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Ripple (XRP) gradually cannibalizing Bitcoin’s (BTC) profitable real-world value

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Ripple Bitcoin

By now everybody even with little knowledge about cryptocurrency knows that Bitcoin (BTC) is the supreme leader of virtual currencies in the crypto market. There is no argument that Bitcoin has a tight hold on the emerging virtual currency market and this is mainly because most crypto exchanges around the world use BTC as their preferred base currency.

At present, being listed as the base currency for these exchanges is Bitcoin’s greatest utility value, thanks to the emergence of Altcoins who have outpaced all almost all other Bitcoin attributes.

In the current time, most of the altcoins in existence are more efficient, way more usable, and cheaper than Bitcoin (BTC) making them preferable for our day to day use. Although fiat pairings are slowly venturing into Bitcoin’s space as a base currency, Ripple (XRP) is working without tire doing the same but on an exponential pace.

As of now, many leading exchanges in the market have come out clear about either their intention of incorporating Ripple (XRP) or are already using it as a base currency. One of such exchanges is one of the significant exchanges in India, Unocoin, who recently announced through their Twitter page that they were going to be incorporating Ripple as their base currency.

Another vital exchange that is leaning towards the adoption of Ripple (XRP) as their base currency is DCEX. DCEX recently announced that they were introducing XRP as their base currency with the intention of trading with it against other 15 virtual currencies.

Subsequently, SBI Japan, one of the most respected and relevant financial institution in Japan, decided to adopt Ripple (XRP) as a base pair currency is a game changer for the fortunes of the digital currency and blockchain technology.

SBI Japan has opened up huge investments amounting to billions of dollars of Ripple for trading, promising to have a massive influence on Ripple’s price value in future.

What Makes Ripple Different?

Ripple stands out from other virtual currencies as it has much and something different to offer, it sells its services to financial institutions and banks, assisting them to transfer cross-border settlements in a faster, cheaper, and secure way than other platforms. Ripple Labs’ two services namely, xRapid and xCurrent are a game changer in the financial industry.

The digital coin used by xRapid is XRP which distinguishes the company and the cryptocurrency. Many refer to the company and the crypto as Ripple, something that is not correct. XRP is to Ripple what Ethereum is to the Ethereum blockchain. During the inception of Ripple’s blockchain, XRP was never intended to be used as a public currency but rather as a settlement token for financial institutions.

Ripple Vs. Bitcoin

Ripple (XRP) has undoubtedly gained a lot of respect and ground in the financial industry getting listed and adopted by many organizations indicating XRP’s potential of becoming a valued commodity in its own right. The market in the last year had seen the increase in the value of Ripple outperform other virtual currencies including Bitcoin.

Given the fact that Ripple (XRP) is mostly monitored and administered by a central body, it is quite evident that it is more secure than most virtual currencies especially those that are mined.

Cryptocurrency is still a maturing marketplace, and we can expect to witness a lot of changes and innovations in the coming months and years.

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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.

Image courtesy of Maxpixel.net

Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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Altcoins

Ready for Chaos? Swingby’s Chaos-Mainnet Launches on December 28th

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Singapore, Singapore, 9th November, 2020, // ChainWire //

Swingby is the “warp-speed” protocol for inter-blockchain swaps. It allows all DeFi users to move assets between blockchains without a trusted party. 

Today, Swingby announces its first mainnet network will be released on the 28th of December; it will bridge native Bitcoins onto Ethereum via Wrapped BTC (WBTC).

The initial bridge will enable the most liquid digital asset in the world (Bitcoin), currently valued at a $300 billion market cap, to be moved onto the Ethereum network to tap its $10b DeFi ecosystem.

“This launch will be pivotal to Swingby. After December 28th, Swingby will have a fully operational Chaos-Mainnet network which will be generating a tremendous amount of value to the world of DeFi and bringing in a large number of new users” – Yusaku Senga, CEO

Why is this big news for DeFi?

On December 28th, Swingby will be launching its first Chaos-Mainnet bridge, allowing users to easily move their bitcoins into WBTC on Ethereum without the need for a trusted party. Similarly, the bridge can be used in the opposite direction allowing WBTC-ERC20 tokens to be moved back into native BTCs.

What’s so special about it?

  1. Trustless: Swingby’s Skybridge will be the only way to trustlessly swap BTC into wrapped Bitcoin (WBTC).
  2. Simple to use: The Swingby bridge has been designed to work with standard transaction types removing the need for complex smart contract calls…
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