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What Ripple Can Do for Business Payment Automation

The COVID-19 pandemic and global economic recession it triggered makes it extremely hard for businesses to survive. Using technology is the way to go for business owners that want to get through these difficult times without losing customers. Already, the use of fintech solutions has risen by over 70%. This time is a trial for…

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The COVID-19 pandemic and global economic recession it triggered makes it extremely hard for businesses to survive. Using technology is the way to go for business owners that want to get through these difficult times without losing customers. Already, the use of fintech solutions has risen by over 70%. This time is a trial for many but it might be the exact thing that crypto needed to gain popularity. Ripple, in particular, might be able to use this opportunity to become indispensable in the post-coronavirus world.

Importance of Businesses Payment Automation Post-COVID-19 Pandemic

The impact of the COVID-19 pandemic on business is tremendous and close to devastating. With lockdowns in place as well as multiple other measures that aim to stop the virus spreading many businesses are unable to function. And those that still can work in these conditions must find ways around their many limitations.

One of the most pressing matters for them is payment automation. As using cash is not safe and using bank wire transfers is too expensive for the majority of customers and entrepreneurs, a new solution is required. That’s why fintech apps have skyrocketed in their popularity.

However, a way to send money from one’s bank account without actual visits to the bank is not enough. Going completely digital is a far better alternative for this new technological era we are entering. Today, remote and automated work is becoming the norm instead of something that only most progressive enterprises do. Digital currency will be right at home in this world, and crypto has been gaining power even before this. It’s not yet at the level where cryptocurrency might replace fiat money. But Ripple, with its unique position in the crypto world, might be closer to this than others.

Benefits of Using Ripple for Payment Automation

First of all, Ripple was created for the express purpose of facilitating payment automation. And while Ripple XRP is a cryptocurrency, Ripple is also more than that. It’s a system for payment settlement and remittances that’s closer to SWIFT in its operation protocols. Simply put, Ripple is a technology first and foremost. And this technology is a digital payment network that makes transactions fast, cheap, and secure.

Main benefits of using Ripple for businesses include:

  • Widespread use.
    Multiple retailers and other businesses already accept Ripple’s services as a payment method. Considering the switch to digital services, this number will likely keep growing.
  • Fast transactions.
    With Ripple, you can complete an international transaction within minutes. As businesses today need to fight over retaining customers, this can give them an edge over competitors. According to Ripple, a XRP transaction can be completed within 3 seconds.
  • Open-source technology.
    Ripple is based on open-source technology. This means that any business has an opportunity to adapt it to its specialized needs. Easy access to different markets and platforms makes it easy to use Ripple anywhere. Therefore, the business can scale and spread globally.
  • Stability.
    The main problem of cryptocurrencies is their extreme volatility. It’s one of the biggest obstacles that prevent crypto being equal to fiat currencies. XRP is also volatile to come extent, but it’s not as unstable as BTC. In fact, it fares extremely well in terms of coin value stability despite the current crisis. Therefore, the risk of using it to accept and make payments is much lower for businesses.

Ripple Today: Is This the Future of Cryptocurrency?

XRP has increased in value in recent months, as had bitcoin and some other cryptocurrencies. The reason is simple, the interest in them is growing now that digital payments have become a necessity. However, with Ripple the situation is a bit different.

Its increase in value mainly comes from the increase in use as a payment method. Bitcoin, on the other hand, is mostly used for speculation on its growing value and hedging. XRP doesn’t present an attractive target for either of those. However, as a tool for making international payments, this cryptocurrency seems like one of the best choices available.

This is what makes the main difference between XRP and BTC. This is also one of the main reasons why it’s Ripple that has a better chance of taking cryptocurrency to the next level.

One of the biggest problems that prevent cryptocurrencies from becoming equal in status to fiat money is that they aren’t really used as currencies. They are too volatile to become common payment tools.

In the meantime, the fact that they aren’t used as currency for regular payments is why they are so volatile.

Ripple seems to be the crypto that is capable of breaking this pattern. As its use increases, its status is changing. If this dynamic continues, soon we might see XRP accepted by the majority of retailers. At this point, it will have to be acknowledged and legalized by governments. Quite possibly, this will be the push needed to see that cryptocurrencies can be used in all types of transactions. This means including the payments of utilities and taxes. At this point, crypto will become equal to fiat currencies.

Source: https://cryptoverze.com/what-ripple-can-do-for-business-payment-automation/

Blockchain

Bitcoin dominance is an irrelevant metric unless…

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The volatile cryptocurrency market has given way to multiple metrics for the market observers to analyze and predict what’s coming next. One such metric has been Bitcoin dominance, but as per Su Zhu, it should not be relevant to you unless you are a billionaire.

How so?

The CEO of Three Arrows Capital opined this after noticing the trend of the newcomers avoiding Bitcoin and Ethereum and opting for risky crypto tokens. When the largest digital asset was stuck in a wider correction period, altcoins like Dogecoin [DOGE] grabbed much attention. This was possible due to the hype created by Tesla CEO or, self-proclaimed “doge-father,” Elon Musk and the Doge community.

However, understanding the newcomers’ enthusiasm Zhu opined that if he were to bet on projects now, he would choose Solana and Avalanche.

Despite the popularity of altcoins, the exec remained bullish on Bitcoin and Ethereum as he expected, the former to flip gold’s market cap, and the latter to eventually hit a value above $25,000. Bold predictions, but nothing we haven’t heard before.

However, newcomers were more bothered about the dominance metric but as data suggested, Bitcoin dominance has recently been falling. The dominance was hit earlier but recovered to form a peak at 49.25% on 30th July. But given the correction phase that followed, the dominance of BTC fell and was last noted to be at 40% on 10th September.

