🤷 Opinions Vera Thornpike

What Happened to Bitcoin and What Happens Next?

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Bitcoin’s 10-year history is full of overwhelming ups and downs. Let’s break down the key events and find out what will happen to Bitcoin next?
What Happened to Bitcoin and What Happens Next?
Contents

Although Bitcoin became known around the world a couple of years ago, there’s a rich history behind this cryptocurrency. Let’s track the long way it traveled, and analyze what may happen to Bitcoin next.

The early years of Bitcoin

As we know, great inventions are created to solve great problems, and digital money isn’t an exception. There was one major event that triggered the course of things and let people realize there’s a dire need of drastic changes.

In October 2008, the Wall Street Journal contained the following title on its front page: “Crisis on Wall Street as Lehman Totters, Merrill Is Sold, AIG Seeks to Raise Cash”. The bankruptcy of the Lehman Brothers bank started the chain reaction that caused government bailouts of the banks. The situation was reminiscent of the Great Depression of 1929.

It should be noted that there were some attempts to create some store value and make it independent from intermediaries or some central counterparty.

In fact, Bitcoin is not the first phenomenon of its kid. It has precursors called ECash, HashCash, B-Money, BitGold, Anonymous Electronic Cash.

However, all the previous experiments failed.

On October 31st, 2008, the mysterious Satoshi Nakamoto sent an email with an encryption site claiming to have invented electronic money that would establish a monetary system without the need of intermediaries (government, banks, or any other financial institution). The attached white paper was titled “Bitcoin: A Peer-to-Peer Electronic Cash System”.

Early Bitcoin history
Bitcoin’s early years: Main events

Introduction: Slowly but steadily

On January 3rd, 2009, Bitcoin’s source code was released and the first block of 50 bitcoins were mined. The same day, the cover of The Times newspaper said, “Chancellor on Brink of the Second Bailout for Banks” – the phrase was evidently published to criticize the current financial system that was close to collapse.

1.5 years passed, and on August 17th, 2010 Mt.Gox appeared. It was the first exchange where Bitcoin could be traded for fiat currency. On the first day of trading, its price was $0.07. After that, the Bitcoin price started riding a never-ending rollercoaster.

  • 10 February 2011 - BTC reached parity with the US dollar.

  • 2 April 2013 - Bitcoin for the first time exceeds $100.

  • 28 November 2013 - Bitcoin for the first time exceeds $1,000.

In the period between 2013-2014, a few events caused Bitcoin to fall in price.

For example, the founder of Silk Road (the leading online drug and arms market that used Bitcoin payments), Ross William Ulbricht, was arrested. Bitcoin started being connected with illicit goods and was called a “drug currency”. Since the majority of transactions were organized in that marketplace, the currency nosedived.

In December 2013, the Chinese central bank published a warning for financial institutions and businesses that any Bitcoin trade would be considered illegal. At that moment, 80% of transactions were performed within China, so this event was a major hit for the cryptocurrency. To top it off, in January 2014, Alibaba canceled BTC payments on its eCommerce portal. Thus, Bitcoin lost its main world market.

What inhibits BTC use?
Main Bitcoin development hindrances

 

The chain of unhappy events for the cryptocurrency didn’t end, though. On February 28, 2014, Mt.Gox, the largest Bitcoin exchange by that time, declared bankruptcy after a serious hacker attack. It made the company lose 750,000 customers’ Bitcoins plus 100,000 proprietary coins. The website had already dealt with hacker attacks before, but this one was too disruptive. Confidence in cryptocurrency and Bitcoin fell, and its price dropped by 80%, getting back to the previous year’s rate.

New heights – new hopes

Starting from 2015, large companies and institutional investors started expressing their interest in the technology behind Bitcoin, and that made it exceed the threshold of $1,000 per unit again by the end of 2016.

2017 marked a turning point in Bitcoin’s history. The world witnessed a wide adoption of cryptocurrency. Here’s a short breakdown of important events:

  1. In January 2017, the number of Japanese eCommerce stores accepting Bitcoin increases by 4.6 times over the last year.

  2. Bitcoin starts being widely used on the B2B supply chain.

  3. Japan and Russia use Bitcoin as a payment method.

  4. Norway’s largest online bank, Skandiabanken, introduces Bitcoin accounts.

  5. In March 2017, the number of GitHub projects connected with Bitcoin passed 10,000.

  6. Exchange trading volumes continued growing. For example, from January to May 2017, Poloniex had an increase of over 600% active online traders, and the volume of processed transactions increased by 640%.

