Ripple Will Rule The Financial World By Bringing Cheap And Fast Banking To The Unbanked And SMEs, The Road To Adoption Is Through The Developing World

Ripple News Today – Ripple, the Silicon Valley tech company behind XRP, is one of many blockchain companies that intend to rule the financial world by providing innovative technology that will change how money is moved from one point to another. While the company is based in the United States, it recently made its expansion plans known. Ripple isn’t just interested in dominating the United States, its target is global adoption with specific concentration in underdeveloped and developing nations. These nations are the best places for the adoption of cryptocurrencies because they are plagued with massive inflation and corruption which has left them in terrible states. How will cryptocurrency like XRP and XLM help countries in economic hardships? 

Ripple News – XRP News – Cryptocurrencies Will Rule The World By Targeting The Unbanked

Who are the unbanked? Unbanked people are those who do not have access to financial services offered by banks. They do not have bank accounts and cannot enjoy all the other services that these financial institutions offer. While some people made it a personal decision not to use banks, some others don’t use it because they can’t afford it. This is common in the developing world even if you may not see many involuntary unbanked individuals in the developed countries.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.274
-1.43%

In this centralized institutions have full control over small businesses and individuals who use commercial banks. For example, if the national bank in a developing country decides to seize payment processing, businesses will face collapse. Financial activities like online transactions and card payments will stop and individuals will have no choice but to use fiat money for every transaction. In this case, the value of these fiat currencies would drop significantly.

This is where cryptocurrencies like XRP and XLM come in. You see cryptocurrencies are decentralized. This means that they don’t depend on the government or any central authority to function. So, a truly decentralised cryptocurrency is the safest bet in developing countries that suffer high inflation and corruption. Cryptocurrencies like XRP and XLM will have high value in places like Venezuela, Zimbabwe, Nigeria and other developing countries with fiat currencies that are losing value every day.

Ripple News Today – Cryptocurrency News Today – Cryptocurrencies Don’t Have The All-clear Yet

It’s true that XRP and other cryptocurrencies can take over the financial world by paying special attention to unbanked members of society. However, cryptocurrencies do not have the all-clear signal yet. This is because even if they are fast, affordable and efficient, they are still highly volatile. This is one factor that has hindered the mainstream adoption of cryptocurrencies especially by small businesses. Many small businesses still prefer to use expensive fiat currencies instead of highly volatile cryptocurrencies. To solve this problem, stablecoins were invented. These stablecoins are pegged 1:1 to fiat currencies allowing businesses and individuals to enjoy the benefits of cryptocurrencies without experiencing high volatility.

Until XRP, XLM and other regular cryptocurrencies are able to tackle the problem of volatile, Ripple’s dream to rule the financial world by targeting unbanked individuals will be difficult to achieve. Its only real hope would be working with these financial institutions by selling its xCurrent and xRapid technology to them. 

What do you think about the Ripple news and the XRP news today? Will targeting the unbanked give Ripple the edge it needs to take over the financial world? Share your thoughts about our cryptocurrency news today in the comment section.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.