It is interesting to note that despite plenty of adoption related news such as that of El Salvador, coming in over the past few weeks, it looks like the dominance has remained unaffected by it.

Source: CoinMarketCap

Twitter user and crypto enthusiast, @HsakaTrades also noted that Bitcoin dominance was not a relevant metric for anyone who has a “sub mid 9fig portfolio]. Agreeing with Hasaka, Zhu added,

“To clarify, if you’re holding for 5+ yrs, you shouldn’t be thinking about btc dominance in the first place. And obv btc and eth have a strong place in that portfolio.

If you’re allocating actively atm, and think debating btc v eth v alts is a good framework, you’re ngmi.”

While this advice could stand true for experiences, long-term trader interested in making money, but not the ones looking out to invest in tech. This was especially highlighted in the comments wherein the crypto users were upset about the CEO’s Solana [SOL] recommendation that recently witnessed an outage.

Nevertheless, the trading advice and strategies differd from trader to trader and Zhu’s opinion to not focus on the BTC dominance, prebably stemmed from a hodlers perspective. While interesting projects were now erupting in the crypto space, it looks like Bitcoin’s dominance, not only in terms of price, but as a crypto project could be challenge.

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Source: https://ambcrypto.com/bitcoin-dominance-irrelevant-for-anyone-not-10figs

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Blockchain

Millions of Dollars Raised Through Solana’s DeFi Projects

Millions of Dollars Raised Through Solana's DeFi Projects

PAI, an algorithmic stablecoin, backs Parrot Protocol. Grape Protocol was the primary source of the downtime. Solana has been up

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  • PAI, an algorithmic stablecoin, backs Parrot Protocol.
  • Grape Protocol was the primary source of the downtime.

Solana has been up nearly 3200% since August. Investors’ interest in Ethereum rival systems featuring DeFi, NFT, and smart contract services has risen dramatically.

The software applications that simulate legal contracts are smart contracts. Once housed on a blockchain network, the software application will run automatically without human intervention.

This month, Solana’s DeFi initiatives raised millions of dollars. This is another proof of Solana’s potential to compete with Ethereum. Currently, Ethereum has the most DeFi and NFT projects.

Bots raced to invest in a token sale for Grape Protocol over flooded the blockchain, causing Solana to collapse for 17 hours on Tuesday. Let us take a look at the few IDO that helped raise millions.

Grape Protocol

Grape Protocol, the primary source of the downtime, managed to raise just $600,000 on Raydium’s “Acceleraytor.”

Tokenized communities may use Grape Network to connect to platforms like Discord, Telegram, and soon twitter to collaborate over Solana and reward members with crypto.

Parrot Protocol

Parrot Protocol is based on Solana. Investors in the Initial DEX offering included Sino Global Capital, Alameda Research, and QTUM VC. Moreover, to put it simply, Parrot is a non-custodial lending platform and decentralized exchange.

PAI, an algorithmic stablecoin, backs Parrot. Furthermore, Parrot offered a governance token called PRT in its IDO. Thus, allowing investors to vote on the protocol’s operation and farm yields on Solana without affecting other Layer 1 blockchains.

Solana’s failure impacted Parrot’s IDO, but it was resolved by Sept. 16. Moreover, the team said it would start working on PRT staking, NFTs, and adjustable interest rates in “Letter from the Parrot.”

Several Solana initiatives will be launched in the next day’s/weeks. Examples include Solanium, Boca Chica, and Solstarter. On Solanium, whitelisted users may buy MatrixETF.

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Source: https://thenewscrypto.com/millions-of-dollars-raised-through-solanas-defi-projects/

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Cosmos (ATOM) Lead Market-Wide Rally

Cosmos (ATOM) Lead Market-Wide Rally

Cosmos’ creators call it an “internet of blockchains.” ATOM also launched a bridge to Ethereum at the end of August.

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  • Cosmos’ creators call it an “internet of blockchains.”
  • ATOM also launched a bridge to Ethereum at the end of August.

Cosmos (ATOM) blew up 10.74 percent overnight to establish a new price of $39.58, according to CoinMarketCap. It surpassed $40 yesterday, reaching $40.76. Despite today’s minor decline, Cosmos’ price was still ten dollars more than seven days ago, and twenty dollars higher than this time last month.

Its creators call it an “internet of blockchains.” It’s an interoperability network that allows various blockchains to connect, exchange data, and interact with one another.

In short, Cosmos claims to address some of the “hardest problems” in the blockchain sector. It seeks to provide an alternative to “slow, costly, unscalable, and ecologically harmful” proof-of-work protocols like Bitcoin by connecting blockchains. On August 18, Cosmos rose 25% from $15 to $20 after the introduction of Emeris, a cross-chain DeFi interface.

It also launched a bridge to Ethereum at the end of August. The inter-blockchain communication protocol (IBC) allowed trade across the Cosmos and Ethereum networks for the first time, along with the integration of Sifchain.

Cosmos Might Soon Over Take FTX Token

Cosmos is “Blockchain 3.0” — thus, as previously said, ease of usage is a significant objective. To this aim, the Cosmos SDK emphasizes modularity. This enables a network to be created quickly using existing code. Long term, it is anticipated that sophisticated applications would be simple to build.

Cosmos now has the twenty-first largest market value, but at this pace, it would only take $0.8 billion to flip FTX Token and make a bold entry into the top twenty.

Some in the crypto sector, much worried about the amount of fragmentation in blockchain networks. There are hundreds, yet few can converse. Cosmos wants to change this by making it feasible.

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Source: https://thenewscrypto.com/cosmos-atom-lead-market-wide-rally/

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