sorry but you haven't really explained much about ripple to be honest, your question was "What is Ripple?" maybe it should have been "What makes Ripple different to all other tokens?" if you classifying crypto currency as "money" then your explanation of
It allows money to be exchanged between individuals regardless of their locations or their banks.
would apply to pretty much all cryptocurrencies available today, because each and every one of them allow for the transfer between one party to another regardless of location or bank.
So I'd like to know what in your opinion (because I have a good idea already) makes XRP or Ripple different exactly? thanks. I've updated your post because I'd like to see a conversation come up on this subject if anyone else would like to chip in here. :)
Okay so basically what makes ripple diffrent is that it works with the banks instead of those 3-5 buisness day transactions with banks it makes this almost instant (3 minutes) they are not sure if there going to be using XRP or something else to do this though. But basically it makes bank transactions way less expensive and faster
I hear you, but lets just pretend that FIAT is not going to exist in 10 years time, where does that leave Ripple? Banks would need to adapt to create their own ICO's and they'll have the financial incentive to do this far in advanced.
I don't expect to have any of my personal money in FIAT over the next 5 years and if I'm already thinking that way how many countless others are doing the same? FIAT = Debt, nobody really wants to hold a currency that is trillions apon trillions in debt so the minute Crypto becomes stable and easier bye bye FIAT.
I suspect that Ripple would then be made obsolete, there's nothing it can offer which cant be developed bespoke for each individual bank, unless you know something more? something that would prevent banks from seeking their very own solutions to fast transfers, and speaking of fast transfers, I transfer money from my Spanish bank account regularly and it take me maximum a couple of hours to see the cash arrive in my English bank account, thats faster than BTC at the moment and I suspect this could be made even faster if there was incentive by banks to do this internally, perhaps ripple might help here, but for how long?
I'm playing devils advocate in a way, I just want to hear a solid defence for XRP because I'm personally an investor but I get asked this all the time. lol