Connect with us

Blogs

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

Published

on

Ripple XRP
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

Continue Reading

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

Continue Reading

Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

Published

on

Hodium
READ LATER - DOWNLOAD THIS POST AS PDF

I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

Continue Reading

Elite