As evident from the talks that are circulating on the web, the financial institutions are not quite impressed with the crypto hype. With many reputed banks adopting blockchain technology to expedite financial transactions, cryptocurrencies have become a threat to the traditional banking systems. OpenCoin, Ripple’s regulatory body, has mentioned in an interview that it intends to do “for money what the internet did for all other forms of information.” Powered by the open-source C++ application called rippled, Ripple has attracted the attention of many eminent banks in the past. Considering the activities that have taken the market by storm and financial institutes inching towards Ripple (XRP), 2018 looks like a promising year for Ripple.
Ripple’s Advanced Security Features
Supported by top-notch security features, Ripple comes across as a major threat to the banks. Ripple’s regulatory protocols are pretty tight, as it actively regulates who can have access to modify the official server codes and ensures that the codes are audited. The rippled source code is digitally attested by the regulatory body to ensure full security of funds. What’s more, all sensitive data pertaining to the release are provided through a secure website that also gives the commit ID of the repository.
From the inception of cryptocurrency, digital currencies are in competition with banks. This is especially valid for Ripple, which serves as an open-source transaction network. As aptly pointed out by ShidanGouran, the President and COO of Global Blockchain, “If big banks were to succeed in crushing one of these two currencies, Ripple would be it.”
Anyone who is updated with the recent developments in the market is aware how the trends are changing, as the banks are finally warming up to the concept of incorporating blockchain to regulate economic transactions. Darren Marble, CEO of CrowdfundX reveals, “I believe banks are keeping a close eye on Ripple. This isn’t going to happen overnight.”
Japan Welcomes Ripple
A little ahead of the G20 meeting, a meeting where central banks of the affluent countries of the world assemble to discuss global economic stability, Japan arranged a round-table conference with the central banks. The representatives of the central banks and regulatory bodies speculated digital assets and regulations. The meeting, which was scheduled for March 8 and March 9, was hosted by the Japanese Financial Securities Agency (FSA), which initiated a multilateral research on blockchain technology last year. The regulations can be a roadblock to the successful implementation of Ripple (XRP) in the banks. However, if the rules and regulations pave the way for Ripple, it can actualize its vision of revolutionizing financial transactions with XRP.
Ripple Waves in China
On the issue of Ripple’s entry into the Chinese financial institutions, SagarSarbhai, Ripple’s Head of Government and Regulatory Relations for the Asia Pacific, has reported, “We’re trying to get some regulatory clarity, we’ve started engaging informally with banks, FIs and payment providers, speaking to regulators and government bodies, trying to educate on what Ripple is and what our vision is.”
As revealed by the sources, Ripple has already secured licenses for XRP integration into the fintech firms. With the governments exploring blockchain technology for promoting faster transactions, 2018 seems like a big year for Ripple.
Many institutions have adopted with the blockchain technology in the past, fostering innovation. At the onset of the budding enthusiasm from the investor, the union of financial giants with the crypto technology is not entirely implausible. While implementing blockchain in the banks is nothing new, the idea of replacing fiat currencies with their digital counterparts is still not fully ripe. Overall, with XRapid tying up with Ripple and big names like SBI and Codius disclosing their plans of latching themselves to Ripple, 2018 is transmogrifying into a promising year for XRP.
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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 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
3 Coins with the Largest Potential in 2019
2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
One thing that is expected is the approval of Bitcoin ETFs…
Do or Die: 3 Crypto Projects that Really Need to Deliver Soon
Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.
The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…
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