First, when Bittrex initiates a payment between the US and Mexico in xRapid. Second, it sends the payment through Ripple’s XRP Ledger to Bitso. Third, Bitso converts the XRP into Mexican Pesos in its Mexican Peso liquidity Pool. Fourth, it settles the payment into a Mexican bank account.Read more
The success of Bitcoin Cash (BCH) demonstrates that older cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have little future inRead more
For example, Stellar.org wants to offer low-cost remittances. Remittances are cross-border cash payments people send to friends and relative in other countries. Speculators should note this because remittances are an enormous business.
Notably, the World Bank estimates remittance volumes hit a record high in 2017. For instance, the volume of remittances to low and middle-income countries increased by 8.5% in 2017. In detail, people sent $429 billion in remittances in 2016, that figure grew to $466 billion 2017.
More importantly, the total volume of global remittances reached $613 billion in 2017. All remittance payments grew at a rate of 7%, rising from $573 billion in 2016 to $613 billion in 2017.
Stellar.org plans to cash in on remittances by combining them with mobile money. Ultimately, Stellar.org will build a payment network that allows people to send remittances directly to phones in other countries.Read more
Instarem and RationalFX, are building RippleNet corridors between the United Kingdom and Malaysia, Vietnam, Sri Lanka, Bangladesh, and Indonesia.
Furthermore, Remitr and FlutterWave have built the first cryptocurrency remittance corridor between North America and Africa. Notably the two companies have established RippleNet corridor between Canada and Nigeria.
BeeTech and InstaReM are reportedly building RippleNet corridors connecting Brazil with Spain, Portugal, Germany, France, and Portugal. Obviously this is big because it links a major emerging market (Brazil) with the Eurozone.
In addition, MoneyTap has built a RippleNet remittance corridor between Japan and Thailand. MoneyTap’s solution reportedly includes an app designed to enable Ripple (XRP) transfers from Japanese banks.
MoneyTap is a potential game changer because it offers a revolving line of credit based on digital currency accessed through a smartphone. Moreover, it is possible to send funds to a MoneyTap account in Thailand from an ATM in Japan.Read more
Given these points, speculators should watch closely to see how central banks react to Ripple. Ultimately, Ripple’s fate is in the central banks’ hands. If central banks accept it; Ripple can become the most valuable cryptocurrency around.
Consequently, a central bank could increase Ripple’s value by using it. Conversely, a central bank could destroy Ripple (XRP) by banning or suppressing it.
Ripple is interested in remittances because they are big business. The World Bank calculates that people sent $613 worth of remittances in 2017. Significantly, the volume of remittances grew from $573 billion in 2016 to $613 billion in 2017.Read more
A fast-moving emerging markets crisis can greatly increase demand for cryptocurrencies. Altcoin prices could shoot up as residents of crisis nations seek safe havens for their money.
Cryptocurrency is the easiest and fastest way for Argentines, Turks, Venezuelans, and others to move their money out of country. All a person needs to convert funds to altcoins is a credit card and an internet connection. Anybody can download a digital wallet, and buy cryptocurrency in a few seconds.Read more
Therefore, Lumens is useless in its ultimate goal as a gateway to the financial system for the unbanked. Stellar looks more like a blockchain software solutions company than a platform.
This has translated into a lot of value for Stellar Lumens. The XLM had a Coin Price of 27.3¢ and a Market Capitalization of $5.123 billion on July 20, 2018. That produced a 24-Hour Market Volume of $142.18 million on the same day.Read more
One way Coffey v. Ripple Labs would change the cryptocurrency market is by proving that ICO and altcoin owners have many of the same rights as stockholders.
If courts agree with the claims of Coffee’s lawyer; James Q. Taylor-Copeland, the case might force the Securities and Exchange Commission (SEC) to regulate all ICOs and cryptocurrencies like securities.
That might create a level of regulation and legal oversight that would make cryptocurrencies unprofitable and perhaps unviable in the United States. It would certainly threaten all the financial services altcoins such as BAAB (BAX) and Bancor (BNT).Read more
Widely-used solutions like Apple Pay cannot work with cryptocurrencies because the sheer volume of payments that would generate would crash the altcoin system. Or worse payments might take hours to process, which enrage customers.
It sounds as if Ripple might have partially solved the blockchain scalability problem. One way it may have done is to provide a direct connection with bank accounts. The Ripple Team is planning to roll out Money App, a smartphone tap, designed to connect Ripple and bank accounts in Japan this fall.Read more
Ripple might help MoneyGram make money because people would be able to send XRP payments to its stores.
The customers would be able to pick up the payment in cash or get it converted into fiat currency and downloaded into a debit card at MoneyGram. Another popular use for Ripple would be to convert it into fiat currencies to pay utility, tax or other bills from MoneyGram.