XRP’s Quest To Dethrone Banking Giants & Revolutionize Global Payments

Empowering Global Payments With XRP

Panosmek asserts that XRP is a potent adversary to established banking institutions. Blockchain and cryptocurrencies, he argues, are effectively dismantling the monopoly banks have held for decades. However, his focus narrows to global payments, highlighting the astonishing absence of a seamless international payments network, given the interconnectedness of today’s global economy.

Amidst this backdrop, XRP emerges as a powerful solution. Panosmek describes how the traditional financial system lacks interoperability between diverse networks. He draws attention to SWIFT, the globally popular money transfer system owned by major banks, which relies on correspondent banks as intermediaries. In this setup, money remains stagnant while only ledger entries change.

The co-founder points out that smaller banks depend on large players due to the impracticality of establishing direct relationships with numerous international banks. This reliance comes at a cost, with 99% of banks paying fees to a mere 1%, ultimately translating to higher charges for end customers.

Panosmek’s narrative spotlights Ripple and its cryptocurrency, XRP, as disruptors. It’s revolutionary potential lies in its role as a bridge currency for cross-border payments. By eliminating the need for pre-funded liquidity and intermediary banks, XRP streamlines the process while reducing costs. Furthermore, its universal, decentralized nature renders trust in intermediaries obsolete.

The tweets underscore the significance of the coin’s ability to facilitate instant settlement with actual value transfer. Institutions can hold their native currency and maintain an XRP account, minimizing intermediaries and associated costs. Panosmek points out the critical divergence between SWIFT’s data exchange model and Ripple’s value exchange paradigm.

The thread touches on the contentious legal battles and media criticism Ripple has faced, suggesting a concerted effort to stifle its disruptive potential. In contrast, XRP’s 11+ year track record of success and efficiency solidifies its role in empowering individuals and businesses to bypass intermediaries and assume control over their financial transactions.

Panosmek concludes with a call to action, emphasizing that the time has come to harness XRP’s capabilities for rebuilding financial infrastructure. The co-founder’s insights provide a unique perspective on the cryptocurrency landscape and its transformative power over traditional banking systems. 

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