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Ripple and the Internet of Value

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Ripple
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“We don’t know when but Internet Of Value solved by Blockchain is going to happen. Make sure we are in the position before this thing takes off.” That’s what Chris Larsen (Ripple Labs’ co-founder) told to Asheesh Birla, a Ripple employe several years ago. This quotation includes everything Ripple is, everything it does and everything it aims for.

Let’s start by explaining the meaning of “Internet of Value.” This is a philosophical idea that was probably, though we don’t know for sure, put forward by Ripple’s founders. It refers to the expectations of current internet customers and users.

They want for money to move around the internet as quickly and as seamlessly as the information they use. If you want to send somebody money over the web, it should be as quick, safe and cheap as sending an e-mail, that’s the main idea.

So has Ripple made sure it’s there before this thing takes off? Let’s see.

One of the most archaic financial services in the world is the international transfer among banks (something you can’t really do over the internet right now as a private citizen except for credit and debit card payments). This is because settling international payments relies on the SWIFT system.

It was implemented back in 1975, way before personal computers, smartphones, let alone the internet were imaginable technology except in Sci-Fi. SWIFT is slow, expensive, and prone to errors. That’s why companies as MoneyGram and Western Union have become giants in the financial world without being banks. They found a way to improve over SWIFT, if only marginally, in speed and cost, so now they manage most of the world’s international remittances.

Over the last few years, a new industry has emerged, called “fintech,” which is a contraction for “financial technology.” The point in it is to serve all those customers who are either being poorly served (sometimes, not at all) by banks, for whatever reason. Paypal is one of those companies.

Just think how easier it is to transfer money to another country using Paypal than your usual bank. Fintech is more efficient, cheaper, and technologically savvy. As a result, banks are starting to lose a piece of their business.

Enter Ripple.

Ripple Labs has found ways to use the internet and blockchain technology to process and settle international payments at costs even lower than fintech’s, at higher speeds (basically, in real-time), and with the security that only the blockchain can guarantee. There is a token associated with the technology (XRP) which is used as a mediating currency to complete each transfer.

By partnering up with banks all over the world, Ripple is improving customer experience, lowering costs, and using the internet and the cryptosphere so that money moves around the internet even more smoothly than e-mails.

Thus Ripple is indeed creating a healthy ecosystem in which the Internet of Value can become a reality for everybody. It will start with banks and other financial institutions. But sooner or later it will reach private persons like you and me. It seems that Ripple was indeed in position before the thing took off.

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

Image Courtesy of Pixabay.

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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