Yes, Ripple is facing a lawsuit that hasn’t turned into crypto’s way completely yet. A bunch of investors (which are in no way representative of the crypto or Ripple community) think Ripple’s XRP is a security instead of a coin and they want the government to agree.
The outcome will not be critical for Ripple only, but for the whole cryptosphere, so you shouldn’t mind all that much because if, after this lawsuit, Ripple suffers, every single crypto coin will as well. That’s not going to happen. Instead, pay attention to current and future capabilities. You’ll find it very hard to beat Ripple in this subject.
Ripple was developed back in 2014 (that’s even before Ethereum) which is probably why this project was never centered on smart contracts (as Ethereum is). The notion of a smart contract wasn’t very developed back then, as expressed in Stefan Thomas’ words, Ripples Chief Technology Officer,
“We just didn’t feel like smart contracts was a very mature industry at that point…. Frankly, the use cases seemed somewhat dubious in value.”
Ethereum got it right, of course. But Ethereum soon found its very own problems. While Ethereum remains the smart contracts king, it’s been heavily criticized from the beginning because of its lack of scalability and high fees. That is why Mr. Thomas brought back the Ripple’s smart contract platform called Codius which can deal with both of those issues.
As Codius is relaunched already, it will probably just highlight again all the problems in Ethereum (as if Justin Sun has not done that thoroughly enough) as it also makes Ripple’s superiority evident once again.
Not so long ago, an investor called Josh Williams had this to say about the situation:
“Teams in games and elsewhere are building on Ethereum and running into the cost and scalability issues we’re all familiar with. Codius has great potential in addressing these concerns, and we are eager to work with it.”
So Ripple will use Codius to invade Ethereum’s turf and prove it is a way better option. Isn’t that interesting?
Ripple: low fees, high scalability (the anti-Ethereum)
Bitcoin and Ethereum wave the cryosphere’s flag; there’s no doubt about that. Lots of people still think that Bitcoin and cryptocurrency are the same. That bears testimony on how vital those coins are.
They were the pioneers, they kept the game going for everybody, but they remain very slow, and costly. And that’s how Ripple comes in. Just think about this transference speeds: Bitcoin, 6 TPS; Ethereum 15 TPS; XRP, 1500 TPS. You see the difference is in orders of magnitude.
Sure, this is still far away from Visa’s transaction speed. But honestly, compare them to Bitcoin and Ethereum transactions times. In the cryptocurrency world, Ripple’s rate is just incredible and leaves everybody behind.
Just think about this: when you transact on Bitcoin, you need to be ready to wait even 50-60 minutes before you get full confirmation sometimes. On Ethereum that is from three to fifteen minutes. Ripple takes four seconds. What is the option you would like to have on your mobile phone? Is it that much of choice? And on top of that, transaction fees are just ridiculously low.
As fees for ETH and BTC keep rising (because the coin’s value keeps going up) XRP’s charges are still so low, they open the market for a much broader user base. That’s why Ripple is so good for the micropayments and international transactions. Ripple’s purpose has never been to be a retail crypto coin but quick as it is, cheap as it is, it could become one. Codius could do the trick, but we’ll have to wait and see how it goes.
Ripple is not going after end users. It wants banks and financial institutions to adopt the RippleNet and its blockchain. But their low fees and scalability are such that could get, unintentionally, the retail market as well and get Ethereum’s top place. That, my friends, is a real advantage.
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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
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…
Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?
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…
Three Biggest Things To Know Come Cryptocurrency Tax Season
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.
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