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RippleNet: The World’s Fastest Growing Global Ecosystem for Cross-Border Payments

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In today’s rapidly growing digital world, virtual payment solutions have become all the rage in the market. Governed by cryptography, the decentralized blockchain technology offers a number of prominent advantages over fiat currency. Representing the next generation of blockchain technology, Ripple specializes in all the significant attributes of a blockchain network, from faster transactions, great transparency to low transaction fees. With the aim to deliver a secure and integrated global payments system, Ripple combats the challenges of the existing blockchains.

Looking at today’s global payment systems, most of the enterprises lack a decent infrastructure, wherein the networks lack the necessary features, including effective inter-connectivity to cater to the demands of the international consumers. Simply put, the existing networks either lack proper regulations or are ineffective at handling the challenges that are involved in cross-border payments. This is why; most influential banks, enterprises, as well as consumers choose to opt out of the present system. Whether it is high processing fees or incompetent servicing facilities, the limitations of the present global networks are driving away brands and consumers at once from banks and centralized systems to FinTech providers that are adept at handling the issues at hand. Featuring among the top blockchain ecosystems, Ripple has become one of the viable digital investment options for local as well as cross-border transactions.

Reimagining Cross-border Payments with Ripple

As discussed in the previous section, Ripple strives to mitigate some of the inefficiencies in the current global payments systems. As one of the world’s leading global payments networks, RippleNet delivers a seamless user experience for global payments. Unlike many other institutions that are a product of several disparate technologies, unstandardized communications, and centralized systems, RippleNet is a single entity that is formed of a network of banks that execute transactions via Ripple’s distributed blockchain technology.

The rapidly growing ecosystem of RippleNet can be categorized into two sections, the network members or the payment providers and network users or the consumers. The network members, also known as the enablers, are formed of banks and centralized enterprises looking to process transactions for corporate companies and consumers. Apparently, the banks would capitalize on RippleNet to augment their servicing schemes. On the other hand, the network users, also known as the originators, include the budding businesses corporate treasury, alongside the consumers.

The decentralized system of RippleNet is based on the agreement made between the Ripple executives and other network participants, who deploy the same blockchain system, besides adhering to the standard set of payment regulations. The network’s participants, especially the banks, benefit greatly from the strong connectivity, standardized technology, and payment execution policies. At any rate, Ripple’s avant-garde financial technology outpaces its competitors in terms of effective down payments costs, processing fees, and transparency, ensuring expeditious transactions across the globe.

Developments in the Ripple Network

Considering the faltering state of the crypto market, Ripple’s performance has been impressive when compared to other prominent blockchain networks. Quite naturally, the developments on the Ripple blockchain have a far-reaching impact on the coin’s stability. As per the recent updates, there have several exciting developments in the system in terms of listings, partnerships, and upgrades. Speaking of Ripple’s current developments, Heir’s announcement of enabling support for Ripple within its ecosystem has grabbed the attention of the investors. Besides this, Ripple has been listed in renowned exchanges, including CoinSuper. While Ripple has been strongly criticised and deemed unsuitable for security trading, there has been good news in the form of interesting tie-ups. As per the latest news, as many as 10 new companies are testing Ripple’s xRapid to deploy XRP as their payment option.

Ripple and the Market: Will Ripple (XRP) Touch the $0.50 Price Level?

As evident from the charts, almost all top-performing coins are grappling with the bears in the aftermath of the price slump. With Bitcoin trading in the red for the greater part of the year, it has been a challenging year for many cryptocurrencies. After a temporary bear run, Ripple is finally seeing a silver lining. This means the bullish momentum is making a comeback.

As per the price charts, Ripple(XRP), the third largest currency by market capitalization, is vacillating between 50 and 100-SMA hourly chart, with the price climbing back to $0.4788 as of 26th June 2018. While Ripple has lost more than 76% within a span of 6 months, the coin is trading higher than its last year’s low. With the price showing signs of a reversal, the Ripple followers have a lot to look forward to, and the large-scale business projects, which have become the talking point in the market, are definitely something to watch out for. If one can ignore the day-to-day price volatility, amazing things are in the cards, and going by the response in the community, Ripple (XRP) might cross the milestone of $0.50 in the coming months.

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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

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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…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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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…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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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.

Calculate your total gains

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