Mar 14, 2019 09:30 UTC
Mar 14, 2019 at 09:30 UTC
Anthony Pompliano is a great cryptocurrency believer and does not miss a chance to show his Twitter followers how crypto is different from fiat. Recently, he was interacting with his followers trying to make them understand how crypto as an international payment portal is more efficient then fiat, both in terms of processing time and fee.
In his tweet, he included an infographic from blockdata.tech to throw some light on how long does it take to transfer money overseas through traditional payment portals.
CNBC “Crypto Trade” Host Jump Into Conversation
Ran NeNur who hosts the famous “Crypto Trader’ show on CNBC joined in the Pomp conversation to state that Ripple is even better payment option as it is faster than not just fiat but Bitcoin as well.
NeNur says that Ripple has done a ton of development on its platform to scale it better than the pioneers and it would definitely be the future of crypto payments.
The infographic shared by Pompliano shows various factors like the time taken by the traditional payment portals like Western Union to send funds overseas and the cost incurred by them.
The infographic shows the contrast in the two systems and that too a great one. While Bitcoin takes around 4680 seconds to complete a transaction, the traditional portals like Western Union take 4-5 days. The differnce is so stark that the comparison looks aloof. If we talk about the transaction fee, the story does not change much, while Bitcoin transaction would cost you a bare minimum, the traditional portal might make you regret your decision of using it, especially if you look at crypto portals.
Ripple is Even Faster Than Bitcoin
If you were amazed by looking at the speed of bitcoin, wait until you hear what Ripple is capable of. While Bitcoin takes around 4680 seconds to complete the transaction (which is fast!), Ripple would complete the same transaction in a mere 4 seconds!. Yep, that is no typo, and the transaction fee is even lower than that of Bitcoin.
The speed of Ripple has made it one of the most preferred crypto to be used in the banking sector. Hundreds of banks have already signed with the RippleNet network to use it in their banking sector to enhance the transaction speed and bring down the transaction fee.
However, Ripple has often been marred into controversy for the level of centralization that the crypto token has, in spite of that the Ripple has been intriguing both traditional as well as the crypto community.