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Cryptocurrency discussions / Will Ripple XRP be the number one cryptocurrency
« on: October 07, 2018, 09:35:56 AM »
Will Ripple XRP be the number one cryptocurrency before the end of the year?
No, for that to happen it would have to be adopted by all the banks and become the defector cryptocurrency for all the banks. That is not going to happen for a couple simple reasons. Banks are never going to adopt a system that they do not control. The reason banks use the SWIFT system for money transfer over any other competing system is that they own it and all the fees it generates goes to the banks. They also know that the system can not be hacked since the only authorized users with access are banks. Banks are working on projects to update SWIFT to a blockchain. That is where the future is for transnational money transfer by banks. Not in Ripple.
No, for that to happen it would have to be adopted by all the banks and become the defector cryptocurrency for all the banks. That is not going to happen for a couple simple reasons. Banks are never going to adopt a system that they do not control. The reason banks use the SWIFT system for money transfer over any other competing system is that they own it and all the fees it generates goes to the banks. They also know that the system can not be hacked since the only authorized users with access are banks. Banks are working on projects to update SWIFT to a blockchain. That is where the future is for transnational money transfer by banks. Not in Ripple.