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?
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 […]
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
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.
In the Bitcoin blockchain, a record of the network hashrate and the share of SegWit transactions
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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