  7. In August 2017, Bitcoin split into 2 derivative digital currencies – the Bitcoin (BTC) chain with 1 MB block size limit and the Bitcoin Cash (BCH) chain with 8 MB block size limit. This split was called the “Bitcoin Cash hard fork”.

In October 2017, Bitcoin reached the price of $5,000 and then $6,000. Together with the hype in the media, the fear of some governments also increased: authorities were concerned that Bitcoin can be used in illegal activities.

On December 17th, 2017, Bitcoin reached its all-time high of $19,783. How did it happen? The attention of media, birth of new cryptocurrencies, ICOs and crypto projects, and numerous investment options altogether contributed to all this hype. However, it didn’t last long – the price failed as quickly as it rose.

BTC price ups and downs in 2017
Fluctuations of Bitcoin’s price in 2017

 

2018 – Bitcoin struggles with hindrances

2018 wasn’t an easy year for Bitcoin. While some governments are trying to implement Bitcoin payments and contribute to its introduction, others only see it as a threat to the well-established traditional economy and law enforcement. For example, on January 22, 2018, South Korea released a regulation that requires all the Bitcoin traders to reveal their identity. Besides, anonymous BTC trading was banned.

On January 24, 2018, the online payment firm Stripe decided to stop supporting Bitcoin payments by April 2018 on the pretext of rising fees and long transaction times.

Considering how many worthy altcoins and blockchains are around, Bitcoin started losing its technical superiority. Although it’s still the number one cryptocurrency with a $65 bln market cap, rivals don’t sleep: Ripple and Ethereum are in hot pursuit.

Is mining still possible?

Some two-three years ago, Bitcoin mining was available for a regular laptop user. But now, the difficulty of mathematical computations is so high that it’s impossible to get any substantial profit even with a good mining rig.

Bitcoin is rather mined in huge farms that consist of hundreds of ASICs and consume an enormous amount of energy.

Profitability of Bitcoin mining in the beginning
At the dawn of Bitcoin, mining didn’t require many efforts, but was not very  profitable as well

What will happen when 21 mln Bitcoins are mined?

As we know, the Bitcoin supply is limited to 21 mln units. 17 mln Bitcoins have already been mined. The rest 4 mln coins are expected to be mined by 2029. Global supply of Bitcoin will reach its limit unless the protocol is changed. According to Bitcoin supporters, it may cause several outcomes.

Bitcoin mining reward diminishes with the growth of coins available
The Bitcoin mining reward per block

 

First and foremost, Bitcoin miners will be affected. They won’t be rewarded anymore, but, theoretically, may need to rely on transaction fees for operation maintaining. However, according to Bitcoin.com, miners will find the process unaffordable. As the result, the number of miners will reduce, and the Bitcoin network will become more centralized.

The transaction fees alone won’t be enough for Bitcoin miners to be financially sound once the mining process is finished. On the other hand, some experts are sure that transaction fees and mining expenses will even out down the road.

People put their hopes in mining technologies: mining chips are expected to become smaller and way more efficient. That will reduce the efforts and electricity expenses for miners and boost the ROI of their investments. Besides, if transaction fees increase, it might help miners to keep afloat.

What about the future price of Bitcoin?

While blockchain experts predicted that Bitcoin would reach its bottom of $3,600 in November-December 2018, it has recently been worth about $3,200. As of today, the cryptocurrency costs $3,763, but no one can guarantee that fluctuations have ended.

Bitcoin has been through significant hikes in the recent months. But what is clear is that its limited supply will make its price increase. Those who hold exclusive coins may enjoy an enormous profit in a few years.

According to experts’ estimates, there are stockpiles of inactive coins that are spread around the world. Probably, the largest supply belongs to Satoshi Nakamoto. It can be about 1 mln Bitcoins and is intentionally saved for the time when the global supply faces a wild level of demand.

The future price of Bitcoin largely depends on the interest of large institutions. If they prefer Bitcoin to other cryptocurrencies and blockchains, we can expect the price to grow by 100-200% from the current state.

Expert opinions

Here are a few Bitcoin predictions for 2019.

