Ripple is to become the new global payment standard

Ripple is seen by many Bitcoin and Ethereum Fans in the Crypto area is rather critical. The well-known Crypto-Trader Tone Vays XRP referred to recently as a “Scam”. Also, if the rate of development of Ripples XRP leaves since the end of the Bullruns in 2017 to be desired, it must be said nonetheless: the company Ripple provides “in real life” with your regular newly released partnerships for the Adoption of their products and so also of the crypto-currency, XRP. In this point, the 3 must. largest Cryptocurrency according to market capitalization, is clearly not behind BTC and ETH hide. When it comes to the co-founder and Executive Chairman of Ripple, and Chris Larsen,, will Ripple with XRP soon to be the new global payment standard. But why should that come to pass?

Ripple better than the previous SWIFT System

So far, the global Standard for payments between banks and other financial institutions is the SWIFT System. This message will be handled as credit Transfers over the SWIFTNet, which is operated by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).This is, however, already decades old, and reveals, in an increasingly globalized world, increasingly his weaknesses. Here are the high costs and slow Transaction, for example, to call rates for international transfers. The company Ripple tried since 2013 to fix these weaknesses, by providing his customers with the help of the bridge currency, XRP instant, secure, and cheaper international payments.In a new episode of the podcast “the Block Stars” was expressed by the Ripple SWIFT could overtake co-founder and Executive Chairman of Ripple, and Chris Larsen, are already extremely optimistic that in the future:

(…) I think the XRP Ledger, which has proven itself, in my opinion, to already, can be a substitute for the existing inefficient System.

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XRP is better than Bitcoin

At the same time, Larsen is also of the opinion that XRP is suitable as a bridge currency and Ripple with its associated products will be for this purpose better than Bitcoin. The reason for this he sees in the fact that in the case of BTC, the Proof-of-Work consensus mechanism in theory a 51% attack is possible in the new and already confirmed transactions may be subject to change. This would ensure that banks, BTC will never trust properly:

The Miner can rewrite history. Therefore, I think, that you are not likely to see that the global financial system with Proof-of-Work models will take the place of, for example, Swift and Correspondent Banking.

Admittedly, Ripple is breathe on a good path of the crypto-currency, XRP and its products through new partnerships and greater Adoption of life. It is also true that Bitcoin is not Mature in its present Form for international payment transactions. Nevertheless, it should be noted that a 51% attack in BTC is possible only in theory, and in the 11-year history never was successful.Furthermore, it is in Bitcoin also mainly faster and cheaper payments, but censorship resistance and independence from third parties. Just XRP is accused by the Ripple as a company in the Background centrality. Under this point of view, it might be so good that XRP and BTC will coexist still.How do you see the the opinion of Ripples Chris Larsen? Do you think XRP is better than Bitcoin?Come on in to our Telegram Chat and talk with the experts and the Community!
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(Image source: Shutterstock)The versions in this article, no trade recommendations or investment advice.

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