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Ripple (XRP) Can Be Forefront for Cryptocurrency Transactions

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Ripple (XRP) is one of the newest cryptocurrency assets. Although it not as famous as the big players like Bitcoin or Ehereum are, but with its aims and efforts, this digital asset is edging to be the future of the cryptocurrency market.

Even though the crypto-market is still facing a significant decline in its value this year, lots of investors and analysts are hoping for more prospects to place their interests in the market fully.

Notwithstanding, with a digital asset like Ripple, lots of investors can still have faith in the cryptocurrency market; this is because Ripple has proven itself to be a significant currency in the first part of the year.

Most of the statements released on the cryptocurrency has been linked to its acceptance from financial institutions. On this note, Ripple has gained lots of sponsorships from big financial companies like SBI Holdings and the Western Union, which is a big boost for the cryptocurrency.

But one question that comes to the mind is, why has Ripple not done much to lead the cryptocurrency market today? Well, it is essential to know that this crypto-coin has all it takes to be leading; it is about that time they become serious!

The Advantages of Ripple over other Crypto-coins

Ripple is emerging as one of the biggest cryptocurrency; it has achieved this feat by collaborating with big financial giants at the beginning of this year, and also boosting its exchange and the implementation of XRP. Subsequently, here are reasons why XRP is taking the lead in the cryptocurrency industry right now.

  • XRP is cost- effective

For every Ripple transaction done, the price is 0.00001 XRP; this implies that an XRP crypto-coin bought at 0.50 USD is almost equivalent to 100,000 XRP related transactions, which means that you can make use of it for long. The charges made by Ripple is an effective way to boost the security of the blockchain. This, however, ensures that other miners do not have the platform to be paid and increase their own fees.

  • XRP is fast

The transactions with XRP are fast and can be done in four seconds when comparing it to the amount of time that is wasted when using a debit card and completed with normal fiat.

  • XRP can be scaled

It is important to know that other cryptocurrencies are finding it hard even to handle ten transactions per seconds. But with XRP, 1500 transactions can be processed within seconds. Although, Ripple still have the ability to make more innovations and if that is done, the current network can still handle a large volume of transactions within few seconds.

Reasons Why Ripple is Still Steering towards Financial Institutions

Although, it is not a good thing if XRP and other cryptocurrencies do not target vital commercial institutions. But rather than spreading their tentacles on these institutions, Ripple should be involved with top markets on the usage of XRP as a good medium of exchange for business and customer transactions. It is a good idea if XRP is used on the Wall Street and Main Street.

We do recognize the need to target big financial institutions and change the way money is being transferred all over the world: when it comes to producing a product that obeys Peter Thiel’s 10x Rule, Ripple can lead other cryptocurrency assets in the industry.

There are also pressures that Ripple faces, and this has to do with playing nicely in order to create a customer base network. Establishments like Wall Street and Main Street may be astonished by the success of XRP, but they may be put-off by the anti-banking bombast.

But if Ripple gets lots of fan base and wide acceptance, it may give it a boost and become a renowned currency. Let’s take an instance where a financial institution is interested in using Ripple’s technology, but not the XRP. Ripple can take a stand of making use of the crypto-coin XRP as a medium of transaction and as part of their money transfer project.

Ripple is a big advocate of the cryptocurrency XRP, and we have all seen cases where collaboration with XRP where absent in last year’s statements (take a look at American Express.) It is evident that Ripple has plans to be accepted big financial companies.

XRP is Prepared

XRP hasn’t yet attained its peak regarding scalability, even though it can be able to perform 1500TPS (Transactions per Seconds). This is since if we were to compare it with Visa’s 50,000+ TPS, it is still below par. Although Ripple has 1500TPS (Which takes the lead in the cryptocurrency industry). There is no reason why this cryptocurrency shouldn’t lead and become the best when it comes to transactions.

We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!

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.

Image courtesy of Vicki via Flickr

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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Altcoins

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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