The XRP community argues that the SWIFT payment system, which has been used for many years in the traditional financial world, is getting old and XRP can replace it in global payments. XRP supporters say that the system offers significant advantages in terms of speed, low cost and efficiency. According to this view, the solutions offered by XRP can be a more advantageous alternative for banks and financial institutions.
SWIFT’s old and expensive
According to the XRP community, SWIFT is a slow and costly system. It may take days to complete international transactions between banks and high fees up to $ 50 per transaction. This creates a serious cost for businesses and individuals.
On the other hand, transactions with XRP can be completed in only 3-5 seconds and the transaction cost is at a low level of $ 0,0002. This advantage can enable XRP to adopt more in payment systems. Low trading costs of XRP can make the global financial system more accessible, especially by providing great savings in cross -border payments.
Liquidity and speed advantage
One of the biggest advantages of XRP is that it provides liquidity. In the SWIFT system, this capital can be released with XRP, while banks need to keep large amounts of money still. This can make the global financial system faster and more efficient.
In addition, the decentralized structure of XRP allows it to serve as a direct bridge between different currencies. Since intermediary institutions such as SWIFT are not needed, transactions become much faster and safer. XRP’s elimination of intermediaries in cross -border payments can create a significant transformation in international trade.
Safety and Regulation Process
The XRP community argues that the central structure of SWIFT causes security deficits. The stolen of 81 million dollars from Bangladesh Bank in 2016 questioned the security of this system. The XRP is considered to be safer because it is decentralized and block chain -based.
However, one of the biggest obstacles to the spread of XRP is regulations. The case process between the US Securities and the Stock Exchange Commission (SEC) and Ripple slows down the institutional adoption of XRP. However, if the case is positive, it is thought that XRP can spread rapidly in the financial world. In particular, Ripplenet’s increasing collaborations show that XRP can play a larger role in the future.
