Ripple Defeating Swift With Extraordinary Speed And Minimal Charges
In the recent past, Ripple has made considerable progress over Swift which presently has monopoly over the remittance market. With diverse solution, quick transaction time, cheaper costs in addition to global partners as well as less volatility, Ripple is beating Swift trough the kind of moves it is making.
It Is Just About Seconds Or Hours
It is not a secret that Ripple is aiming at elbowing out Swift and trying its best to dominate the fiscal industry. It is without doubt that the company is presently making headway's even as it is introducing a number of products into the market.
In the recent past, Ripple has introduced products such as xRapid, xCurrent, RippleNet and xVia among others even as it partners with other financial institutions and banks all over the globe. Even though Swift is used globally, the current data indicate that Ripple is taking over the remittance market since it is showing better results.
**SWIFT GPI (demo)**
Amount transferred: $485,000
Transfer cost: $70
Duration: 11hr 6min#XRPthestandard 2020$XRP #XRP #Ripple #XRPcommunity #XRPthebase #hodl #fintech #banking #payments @Ripple #cryptocurrency #crypto #money #finance #investing #InstantPayments #banks pic.twitter.com/7diyfnyOxX
— XRP_Cro (@stedas) September 8, 2018
Who can wait 11hr6min? Its 2018 not 1918!
— KimPossible⚡#XRP (@KimXRPossible) September 8, 2018
An XRP enthusiast asked about who would wait for several hours to send money, in this day and age when technology is at its best. Many people have the same sentiments as the XRP enthusiast. The recent past, over two billion XRP have been remitted in just a couple of seconds at cost-effective fees.
Transaction Type: Payment
Amount: 2,139,999,979 XRP
Fee: 12 drops (0.000012 XRP)
Sender Balance: 20.998428
Receiver Balance: 2,140,000,078.993
— XRPL Monitor (@XRPL_Monitor) August 28, 2018
According to Michael Arrington of the virtual asset hedge fund XRP Capital, the company’s initial closing was over $50 million, which was remitted in just three seconds. The remittance cost was very pocket friendly.
Taking over the transmittal space
According to David Schwartz, the CTO of Ripple, the firm is aiming at creating a remittance network similar to Swift, though it will be a decentralized open ecosystem in all the processes which include transfer of funds, settlement, and plumbing beneath the surface.
The Ripple community is also not leaving any facet unchecked even as they seek to show their dominance over Swift. According to Rachel Lee, a crypto enthusiast, the fading away of the UD dollar necessitates a new system which would work to bridge the gap, and the bridge is XRP.
Lee also asserts that Swift can opt either to be extinct like the US dollar reserve status, or to partner with Ripple and take advantage of the innovative technology and thus survive. Lee says that at the moment, Swift is on board with Ripple and it will be difficult for it to make it without making use of technology to enhance its capacity. Here is the full thread from Twitter here.
More and more nations are seeking to walk away from the US dollar and conduct their trades in their own currencies.. i hope you can see where this is headed? If you cant, this means the US dollar as a global reserve currency used for trade is being dropped..
— Rachel Lee (@LeeR912) September 10, 2018
As the US dollar fades from being used in trade between multiple nations, a new system would need to step up and step in to brigde the gap. This is where #Ripple and #xrp come in and this is why the globalists are all over this project.. what you see is by design, not accident..
— Rachel Lee (@LeeR912) September 10, 2018
Irrespective of the current plans, Ripple is way ahead of the pack especially when it comes to the use of technology expedite a fast transfer of money. This is indicated in the writings of one Robert Moob who asserts that XRP is the best use-case in the market today. This is because of the quick and secure transfer of funds, which would charm anyone from using any other money transfer system.
As I stated before, and you are clearly ignoring, the best use-case is XRP being used in place of fiat at $1. It was designed to transfer funds quickly and securely, why would it be anything else?
You’ve definitely abandoned the “more expensive = more stable” argument.
— Robert Paulson’s Moobs (@NewCryptoGuide) March 14, 2018
If you want to move $5 trillion a day (SWIFT daily volumes), then you'd need the individual tokens having high value or you'd need ALL of the tokens for each transaction.
— Dr. T ⚡️ (@XRPTrump) March 14, 2018
Presently, Swift has more than ten thousand financial institutions in its bag, and plans are also underway to introduce GPI within the next two years. On the other hand, Ripple has added over one hundred partnerships, with GPI having no capacity to kill Ripple. However, it has the capacity to create challenges for the firm which is the world’s 3rd largest virtual asset.
In as much as Swift may be a monopoly at present, Ripple is causing ripples in the remittance space due to its speed and minimal transaction costs.