Joel Kruger, currency strategist at LMAX Exchange:

“Our 2019 outlook for Bitcoin is far more constructive than what we had been projecting for 2018. As 2017 came to a close, we had warned Bitcoin had rocketed ‘past the point of rational appreciation’ and highlighted massive downside risk in a bubbling market with far too many holes (regulation, development, hard forks).

Bitcoin in 2019 could see a continuation of weakness in the first half of the year before the market finally stabilizes and starts to make its way back up in anticipation of what should be an impressive second wave for crypto assets.

We’ll look for Bitcoin to round out 2019 trading back in the $5,000 to $8,000 region, after recovering from lows that may have extended below $2000 between now and the end of H1 2019.”

Kevin Murcko, CEO of CoinMetro:

“Despite Bitcoin’s fairly limited use cases, and even though its technology may be less sophisticated when compared to some other projects, it will likely continue to remain the market leader in 2019. Bitcoin still has the reputation and the liquidity that make it preferable to other cryptos.

It’s important to remember that the crash we saw with Bitcoin this year doesn’t indicate lack of long-term value. The bubble may have burst in 2018, but there’s still enormous substance and potential in the crypto market at large.

The cryptos that survive this crash will continue to gain strength next year, and in the years to come. Like Amazon and eBay, out of a collection of cryptos that fail, a small but significant minority will succeed.”

Mitch Blakeway, Head of Trading at Quantatex:

“We expect a high degree of volatility in the very near future.

A high level of Bitcoins has recently been moved from cold storage to hot storage by significant influencers in the cryptocurrency market. What this means is that investors who have the ability to move the market are gearing up to trade. This could mean moves greater than 10% in either direction.

There are notable levels of support and resistance with support around the $2,850 level for Bitcoin and resistance around $4,000, therefore, a break either below $2,850 or above $4,000 could lead to momentum in that direction.

We believe that Bitcoin will eventually shrug off the recent weakness during 2019 and expect the price to retest record highs of $20,000 by December 2019. This is justified on a number of fronts”.

Bottom Line

In recent years, Bitcoin has been through ups and downs, but despite numerous claims that it’s a bubble, the cryptocurrency doesn’t seem to be close to its end. Just like many other cryptocurrencies, it is gradually becoming more stable, and there’s a long interesting way ahead.

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Are Ripple and XRP Getting Ready to Replace SWIFT?

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SWIFT has long been the go-to for cross border payments, but it is in dire need of an upgrade and Ripple believes they are the ones to do it
Are Ripple and XRP Getting Ready to Replace SWIFT?
Contents

SWIFT, the Society for Worldwide Interbank Financial Telecommunication, provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.

It has been in operation going on 46 years now and has become the global standard in sending money across borders. However, in its time, it has also picked up some undesirable issues, and it is also starting to show its age – now 46 years old.

It is for this reason that the disruptive power of blockchain technology is being touted as the future of cross border payments, but more specifically, Ripple and its XRP token are looking to be the new standard in this regard.

Ripple, in regards to cryptocurrencies, is probably most similar to SWIFT in that they do have a centralised control hub for their XRP token, but they also have a lot of the added benefits of being decentralised and on the blockchain.

SWIFT has become a political tool in the past, especially in relation to sanctions, and it is also totally reliant on the organisation for the continued running of the network. This is where Ripple can offer a lot more for payments across the globe.

Still running

The combination of having a controlling organisation, such as Ripple for the XRP token, while maintaining the decentralised benefits of a blockchain means that Ripple has a few edges over SWIFT that make it far more attractive for today’s financial world.

Ripple sales director Ross D’Arcy explained during a fintech conference in Croatia:

“I think SWIFT is a really interesting example. Because SWIFT, if you think about it, kind of crosses the lines sometimes and plays a bit of a political role. We don’t see our customers’ transactions. Our customers’ transactions go over the internet. So Ripple could shut down as a business tomorrow and our customers could still transact using our software. The same wouldn’t be the case with SWIFT.”

Non-political

Adding onto the statement from D’Arcy, XRP is a decentralised token that operates on a blockchain and because of this, it is not easy to manipulate or utilise as a tool. SWIFT has been controlled by the US government at times, making them exclude certain countries from the network in order to enact their sanctions.

However, with the XRP token, this will be extremely difficult as, even if Ripple Labs was to be coerced into doing the bidding of a government, they only have seven percent control of the validation of transactions.

