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How Ripple (XRP) and other cryptos are going to be public debt solution

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Ripple XRP
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As a cryptocurrency and a blockchain technology, Ripple (XRP) seems to have a distinct cutting edge over other virtual currencies that include Bitcoin, the widely known and leading digital asset. The space of virtual currencies is essentially a wild and fast-paced market that is responsible for over one thousand different virtual coins that are all competing for market-share and trying to become the preferred and relevant digital coin in the future of virtual currency trade.

Among the reasons that make Ripple (XRP) standout from the crypto crowd is its superior design and development that makes it a big winner at the end of the day. Going by the speculations and calculations of crypto enthusiasts, Ripple (XRP) might surpass Ethereum in regards to market capitalization, if it manages to sustain its growth and adoption momentum around the globe.

Thanks to Ripple’s Default Currency, XRP, different financial institutions in the world can quickly process transactions regardless of the geographical area difference at inexpensive costs.

Why Ripple (XRP) as a Digital Asset Might Be a Big Winner

Ripple is the official company name that is responsible for the development and control of XRP virtual currency. Unlike many other digital currencies, Ripple’s default currency, XRP, is designed to be distributed by Ripple Labs to market contributors, rather than being mined and created by individuals who are also referred to as miners.

Ripple has taken a very dissimilar approach with its default currency in comparison to most cryptocurrencies. For instance, Ripple did not create XRP as a way for individuals to circumvent the financial and banking sector.

Instead, XRP has been developed and designed in such a way it integrates with current banking systems with the idea to serve its clients in a fast and inexpensive manner in processing commercial payments and currency exchanges regardless of geographical topography.

While the Ripple approach might be heavily criticized by some quarters of cryptocurrency faithful’s, who would like to use virtual currencies as an alternative to fiat and traditional banking systems, it is this very reason that makes XRP stand out and potentially become a big winner in the crypto space.

Now with the increasing demand for instant international money transfer services on the rise, Ripple (XRP) is continuously proving to the world that all hope is not lost. Money transfer services using the Ripple technology have significantly reduced the transaction cost they used to incur by over 70% in a process that has been simplified to take minutes instead of the traditional days or weeks timeline.

Ripple and Cryptocurrency as the Answer to Global Debt

According to a recent report that was released by International Monetary Fund, the global debt has risen to high levels of more than $170 trillion US dollars opening the door to a potentially catastrophic financial recession if nations fail to repay their debts due to the current hard financial conditions.

In April, IMF warned in their semi-annual fiscal report, that the global public debt had ballooned to over 220% of the global gross domestic product. All the reports on the state of global public debt are alarming and shocking at the very least, but thanks to Ripple’s XRP and other cryptocurrencies, the world can rest safe knowing there is an answer to the debt problem that might lead to a great recession like the one witnessed in 2007.

Due to Ripple’s and cryptocurrency’s nature of being genuinely peer-to-peer, decentralized, and not controlled by any central government or body, cryptocurrencies cannot be artificially inflated or taxed. Given that the value of cryptocurrencies is derived from the participation of its users and the laws of demand and supply, their currency supply’s are not intentionally influenced, so errant traditional currency policies can devalue services that are compensated in Ripple.

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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 thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by Freddie Collins on Unsplash

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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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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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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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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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