Why is Ripple Going Up? Ripple is Paypal for Banks

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Why is Ripple going up?

Ripple is going up because people are realizing it is the Paypal for banks.

Ripple stands out for being an enterprise play in a field dominated by consumer-facing currencies. While everyone is trying to gin up interest in their peer-to-peer payments service, Ripple is busy negotiating deals with global financial institutions.

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Ripple’s Strategy

Not all currencies can mimic this strategy because very few of them are structured as companies. They don’t have a corporate hierarchy or explicit control over the direction of their token. Some people view that as a knock against Ripple—I do not.

For those who may be unfamiliar with Ripple, it is a blockchain company trying to disrupt SWIFT, the shadowy company that facilitates international payments transfers.  Also, see How to Buy Ripple with USD.

Anyone that has sent money overseas knows what I’m referring to. In order to make the payment, you have to provide a SWIFT code. The company has a monopoly on cross-border transfers, having more than 11,000 financial institutions in 200 countries on its network.

Ripple wants to take SWIFT down by working together with banks and other financial institutions. In some quarters, this willingness to work with banks taints Ripple by association. Some view it as heretical, but I personally find Ripple’s approach to be refreshing.

You see, blockchain is a difficult concept to understand. So are the differences between fiat money and blockchain-based currencies. They are not very easy to explain, making it an uphill battle convincing people that blockchain is the answer to economic crises.

That is a major obstacle for currencies like Bitcoin because they depend on popular support from vendors and consumers. Ripple does not. It only needs to convince banking officials that blockchain is inevitable and then the game is won.

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Our Ripple price prediction for 2018 is $2.00.

In fact, I believe that Ripple will outperform Bitcoin and Ethereum in the next 18 months.

All it takes is for a few Chinese banks to join the network and—boom—XRP could shoot through the roof.

Once Ripple permeates mainstream culture to the same level as Bitcoin and Ethereum, I believe an influx of speculative trend-followers will set this token aflame. We could see XRP prices deliver another round of triple-digit gains in 2018, making it the clear cryptocurrency to watch.

Ripple is the Greenest of all Cryptocurrencies

XRP doesn’t require wasteful mining to secure its network like Bitcoin.  Proof of Work (Or “P.O.W.” in industry parlance) consensus algorithms require the use of massive amounts of electricity.  The thousands of computers that validate transactions need massive amounts of electricity to “mine” for bitcoins.

The energy consumption of Bitcoin mining is massive. Bitcoin currently is estimated to generate 2,000,000 metric tons of CO2 every year.  Ethereum fails on this point as well due to its proof-of-work consensus, and also requires massive electrical consumption to fuel its consensus algorithm and to keep it’s network secure.

For bitcoin, its coal-fueled mining facilities in China have become a subject of much attention and debate, as the miner’s interests’ are only about generating bitcoins as a mining reward. They do not focus on other metrics, such as up-time and network stability, as Ripple does.

The general public has shown a tendency to opt for “green energy” solutions in almost every industry where they know about the choice, or it’s clearly labeled. Perhaps Ethereum and Bitcoin should be required to place a warning label on their crypto-currency for potential investors, showing them just what their choice of crypto is doing to the environment?

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