PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Can Ripple Solve BitCoin’s Problems?

Mercator Advisory Group by Mercator Advisory Group
January 25, 2013
in Analysts Coverage
0

Internet online banking. Plate with site of bank where enter a password to login to profile at bank flat design style

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

One issue with BitCoin is that it relies on a centralized exchange, leaving it open to potential government intervention. These exchanges have been hacked into and robbed on multiple occasions, destroying consumer confidence in the currency. This has contributed to BitCoin’s primary use in the dark areas of the Internet, gaining a reputation for being a currency focused on drugs, gambling, and adult entertainment.

A new concept for digital currency called Ripple is attempting to fix the problems of BitCoin. Ripple allows users to extend credit to strangers using social networking; the common friends of the two users serve as the guarantor. This network holds a large amount of potential for BitCoin.

From a Motherboard article:

What Bitcoin enthusiasts realized recently was that this decentralized network was the perfect platform to buy and sell bitcoins. It would not only make bitcoins easier to trade, it would make the alternative currency that much harder to shut down.

The latest version of Ripple will include a built-in BitCoin exchange platform. But will this be what ultimately brings BitCoin to the mainstream?

In reality, trying to popularize BitCoin by solving the problems of the exchanges is like trying to put out a house fire with a teaspoon of water. Yes, the instability of BitCoin value is a serious problem for the digital currency, and Ripple can help mitigate that instability. But the real problem for BitCoin is the lack of demand for it. BitCoin’s two major advantages are privacy and a lack of discount fees for merchants. The vast majority of consumers willing to abandon the dollar in order keep their transactions private are those engaging in illicit or embarrassing actions. This is the central problem. To have a chance at becoming a mainstream currency, BitCoin needs to lose its reputation as money for drug dealers, gamblers and pornographers. But most people with a motivation to use BitCoin are the ones patronizing those industries. Now that’s what’s known as a fundamental problem.

Click here to read more from Motherboard.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023
    cross-border payments

    How to Implement Effective and Innovative Cross-Border Payment Strategies

    January 24, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix