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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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Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

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