The founder of Morgan Creek Digital Assets, Anthony Pompiano, tweeted Twitter with a chart from blockdata.tech, which shows how long it takes to send money abroad using traditional financial methods.
Then Ran Neuner, host of CNBC's Crypto Trader, entered into a dialogue to show how cheaper and faster payments are using Ripple (XRP).
The chart in the Pompiano's tweet shows the cost of commissions for users of traditional money transfer platforms along with various cryptocurrencies. Seconds are used in graphics to show how huge the time difference of transactions is. Sending Bitcoin takes only 4,680 seconds on average, and Western Union takes 3 to 5 days or 432,000 seconds to complete a transaction. The WU transaction will also be accompanied by a large astronomical fee compared to BTC.
Other popular money transfer platforms, such as Remitly and MoneyGram, have the same transaction time. Even the fastest of traditional money transfer platforms still pales in comparison with Bitcoin and other cryptocurrency transactions.
Transfast sounds fast, but it takes 2 to 4 days or 172,800 seconds to pass the International.
If the cost of the commission and the time of the BTC transactions so attract people, then Ripple is even more striking in this regard. Using XRP, you can turn 4 680 second wait just 4 seconds. And the commission is even lower than that of Bitcoin.
Ripple is already beginning to move forward in the international money transfer industry. While investors and developers in the cryptocurrency community argue about the level of centralization or decentralization, bankers and other traditional financial leaders have paid attention to what Ripple has to offer.
The belief that XRP will soon become the most popular way to send funds around the world is gaining momentum as the blockchain becomes mainstream.
And what do you think about this?
