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MasterCard and Visa need Ripple more than ever before, here is why

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Global commerce grows every day, and it seems that the modern-day payment providers aren’t keeping up in handling global transactions that occur daily.

Last month, Visa had an outage after there was a hardware failure leading its users all over Europe unable to perform transactions using their card – although Visa restored its usual services and apologized for what happened.

The financial service company stated that the outage wasn’t because of any “unauthorized access or a cyber-attack.” On the other side, it is worth noting that lots of Visa users complained that their funds vanished from their accounts as a result of the outage.

Visa stated that the outage was as a result of hardware failure, but it seems it is a software issue and that these modern-day payment providers aren’t scalable enough for global commerce.

Subsequently, MasterCard also had an outage this month from July 12th to July 16th, and during that time, lots of MasterCard users were unable to transact with their card due to the outage. During that time, international banks were hindered from doing their daily tasks before the glitch was solved.

The Tesco Bank Help center said this on their Twitter page during the time of the glitch:

Due to ongoing MasterCard service disruption, customers are currently experiencing issues using MasterCard credit cards. Please use an alternative method of payment until the issue is resolved. We’re investigating this matter and apologized for any inconvenience caused.

Other international banks tweeted similar messages too, and as you can understand, most customers were furious about the outage.

Additionally, Lloyds bank, which is powered by MasterCard had outage issues concerning transactions on July 20th; this occurred after MasterCard had a problem itself and posted it had resolved the issue. But still, Lloyds bank had problems with transactions despite MasterCard’s somewhat solution to the outage issues.

With all these issues, we can see the shortcomings of the modern-day payment providers. One question that comes to the mind is, can these modern payment providers process high-volume global payments without glitches? It is safe to say that global commerce is advancing at a breakneck rate and these providers aren’t that scalable.

It’s astonishing that Visa had outage issues and so MasterCard too; seems like we are seeing a trend of these modern-day providers not being able to keep up with the ever-changing global commerce since they simply can’t keep up.

Nevertheless, Visa can perform 24,000 transactions per second, but Ripple cobalt can perform 30,000 to 50,000 operations per second. It is necessary to know that the world average of cash usage is at 75%, and this means that modern-day payment providers need to be faster and use better technologies – Ripple technology offers more speed and reliability.

The blockchain technology, Ripple, is seen as the future of global money transfer and it has been designed to process the transfer of funds. Ripple is now used by more than 100 banks and credit companies across the world today.

With Ripple, it is more than possible to perform cross-border payments without restrictions or glitches. So, it won’t be wrong to say that both Mastercard and Visa will need Ripple (XRP) technology if they wish to cope their global payments efficiently and scale their volumes at the very best level possible.

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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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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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Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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