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Ripple seeing substantial transformation in volumes and commercial models

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Ripple has achieved a lot this year; as a result, there have been lots of publications about how it has performed.  The cryptocurrency has shown that it has great utilities. Marcus Treacher, the Strategic Accounts Global Head of the blockchain project, took to Twitter today to affirm they are seeing a transformation in volumes and commercial models as their customers keep embedding Ripple blockchain technology.

During a recent interview given to Bloomberg in Singapore, Brad Garlinghouse, Ripple’s CEO, stated that XRP can be counted among the best digital assets of 2018 (it was the most profitable last year). The CEO anchored this declaration based on how his blockchain has been able to solve critical problems involving cross-border financial settlements and other relevant difficulties encountered in global transactions.

It is important to know that the advent of Brad-led blockchain project some years back, conveyed major doubts on its ability to thrive when cryptocurrencies such as Bitcoin exists. It was created to solve remittances and other related issues and the company, Ripple Lab Inc., is poised in making sure banks and other financial institutions get an easy method to transfer funds at a low cost.

It is a blockchain platform that will always have a big relevance to the world even though Bitcoin is often regarded as the major player in the crypto sphere. It is a blockchain platform controlled by Ripple Lab Inc., while XRP is its token for major transactions.

Back to Brad Garlinghouse interview on Bloomberg. Garlinghouse showed remarkable signs of confidence in his statements on what his company has achieved. He said,

Just last week, we saw a remittance company who is using Ripple’s technology, they reduced the price per transaction to their customers from $20 to $2 per transaction and they saw an 800% in usage overnight.”

Following Brad’s statement on Bloomberg, Ripple’s community didn’t fail to acknowledge that the current stride will open new doors for the project.

Later on the interview, Garlinghouse was asked why he thinks his company is better than the counterparts, he replied:

Ripple is a notable company and its token, XRP, is valuable due to the fact that it solves real-life problems. Ripple is poised to solve problems on global remittances and cross-border payments and it undoubtedly vends its technologies to financial institutions”

Garlinghouse continued,

“This is a liaison that has produced a lot of hysteria, but when we separate that from reality, you will see that they are some digressions. Ripple has outperformed its counterparts today because it is poised to solve real problems.”

The blockchain firm helps financial institutions with seamless cross-border transactions through its technologies (the three products): xCurrent, xVia, and xRapid. When asked what will be the driving force to Ripple’s value next year, Garlinghouse answered stating,

more institutions are patronizing Ripple’s blockchain, just like a payment company that has been recently launched. Individuals are making use of Ripple’s technologies, which are more efficient and of great value.”

Garlinghouse was also asked if there will be any form of collaboration between his company and SWIFT, he emphasized that SWIFT is maintained by financial institutions and that Ripple is poised to help these financial institutions with its technology. The CEO hinted his intends to take over SWIFT rather than partnering with it.

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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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Five Strategies for Lowering Your Crypto Taxes

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Getting taxes done isn’t always the highest item on everyone’s to do list. This is especially true if you have accumulated significant gains from investing in cryptocurrencies. What many investors often don’t consider are the opportunities to actually reduce their tax liabilities from their crypto investing. This article discusses five strategies that you can use to help minimize your crypto tax liability.

Depending on what country you live in, your cryptocurrency will be subject to different tax rules. The questions below address implications within the United States, but similar issues arise around the world. As always, check with a local tax professional to assess your own particular tax situation.

1. Tax loss harvesting

Tax loss harvesting is a common strategy in the world of investing where you sell your assets that will realize a capital loss. All you need to do is look at your investments and see which ones you bought for more than they are currently worth. By selling at a loss, you can potentially dramatically lower your net capital gains and thus reduce your taxable income. Given the market we are currently in, there are abundant opportunities to harvest losses and save on your tax bill. Cryptocurrency tax calculators have built specific tax loss harvesting tools that you can use automatically detect which coins present…

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Will Bakkt Push Bitcoin into the Mainstream?

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Bitcoin has been in a prolonged bear market for some time and has dropped as low as $8300 in recent weeks. This is the worst time for the cryptocurrency since prior to the bitcoin boom in 2017, and it has led to speculation that the original cryptocurrency could be on the decline. However, the digital asset may be about to bounce back. This could be thanks to Bakkt, the new digital asset platform which aims to provide a secure and well-monitored place for investors to trade bitcoin. Some analysts are even suggesting that this could lead bitcoin into the mainstream.

Bitcoin has been teetering on the edge of the mainstream for some time now, with various companies accepting payments in the digital currency. The reason why it hasn’t yet taken off is that it doesn’t have enough practical applications to encourage the everyday person to start using it. But the market is there for alternative payments, and this is particularly apparent in the online casino industry when new sites crop up. For example, Johnny Jackpot is a smashing new casino brand that accepts a number of payment systems including Neteller, Skrill, and Paysafecard. Global customers want to be able to use options like these which were designed for the internet.

The problem with all of the aforementioned systems…

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How Tax Agencies Are Going After Crypto Traders

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Bitcoin investors have in recent months faced increased pressure from various governments around the world regarding unpaid taxes accrued from their holdings.

Tax agencies across the globe continue the regulatory push that has put crypto under the radar, especially in the aftermath of the massive gains enjoyed during the bitcoin price boom of 2017. And although Bitcoin and other cryptocurrencies have since experienced a major tanking esp. over the last 20 months, the focus has shifted gears. Now tax authorities are keen on having cryptocurrency holders file their tax returns properly, and in some cases, are pushing for penalties on potential crypto tax cheats.

Here is how various governments are reacting to the issue of unpaid bitcoin taxes.

U.S.A

The U.S’ Internal Revenue Service (IRS) recently began sending out crypto tax-related letters to some 10,000 individuals. The IRS letters are to the effect that crypto investors may owe the taxman money for cryptocurrency trades they may have carried out in the last couple of years. 

In 2014, the IRS issued guidance that classed Bitcoin and other cryptocurrencies as property, meaning that trading crypto among other activities is a taxable event. Thus, taxpayers who made profits on their crypto face penalties and tax on cryptocurrencies,…

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