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Here Is How Ripple (XRP) Will Change The Financial System From Within

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A while back, Ripple (XRP) was getting a bad reputation for its partnerships with Global Central Banks and other financial institutions. The theory behind the ‘noise’ against Ripple back then, was that collaborating with financial institutions was more or less an act of treason and a deviation from the written code of decentralization that is the backbone of cryptocurrencies and blockchain technology. Many were horrified that a crypto project was collaborating with the institutions Satoshi Nakamoto aimed at avoiding by introducing peer-to-peer transactions through the King of Crypto also know as Bitcoin (BTC).

But what if it was a ploy by Ripple to change the financial systems from within.

One is tempted to reference Sun Tzu and Art of War to justify the above statement, but doing so might make it sound like there is a hidden war between the crypto-verse and financial systems to extent of involving global governments.

But let us entertain the theory of working from within the system to change it.

The first way Ripple can change the financial systems from within, is the current partnerships the project has with 40 to 50 Global central banks and over 100 regular banks and money remittance service providers. All these institutions use the Ripple products of RippleNet, xRapid, xVia, xCurrent and XRP (in xRapid). Some, like Santander, have proven that xCurrent works for its fast OnePayFX mobile app. Santander has also announced that 50% of its international transactions are handled by Ripple.

This means that Ripple products on the blockchain, have managed to convince these traditional financial institutions that the Ripple blockchain ledger is the future of cross-border payments. Ripple technology has managed to completely replace SWIFT in some situations mentioned above.

Once convinced through Ripple, we might see the same financial institutions, particularly Central Banks, tokenizing their national currencies so as to keep up with the changing technologies brought about by cryptocurrencies and blockchain technology. China had earlier hinted about tokenizing the Yuan after the cryptocurrency hype caught on in the country.

What then might happen, is a futuristic Blade-Runner type of future where physical hard cash will be obsolete. Imagine that? We shall be walking around with crypto wallets linked to mobile apps and doing all transactions on the blockchain. Hopefully, by then, interoperability between the various platforms would have been operational.

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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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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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