very good post!!
I was wondering... Does anyone here have a preference between Stellar or Ripple to rule financial transactions in the not so far future?
I hear a lot of buzz over Ripple but I'm personally rooting for Stellar as is not as centralized like Ripple.
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I think that SOME banks will use Ripple for convenience until they have an insider token - isn't SWIFT already working on something ? Ripple may get a foot in with some banks, but I doubt they will be the THANG, certainly not for the duration. Banking business hates outsiders.
Lumens are not aimed at financial institutions, they're aimed at anybody. There's a project between IBM and some South Pacific island nations I believe, where they use Lumens for their intra payments. Everybody will tell you such arrangements are temporary, but Lumens are aimed at small businesses who could turn into a sort of Western Union stations using XLM... see what I mean ?
Ideally, everybody can use it.
So, Russia just proposed an "international crypto" for payments between countries.
These people will not use Bitcoin or Ripple for such purposes, that's delusional - they will generate their own, they want central control. They may adapt protocols and know how from one or the other coins or tokens, but they will use their own and so will the banks.
But that doesn't mean people cannot use something else among themselves, as long as it doesn't get outlawed outright, I can also envision smaller, not so liquid 3rd world nations use available tokens that are already on the market now.
In any case, Western Union is a legal business in most countries, why shouldn't Stellar Union be, or WU use Stellar, or the next door travel agency use it without WU - and so on ?
They might even want to use Ripple, but I somehow doubt that.
I really like the way you break it down.
We will certainly see more governments jump onto the blockchain to get more control of financial transactions that happen in and outside of their countries. Venezuela is also looking to create its own cryptocurrency.
Once they have their own cryptos, I would imagine that they would try to outlaw the use of other cryptos something that Stellar would be resistant to due to its decentralized nature.
Cryptocurrencies brought us a powerful tool to take control of our own finances without having to rely on banks or other middleman.
That alone is why I think Lumens will shine brighter then ever. Pun intended. 😛
My vote goes to Stellar (please don't take my word for it though).
It is more accessible to businesses and individuals, it is backed by a tech company (IBM) as opposed to financial institutions (BoA, Merrill Lynch), and the coin is actually used in the network.
Qash and Request Network also have teams with high prospects in this area, but ultimately for one of these to succeed the use-case will have to be the force driving the valuation of the coin.
We will have to wait and see.
In case you haven't heard, this is also coming up