Ripple (XRP) will make Banks change their “payment transfers” —- cheaper and faster — only $.50. ?
Ripple as a cross border payment token for cryptos is being STRONGLY looked at by 200+ banks (as we speak) and is now officially used by Moneygram.
Banks have a system created in the 1970’s called SWIFT for bank transfers. It’s slow — it can take 2 to 3 days for international payments and there is currency risk.
Compare that to XRP and it “settles in 3-5 seconds”.....no currency risk.
Banks/IMF and others are rightly concerned. Tech is changing the landscape. Soon consumers and companies will have apps on thier phones that can “bypass banks” and transfer payments anywhere in the world.
Banks either change and adopt or at a HUGE disadvantage. This has been discussed for some time and regulations are coming forth. SBI in Japan is a leader and will show the G20 in Japan how they use digital assets like Ripple.
This is the same model for all banks — and my guess is XRP has the tech lead for now.
Bitcoin will not work in this application. It’s too slow. And it’s more than speed — it’s currency conversion and settlements as well
AT 1500 transactions per second, there is not another cyrpto close to this speed.
So why is XRP at $.48 as we speak?? This is the question.
My guess is Ripple is keeping the price low so all the banks can “get in” so the transfer over to using Ripple / XRP is easier and then they “ride up” the price —- this is my guess.
The IMF and Central Banks have been meeting with Ripple and they have come out and said there will be ‘changes” to the old ways.
The old system got a wake up call from Facebook cryptos announcement. Either they compete or they will lose customers becuase of $high fees.
bank transfers are way too slow, something cheaper and faster will always replace the old and slow