A decentralised control that is appealing

Ripple’s benefits over SWIFT are quite clear as the outdated system suffers from a lot of legacy issues. But even the XRP benefits make it more attractive as a successor for SWIFT.

Ripple has been looking to appease and welcome regulators and governments, and by extension banks, by playing by the financial rules. This element of control makes XRP more appealing for companies and countries to adopt.

However, in an ever decentralising world, XRP’s blockchain offering means that there can be no monopolisation or manipulation when it comes to cross border payments.

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Despite the Criticism, Ripple Arguably More Decentralised Than Bitcoin

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Many won’t even class XRP as crypto because of Ripple’s control, but they could also argue that the XRP token is more decentralised than BTC
Despite the Criticism, Ripple Arguably More Decentralised Than Bitcoin
Contents

Ripple, and its token, XRP, have faced a constant barrage of criticism relating to their decentralization of the token over the years. Many cryptocurrency purists have criticised their inner workings with Ripple, the company, clearly in charge of the XRP token and its distribution.

However, this allegation has been as equally denied by the those at the head of Ripple; in fact, it has even seen the CEO, Brad Garlinghouse, state that the XRP ledger is in fact more decentralized than both Bitcoin and Ethereum.

This statement alone will get many raring for a fight, but a closer inspection and interpretation of what it means to be decentralised could indicate that Ripple has a point. They could indeed argue that they are more decentralized than the other two major cryptocurrencies, based on the mining pools.

It is well known that controlling the majority of the mining of traditional proof-of-work coins, like Bitcoin and Ethereum, can lead to a 51% attack, which destroys the decentralisation of the blockchain and hands full control to one person, or group, or pool.

Bitcoin has been flirting with the 51% attack recently, and previously, but for Ripple, it is a different story, as they only have seven percent control of the validators. Looking at the interpretation of decentralisation, there technically have been more chances for Bitcoin to be controlled by one group than there has Ripple – so is it less decentralised?

Making claims

To be honest, the idea of decentralisation is really up for debate, and it is also dependant on interpretation, thus the claims being made on their side of these fence are debatable, but it is interesting to hear the thoughts of Garlinghouse.

“It is very clear that the XRP ledger is decentralized,” said the CEO of Ripple. “Ripple runs seven validators, which is about four percent of all public validators.”

He added:

“By almost any measures now, the XRP Ledger is more decentralized than the Bitcoin ledger or Ethereum ledger, where you have a very small number of miners controlling you know well past 50% of mining power.”

It is true that Bitcoin’s mining has almost been monopolised in the past by the likes of Antpool, BTC.com, and ViaBTC, with Bitmain at times having the power to launch a 51 percent attack, but never acting on this. However, it shows just how much the mining has been centralised in Bitcoin.

Ripple’s argument

If one was to base the mining and validation of cryptocurrencies as the key determining factor of their centralisation, then it would be preposterous to say that Bitcoin is decentralized.

Ripple, the company, despite having control in different areas of the XRP token, only controls seven percent of its validation. Thus, on this basis, they have very little control and it should be argued that XRP is decentralised.

cryptocurrency

 

A lot of this argument is also predicated on the algorithms that these two coins use, however.

Bitcoin and Ethereum use proof-of-work algorithms. This system rewards miners for validating transactions by paying a fee for their work. This was a great starting point for a decentralized system that incentivizes complete strangers to contribute to the greater good of a network and make forward progress.

But as time has gone on, clear limitations have manifested. Blockchains that use proof-of-work can be subject to centralized control, where a few miners have significant control over the system.

The XRP Ledger uses a consensus protocol that relies on a majority of validators to record and verify transactions without incentivizing any one party. Validators are different from miners because they aren’t paid when they order and validate transactions.

Today, these validators operate at locations across the globe and are run by a broad range of individuals, institutions, asset exchanges and more.

More to it

As mentioned, this form of argument in regards to decentralisation only takes into consideration one aspect. But in this aspect, indeed, Ripple is superior. However, when it comes to purists and believers in how blockchains should operate, many have an issue with a company having discretion over tokens.

Ripple has been a coin that differs substantially from most of the top 20 coins by market cap – that does not necessarily mean it is wrong, nor right, but it is certainly showing that things can be done in different ways in the blockchain space.

