Popular XRP Community Handle Suggests SWIFT Payment System is Dying
The SWIFT payment system is facing criticism as the XRP community believes XRP is set to replace it in global finance.
Nine Reasons Why XRP Will Replace SWIFT
The handle “All Things XRP” claims that SWIFT is becoming obsolete, citing nine reasons for XRP’s potential dominance.
Outdated System
SWIFT is depicted as outdated, expensive, and slow, while XRP is characterized as fast and cost-effective, built for future needs.
Messaging Prowess
Unlike SWIFT, which is reliant on intermediaries for manual transaction settlements, XRP offers a decentralized bridge allowing near-instant transactions between fiat currencies.
Speed
XRP processes transactions in just 3 to 5 seconds, contrasting sharply with SWIFT’s potential five-day delay. It’s highlighted that XRP operates “at the speed of the internet.”
Transaction Cost
SWIFT transaction fees can soar up to $50, whereas XRP’s cost is merely $0.0002, making it an attractive option for businesses.
Liquidity Benefits
XRP is promoted as a solution that releases capital tied up in SWIFT accounts, ensuring more efficient and immediate transactions.
Adoption
Although SWIFT has an established presence with over 11,000 institutions, the rapid growth of RippleNet with over 300 partners indicates increasing adoption of XRP technology.
Regulatory Perspective
SWIFT’s multi-layer bureaucratic structure is contrasted with XRP’s potential for growth post SEC lawsuit against Ripple, simplifying adoption.
Security Concerns
SWIFT’s centralized model poses risks, as seen in the Bangladesh Bank hack. In contrast, XRP’s decentralized technology is considered more secure.
Upgrades
Major upgrades to SWIFT are termed as temporary fixes. XRP represents a fundamental change in global payment processing systems.
In conclusion, the asserts that XRP, with its speed, scalability, and cost-efficiency, will inevitably establish itself as the future standard for global financial transactions.
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