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Opinion: Bitcoin is better suited for cross-border payments than the Ripple

The head of Bitspark, George Harrap, expressed the opinion that Bitcoin is better suited for cross-border payments than the Ripple XRP token specifically designed for this purpose, reports Crypto Briefing. In particular, Harrap is sure that the first cryptocurrency is much more practical because it accepts much more companies to pay. At the same time, various services use XRP rarely because of its insufficient liquidity […]

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XRP token

The head of Bitspark, George Harrap, expressed the opinion that Bitcoin is better suited for cross-border payments than the Ripple XRP token specifically designed for this purpose, reports Crypto Briefing .

In particular, Harrap is sure that the first cryptocurrency is much more practical because it accepts much more companies to pay. At the same time, various services use XRP rarely because of its insufficient liquidity when exchanging for fiat currencies. This situation makes the Ripple token expensive to pay.

Bitspark researchers have published a report that assesses the suitability of various cryptocurrencies for making international payments. Thus, experts assigned Bitcoin and Ethereum “medium degree of suitability”. At the same time Stellar, thanks to the built-in decentralized exchange and the convenience of issuing steyblecoins, received a higher mark.

The xRapid and xCurrent solutions, where the XRP token is used, are assigned a low degree of suitability due to their low liquidity when interacting with fiat money. In particular, according to Harrap, xRapid is convenient for operations with one currency, however, interaction with several monetary units is fraught with considerable difficulties. For example, an attempt to convert US dollars to Kenyan shillings will require payment routing through various channels and, possibly, conversion into various currencies, which translates into significant commissions.

“The number of Ripple payment gateways has not changed for four years. These gateways mainly include bitcoin exchanges, where people speculate on the price of XRP in relation to BTC. These exchangers are not payment companies, they do not use XRP for its intended purpose , ”said the head of Bitspark.

Also in the company's report says that despite the low rate of transactions, the level of mass adoption of bitcoin is high, and it is more often used in payments than XRP.

“There are no liquid markets for Nigerian Naira (NGN) and Ethereum, EOS and Vietnamese dong or XRP and the Philippine peso. The only market with sufficient liquidity, where people agree to exchange Fiat for cryptocurrency, is Bitcoin , ”said Harrap.

Recall, recently, CoinMetrics researchers found a discrepancy of $ 84 million in Ripple reporting and XRP blockchain data.

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Wells Fargo will launch stablecoin for internal settlements

Wells Fargo & Company, an American financial company, will launch Wells Fargo Digital Cash, a pilot blockchain service for internal payments, based on Corda Enterprise. According to a press release, Wells Fargo Digital Cash will provide almost instant international transfers between company branches using digitized funds (tokens). The company has already tested the concept on transfers from the USA to Canada. The launch of the project is scheduled for 2020 […]

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Wells Fargo & Company, an American financial company, will launch Wells Fargo Digital Cash, a pilot blockchain service for internal payments, based on Corda Enterprise.

According to a press release , Wells Fargo Digital Cash will provide almost instant international transfers between company branches using digitized funds (tokens).

The company has already tested the concept on transfers from the USA to Canada.

The launch of the project is scheduled for 2020. Wells Fargo Digital Cash will initially provide dollar payments, but then add support for other currencies.

Recall that previously the largest US financial holding company JPMorgan developed its own stablecoin JPMCoin for making international payments to large customers.

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Wells Fargo is going to present its own stablecoin in 2020

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Wells Fargo, the fourth largest bank in the US, plans to introduce its own stablecoin in 2020, which will be used in cross-border transfers.

The press release said that the new Wells Fargo platform will create an international payment network based on distributed ledger technology. With the help of this system, as well as the Wells Fargo Digital Cash asset, payments will be made. The stablecoin being developed will be pegged to the US dollar. Initially, the network will be used for internal calculations, after which it will be integrated with other applications.

Lisa Fraser, representative of Wells Fagro, noted that DLT technology has many options for use, the company believes that it can also be successfully applied in banking. In addition, Wells Fargo Digital Cash is expected to enable the company to overcome barriers that still hindered effective cross-border payments in real time.

As you can see Wells Fargo followed the example of the bank JPMorgan Chase, which also introduced its own digital currency. It is noteworthy that back in July, Wells Fargo forbade customers to use credit cards to purchase cryptocurrency and its use in transactions.

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In the Bitcoin blockchain, a record of the network hashrate and the share of SegWit transactions

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The volume of computing power in the Bitcoin blockchain this Monday reached a record value above 104 quintillion per second, according to Smartbit portal data.

The record was fixed after approaching the level of 100 EH / s last week and the subsequent small rollback. Before the current growth period, which began in December and accelerated in June, the previous maximum was fixed at 60 EH / s in October 2018.

As noted earlier, over the past three months , about 600,000 new ASIC miners have joined the Bitcoin network, which has led to a rapid increase in the hash rate .

Last week, another message appeared that the authorities of one of the provinces of China are taking measures to close mining enterprises on their territory.

Also today, transactionfee portal announced another record – the share of transactions in the Bitcoin blockchain using Segregated Witness (SegWit) technology for the first time exceeded 50%.

On the main Bitcoin network, SegWit was activated on August 24, 2017. The technology is aimed at solving the problems of blockchain scalability, transaction plasticity, and also allows you to implement other optimizations. After the jump to 38% last May, the spread of SegWit slowed down and until recently ranged from 40-45%.

Casa Bitcoin developer and CTO Jameson Lopp previously spoke of the proliferation of technology that responded to the congestion of the cryptocurrency network:

"Reducing the demand for transactions, improving algorithms for calculating commissions, distributing SegWit and grouping transactions have led to more efficient use of space in blocks and reduced competition for this scarce resource."

At the same time, the price of the leading cryptocurrency , having shown a steady rise in the first half of the year, has remained in a fairly narrow range over the past months and amounts to about $ 10,000.

Publication date 09/17/2019
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Name Price24H (%)
Bitcoin (BTC)
$10,213.88
0.03%
Ethereum (ETH)
$212.71
8.03%
XRP (XRP)
$0.301183
15.63%
Bitcoin Cash (BCH)
$324.11
5.89%
EOS (EOS)
$4.10
1.71%
Stellar (XLM)
$0.065254
11.83%
Litecoin (LTC)
$75.90
5.03%
Cardano (ADA)
$0.050779
7.95%
Tether (USDT)
$1.00
-0.02%
Monero (XMR)
$74.75
-0.10%
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