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Ripple Believes XRP Should Be Viewed Just Like Bitcoin

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Most cryptocurrencies are in a legal classification grey area, especially in the US, but Ripple believes XRP should be viewed like Bitcoin.
Ripple Believes XRP Should Be Viewed Just Like Bitcoin
Contents

Regulatory uncertainty surrounding cryptocurrencies has become one of the biggest bugbears of cryptocurrency businesses and users alike. There are very few hard and fast rules or legal frameworks around the digital assets, leaving anyone who operates them in a grey area.

It has led to many lawmakers and regulators to start to try and delve into how these cryptocurrencies can fit into the current legal framework, and in the case of the United States, it has seen the SEC declare Bitcoin at least as not a security.

However, the SEC has more jurisdiction over other cryptocurrencies, declaring a huge swath of ICOs as securities, but leaving the rest of the more established coins, such as Ripple, for example, in the dark.

This has led Ripple to implore the SEC to make a decision on XRP and treat it just as they would Bitcoin. It is a decision that surely needs to be made, but will be more difficult for the SEC in comparison to Bitcoin, as the XRP token differs significantly from the major cryptocurrency.

However, the argument from Ripple is that the XRP token is more suited to not being classified as a security due to its regulatory adherence and US-base.

A policy of uncertainty

The relationship between the cryptocurrency ecosystem and regulators has been a complex and dynamic one. The original face of Bitcoin was one of defiance of the governmental rules and regulation, covering itself in a ‘cypherpunk’ cloak and being used predominantly on the dark web.

However, as it has entered the mainstream, and regulators have found it legitimate enough to put levels of control over it, the cryptocurrency community has understood that in order for digital assets to advance and become accepted, they need to adhere to the rules.

This has now led to many seeking legal classification and clarification, including Ripple.

“The challenge for adoption comes back to policy. The policy uncertainty around some of the assets has limited adoption, particularly here in the US,” said Ryan Zagone, director of regulatory relations.

“And I’m speaking from Ripple and XRP, because we use that asset because it’s a half a cent per payment. It’s basically free. It scales. And it’s efficient, with 1,500 transactions per second and nearly no energy burn. So we’re at a point today where there are real solutions to all of these challenges that already exist.”

According to Zagone, US regulators should treat XRP the way same way they view Bitcoin and Ethereum.

“Today, the policy certainty in the US exists for Bitcoin and Ethereum, despite the fact that those are China-controlled platforms. So activity goes to those platforms. What we need to do from a policy perspective in the US is look at places where there are uncertainty.”

“And one place I’m speaking directly for me here is XRP, where it looks like Bitcoin. It’s decentralized. It’s open-source. We have a small 7% of the validation power on that. Rather small on there. Giving clarity to those ones that are very similar to Bitcoin and Ethereum that have the same characteristics and should be classified the same way. And then we’re creating a level playing field across all the cryptos.”

Difficulty in classification

It is not an easy task for the SEC, and other regulatory bodies across the globe, to determine which cryptocurrencies are securities, or other such entities, and which are not. However, the the process thus far has been slow and bureaucratic.

This is not only hindering the growth and potential of cryptocurrencies, but also making it unattractive for the companies and businesses to adopt and utilize the powerful technologies. For Ripple, this includes major banks which have seen the potential but are unsure of the regulatory standpoint. 

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Big Bitcoin Mining Pools Losing Control as “Unknown” Miners Take Profit

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Bitcoin mining is slowly moving away from the big mining pools, like Bitmain, and ‘unknown’ miners are starting to come in to grab profits
Big Bitcoin Mining Pools Losing Control as “Unknown” Miners Take Profit
Contents

Part of the appeal of Bitcoin and other cryptocurrencies is that their design allows for a decentralised network based on a large network of miners. But in recent times, major mining pools have taken control of the mining arena, limiting the decentralised nature of the cryptocurrency, and making mining unfavourable and unprofitable for the everyday miner.

But there is a change in the air as the major pools, like Bitmain and others, are starting to lose their grip with a surge of “unknown miners” now helping decentralise the cryptocurrency further in what could be a return to profitability for individual miners.

Research has shown that the likes Antpool, BTC.com, and ViaBTC are now validating far less Bitcoin blocks than this time last year. Rather, there is an emerging group of “unknown” or untied miners that are currently validating more blocks than any individual pool.

This group of “unknown miners” could well be individuals flexing their own muscle as they look to profit from the fall in difficulty that has been seen over the past few months in the Bitcoin mining algorithm.

