Cryptocurrency
Why Banks Prefer To Wreck Ripple(XRP) Over Bitcoin(BTC)
According to a survey of 1000 Americans, it has been realized that Millennials or echo boomers are lovers of cryptocurrencies and they could invest their $10,000. This is all because cryptocurrency has not only made transaction easy and convenient like shooting fishes in a barrel, but also a mean of enriching themselves in a twinkle of an eye.
Ripple, also a blockchain cryptocurrency technology driving limitlessly all over the space has got its name spreading across the nook and cranny of the world as its tentacles and reliability continues to grow stronger day in day out. The cryptocurrency has been exploiting all possible avenues in coating the ins and outs of the financial world, carving out new transaction dimensions for the populace that pleases our yearn beyond thought.
Nevertheless, Ripples is not resting off its development track, Ripple is not giving in, it is striding and not satisfied with its level of development and popularity, making with one of the most popular and fastest growing blockchain technology in the world. It seems like Ripple is yet to reach the brim in achieving its aim.
Although, Ripple just started lightening the world last year, but if you examine the milestones that have been achieved by the altcoin up till date, you will be marveled and say that it’s an underrated coin with bigger fishes to fry than ever thought.
Milestones like $10 Billion USD transaction made on the platform this month, Satandar-Ripple partnership, Ripple move to edge into crypto embargo area (China) and Ripple MoneyGram and Western Union collaboration among others will make muse and wonder why Ripple still fall short of its right position, 1st or 2nd, why Ripple price plunges below expectation sometimes, and you will begin to realize that several factors contribute to the ranking and value of a coin.
Nevertheless, Ripple is still a talk of the town and the most popular topic on crypto related sites, creating disruption all over the media industry oblique towards cryptocurrency.
Banks-Cryptocurrencies Rift
This week, the biggest bank in Denmark, Danske Bank has banned all cryptocurrency transaction on its platform, stating that they pose greater threats than opportunities.
“Overall, we are negative towards cryptocurrencies and we strongly recommend that our customers avoid investing in cryptocurrencies.”
While examining the statement, it is understandable that the bank will likely have to rely on and develop it’s 2013 launched MobilePay for transactions. The chief executive officer of JPMorgan Chase, the largest bank amongst the big four American banks, Jamie Dimon, who was formerly a board of director at the Federal Bank Reserve last year tagged digital currency a “fraud,” and a “tulip bulb.” In the same perspective, a Professor of the Department of Economics, LIU Post in New York, Panos Mourdoukoutas in a post stated that the liable impression one gets from “high profile bankers’” speech is “big banks want to crush Ripple and Bitcoin”
These are evident enough to conclude that banks see cryptocurrency as a greater threat who are aiming to take over their market.
Nevertheless, their hatred and focus on which cryptocurrency to crush varies due to the varying capability of the altcoins, and which of them impedes their success more in the financial world.
Banks-Cryptocurrency Rift Centered Down To Ripple
Despite the countless collaboration of financial institutes and banks with Ripple, some observers are of the opinion that the banks marrying the Ripple are doing so for the main time to overcome the turbulence in the financial market so that they won’t be swayed away by the rippling effect of cryptocurrencies in the market, especially Ripple.
The obverses have even concluded that banks are more like to collaborate with Bitcoin than Ripple. Why?
In the same post by Mourdoukoutas, Shidan Gouran, the President and COO of Global Blockchain said “If big banks were to succeed in crushing one of these two currencies, Ripple would be it,”
He delved down to saying Bitcoin is more useful to banks than Ripple and banks trust Bitcoin over Ripple.
“I would go as far as to say that banks are almost encouraging the use of Bitcoin, by offering futures on Bitcoin, and allowing transfers to and from exchanges (with bank accounts, not with credit cards),” he said.
These depicting that banks are in great combat with cryptocurrencies especially Ripple all because it operates more like a bank in an advanced way the supersedes banks proficiency, and banks will likely prefer Bitcoin over Ripple because of Ripple’s lasting intimidation.