- XRP offers real-time processing-3 to 5 seconds-and significantly lower transaction costs and is therefore an alternative for global payment transactions.
- The “secret weapon” of XRP lies in its liquidity, which releases capital instead of lying it on as with Swift on resting accounts.
The XRP community believes that global financial dynamics change quickly and that the existing Swift system is slowly dying. Since the acceptance of blockchain-based cross-border payments increases, the community is confident that the Ripple cryptocurrency and the XRP Ledger Swift will replace.
As CNF reported, there were several debates on whether XRP Swift can replace the benefit factors of the old coin, such as low costs and immediate global transactions. A popular community handle on the X-platform “All Things XRP” explained that “Swift is dying” and the Ripple cryptocurrency was willing to replace it in the future:
“The downfall of Swift is inevitable. It is slow, expensive and outdated. In the meantime, XRP and XRPL are faster, cheaper and built for the future. Acceptance will come – it is only a question of when, not the ob. “
Why Swift will lose the market to XRP
“All Things XRP” calls the most important reasons why the Swift system will probably lose market shares in XRP in the coming years. It compares the existing Swift system with a dinosaurs and emphasizes its dependence on a network of intermediaries that requires manual handling by traditional financial institutions, including banks.
On the other hand, XRP works in a fully decentralized environment and serves as a bridge between Fiat assets. Therefore, it can enable almost immediate billing without the support of intermediate dealers. While Swift needs up to five days for cross-border transactions, XRP completions are completed in just 3-5 seconds. The report also pointed out that XRP eliminates delays when sending money and describes his ability to move values ”at the speed of the Internet”
Another important factor, transaction costs, shows that XRP Swift once again exceeds in this area. While the SWIFT banking system can calculate around $ 50 per transaction, the fee of XRP is only $ 0.0002. This means that XRP offers a large cost advantage over the current system, combined with faster processing times, which makes it a more effective alternative.
In addition, the community points out that the centralized Swift model is susceptible to attacks, as the Bangladesh Bank’s $ 81 million-in-house hack showed in 2016. In contrast, XRP is fully decentralized, safe and combined, it is said.
Liquidity and acceptance key factors that make Ripple Krypto attractive
All Things XRP also noted that the “secret weapon” of the ripple alcohol was its liquidity and emphasized his ability to release capital, which is normally bound to resting accounts in the Swift system. This liquidity enables almost immediate and extremely efficient transactions with the ripple cryptocurrency.
While Swift’s dominance in the financial sector with its extensive network of over 11,000 financial institutions is recognized, the contribution indicates that the XRP ecosystem quickly gains ground. The Ripplenet ripple set was highlighted as one of the main drivers for this growth. More than 300 bank partners are already on board, which reflects the increasing acceptance of technology by financial institutions.
In dem Contribution Swift was criticized by “All Things XRP” for working under a complex, multi -layered bureaucracy. In contrast, the potential of XRP was highlighted for broad acceptance, especially since the solution to the SEC lawsuit against Ripple was closer-CNF reported.