Who is in charge?

Blockchain research unit Diar has published new data that shows the control once held by major mining pools is waning, and is likely being overtaken by the more casual miner. Anonymous, and unknown miners, not tied to any pools, are now finding profit in mining the major cryptocurrency.

Who is in charge?

“Unknown miners closed December having solved a whopping 22 percent of the total blocks, up from 6 [percent] at the start of last year,” reported Diar. “The Bitcoin network is currently less likely to experience an attack given the fact the BTC.com controlled pools have lost dominance over the network.”

Protecting against attack

Not only is it that the casual miner could be profiting from Bitcoin mining again, it is helping accentuate the decentralisation of Bitcoin by diluting the power held by a single mining pool.

It is well known that if a blockchain is controlled by more than 51 percent by one miner or mining pool, that blockchain becomes the target of a 51% attack, which can have devastating outcomes for the cryptocurrency.

Bitcoin has been under threat of a 51 percent attack in the past because of the mining monopoly of Bitmain, but it has never come to fruition, and now, it cannot currently.

Diar reports that in early 2018, Bitmain’s mining pools accounted for 53 percent of Bitcoin’s hash power. Theoretically, this would have allowed them to collude to take control of Bitcoin with a 51 percent attack.

This reduction in their influence is positive for those wary of such an attack. Recently, Ethereum Classic suffered such an attack that led to $1.1 million being stolen from cryptocurrency exchanges.

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Ripple Focusing on Where the Money Is – the MENA Region

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Ripple has seen significant uptake in the MENA region of the Middle East and North Africa, so it is taking its focus there
Ripple Focusing on Where the Money Is – the MENA Region
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The Middle East, despite the strife and conflict, has grown to be a place of vast wealth with the likes of Dubai and Abu Dhabi shining bright in that region as places of immense wealth. This region, along with North Africa, known as the MENA region, is thus a very important place, especially for Ripple.

Ripple has stated that it is focusing a lot of its attention on the MENA region, and it is a two-part approach as it is aware of the potential there, but it has also seen significant interest from the region already.

Not only is the MENA region one of the fastest adopters of Ripple’s product, but they are also friendly to digital assets in terms of a regulatory standpoint. Since October, Ripple has been trying to expand there in a move which is quite smart.

The banking-focused cryptocurrency XRP and its parent company Ripple have been seeking partnerships in the MENA region, and it is starting to show, as they are starting to see traction.

The place to be

Ripple’s Head of Infrastructure Innovation Dilip Rao has spoken on the importance of the MENA region, recently mentioning that it is adopting the distributed ledger technology solutions from Ripple at a rapid rate.

They have been signing up banks in Saudi Arabia and UAE and other countries like Oman and Kuwait.

Rao said:

“The enthusiasm of the regulator, the central banks to also encourage the use of Ripple technology to build new infrastructure for payment rails.”

It makes sense that Ripple has decided to focus its efforts into the Middle East, especially with the interest it has there, and also because of the potential in its expanding and impressive banking system.

Banks showing their interest

For Ripple, it is mostly about partnering with banks so they utilize the blockchain assets of their XRP token in order to make the intra-banking payments easier, cheaper and more efficient.

So far, they have seen strong interest from the banks in the MENA region, and are thus driving deeper in. The banking system in the MENA region, especially in the developing middle eastern countries are far less attached to their legacy banking systems, something that has been a handbrake for the general adoption of blockchain and cryptocurrencies.

Banks in the MENA region are thus far happier to use the XRP token and xRapid product to solve visibility and liquidity problems in global remittances.

There are also far more lenient and open minded regulators in the Middle East which are willing to look into the new and forward-thinking options that are out there. It is because of this that Ripple has decided to pursue this region, and should it be a success, it would be the perfect platform to launch a more global offensive in terms of adoption.

Regulation inclined

Ripple has always been a cryptocurrency which has taken a different path from most others. Its intention is to work with traditional financial structures and help upgrade them rather than replace them, and to this end, it relies heavily on a welcoming regulatory standpoint.

In the MENA region, Ripple has found an open minded general approach to these financial tech rules, and to that end it has seen adoption start taking hold. It remains to be seen if Ripple can totally colonize the MENA region with its solutions, but it is positive that it is focusing in on an area which has an open pathway.

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