For those completely alien to the Cryptocurrency and Blockchain domain, like my grandfather, I would like to clarify the difference between Ripple and XRP. To a relative degree, it’s similar to the contrast between Whatsapp and Android.
In the midst of all the scrutinization towards Cryptocurrencies, Ripple offers solutions that are endearing to Banks.
As reported by the Financial Times, about 18 financial institutions and banks have already begun testing services offered by Ripple. However, they are still skeptical about using the XRP token. Though Ripple can be used by individuals, that isn’t the polestar for the tech company as Ripple was put together for enterprises. The animus of Ripple is to move large amounts of money across the world, effectively and efficiently.
Since its inception, Ripple has been successful with regards to over 35 million transactions. It has the capacity to handle about 1,500 transactions every second. Sooner or later, it will be able to match the levels of VISA which can process a capacity of 50,000 transactions per second. Unlike Bitcoin, Ethereum and Litecoin; Ripple’s XRP token cannot be mined by users. Just like a company that issues stocks, XRP is issued by Ripple.
Fall in Ripple’s value attributed to fallacious news, research, and models.
The attitudes towards cryptocurrency markets by crypto investors are particularly cynical because a lot of them doubt the potential of Ripple due to the falling prices, as well as the substantial number of lawsuits filed against the company.
Tsaklanos 1/99 investing principle states that only 1% of all news should actually be taken into account while deciding on an investment, whereas the rest is just ‘noise’. This also implies that 99% of the news could damage your health and wealth. It is paramount to understand the lean start-up principle in order to figure out how companies mature and become triumphant.
Some up-to-the-minute developments around Ripple:
- Uphold integrates with Ripple which allows users to buy/sell ripple easily
- Revolut, the mobile banking application has freshly integrated XRP. There are 2 million users availing services of this application.
- Tapjets, a Private Jet Charter company has integrated XRP with its payment system.
Meet RippleNet
In order to enter the largest e-commerce market in the world, RippleNet collaborated with LianLian International, one of the top payment service providers in China which has over 150 million registered users. China’s e-commerce market alone contributed $672 billion out of the global $4 trillion. Using RippleNet, LianLian is all set to receive real-time invoices and e-commerce payments, and cross-border remittances.
What are xRapid and RippleNet to Ripple?
Now organizations can sign up for the xRapid service offered by Ripple and make quicker and safer transactions which would scale down the cost of global settlement and currency exchange, as Fiat Currency and XRP are an ideal match.
Ripple isn’t a darkhorse anymore. XRP is one of the most popular coins. Ripple is a long-term investment with a promising financial technology for the future, along with a growing network of banks.
Yoshitaka Kitao, the SBI Holding Chairman is of the opinion that Ripple’s XRP adoption in the global financial system is all locked up. He’s adamantly sure that the technology can provide “instant, frictionless and secure cross-border money transfers within seconds, with end-to-end visibility over the journey of the payment”.
So where will Ripple be in 2019? Read more on our blog here.
Disclaimer: The predictions made in this particular article are the opinions of the author and not the company.
About Bank Of Hodlers
Bank of Hodlers is a Blockchain based firm that provides services in terms of ensuring security against Crypto thefts, providing Crypto credit cards and Crypto backed loans.
Link to original blog here.
This article was written by our Guest Writer, Nilesh Agrawal.
