Since inception, Ripple has made its goal public; to reinvent, and take over the financial sector paying special attention to cross-border remittance. So far, the company has come up with technological innovations that make remittance faster, cheaper and more efficient than SWIFT’s technology (the gold standard for traditional cross-border remittance). While the company has been able to convince some financial institutions to use its technology and has gotten endorsement from major players including the World Bank, Ripple hasn’t made many friends in the cryptocurrency industry. The XRP Army is strong but apart from this community of devoted XRP and Ripple supporters, almost everyone else hates Ripple and XRP. Why is this so? Why is XRP hated by members of the cryptocurrency community but loved by banks?
XRP News Today – XRP Latest Update – Ripple News Today – CCN Explains Why XRP
According to the writer on CCN, institutions are interested in Ripple and XRP because it allows them to cut out the intermediaries, speed up transactions and save cost for their clients during cross-border remittance. Transactions using the Ripple blockchain are almost free. The writer also pointed out the issue of scalability. You see the blockchain industry hasn’t been able to completely solve the problem of scalability. Bitcoin, for example, is one of the slowest blockchains in existence. This is because it wasn’t created to accommodate too many transactions at the same time. Many other blockchains that were created after Bitcoin have been unable to fix the scalability problem.
XRP, on the other hand, is far more scalable than Bitcoin. The XRP blockchain processes 1,500 transactions per second and can match Visa’s 50,000 TPS with time. The transactions are settled in less than four seconds. If XRP and Ripple are fundamentally efficient, why do members of the cryptocurrency community hate them?
XRP (XRP) Price Today – XRP / USD
Per the article, people hate XRP primarily because they feel it doesn’t meet with the core principle of blockchain technology as it is seen as a cryptocurrency for financial institutions rather than the masses. Since most people in the cryptocurrency community are anti-bank, their hatred for a cryptocurrency that serves these banks is understandable. Another issues is decentralization. Whether Ripple wants to admit it or not, the XRP token isn’t fully decentralized. A cryptocurrency that is based on blockchain technology is meant to be free of central control. One individual or group should not have the power over the system. Ripple controls over 60% of the total XRP in circulation. However, the company keeps insisting that it doesn’t manipulate the price of XRP.
XRP Price Prediction 2019 – XRP News Today – Ripple News – How Will The Mixed Opinions About XRP And Ripple Affect The Price
The fact remains that even if many members of the cryptocurrency community hate XRP, Ripple’s vision can potentially change the way the entire global financial system works. It has gotten a lot of attention from institutions. Institutions can drive mass adoption but retail investors also need to start putting faith in XRP to keep it aloft. If the gap between the financial institutions and the cryptocurrency community can be eliminated, the XRP token will benefit significantly. There will be a spike in adoption and a corresponding spike in price.
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