymous source from within Facebook stated that the company is very serious about achieving this. Facebook’s CEO, Mark Zuckerberg, has shown his personal interest in cryptos earlier in the year.

He stated that they are taking power from centralization and giving it to the people. However, Zuckerberg is not careless and is well aware of the risks that cryptos carry due to their nature. Still, he wishes to study them and find the best use regarding services that the company provides.

Another statement from Messenger’s leader, David Marcus, uncovered that there are plans to implement blockchain technology on the platform. Marcus, who was previously one of the board members on Coinbase, as well as the president of PayPal now wishes for a new challenge after spending four years in Messenger.

It will be under his guidance and leadership that Facebook team will explore various possibilities that blockchain can offer to the platform. He is also known for being an early investor in Bitcoin, so we can expect that he knows exactly what he is doing.

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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.

Chart courtesy of Chris O’Brien via Flickr

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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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