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Why Ripple (XRP) is not able to shine at full as yet

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For many of the crypto enthusiasts Ripple (XRP) is one of the tokens that results harsher to read and understand, which is, in fact, one of the major concerns for the third largest cryptocurrency of the market.

Truth be told, even when the coin has managed to stay in the third position of the charts, the decrease in value is more than evident, even being valued now at a price of $0.43484, which means the price is five to six times lower compared to the beginning of the year.

Nevertheless, this is actually the lesser of the major problems that the cryptocurrency is facing as of now. For starters, Ripple Labs is dealing at the moment with a couple of class action lawsuits made by a user who accuses the company of not following the laws of security made by the US government, a fact that without a doubt has raised a lot of comments around the purposes of the token, and additionally, has augmented the opinions of the likely classification of the coin as a security due to its centralization status.

Like this, it seems more than clear that Ripple is not going through its best time, but if we take a closer look on the asset, one may asseverate that the most disturbing affair is that the token seems to be somehow directionless and stuck. Let’s see the main reasoning behind this.

Ripple’s greatest problem of them all

It is not a secret to anybody that Ripple is one of the tokens on the market that has developed the best relationships with the financial industry, and this has led the entire community to believe that via Ripple they will find the link between traditional currencies and virtual coins.

However, nothing’s far from reality than this, in fact, we don’t need to be that analytical to realize that even when Ripple has managed to partner with at least 100 bank entities from all around the world, this relationships center on the products xCurrent, and xVia, solutions designed to improve cross-border payments separately from the XRP token.

In this sense, the only product that carries the XRP token is xRapid, but as of now, it continues out of the picture when it comes to negotiating with a partner, and that is precisely one of the leading critics that Ripple receives. It has been speculated that the company plans to create a bridge between the three solutions at a point, and that convincing a partner to migrate from one solution to another it would be actually an easy thing to do, but the truth is, this is only a matter of conjectures.

Another problem that Ripple needs to solve to find a direction to sail is to come clean with its purpose and the way this matches (or not) with being a cryptocurrency.

For instance, Ripple’s primary target is to solve cross-border remittances and payments in a more efficient way than SWIFT does, but in order to create a solution of this kind, there’s no other outlet than becoming a fully decentralized cryptocurrency, which is, in fact, the latest concern of the community.

As a matter of fact, Ripple protocols rely on antiquated systems that crypto users are trying to surpass by using virtual coins, so as it just seems the picture is just not that clear. Ripple (XRP) has got the potential to revolutionize the financial system as it wants, but the company still need to work hard and get out of the hot water.

To obtain the results and position that Ripple deserves, it must not just settle with just keep scoring partnerships with more banks (who mainly utilize xVia and xCurrent, and not XRP) and just arrange a Snoop Dog alike throwdown occasionally. The company needs to go beyond (and get clear), and it can do it, but at the moment, things are just not looking that good for Ripple compared to how the cryptocurrency is putting all things together correctly.

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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.

Image courtesy of Pxhere.com

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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