Bitcoin Forum

Why do XRP proponents keep claiming that it's going to replace SWIFT for international transfers?

Do they think SWIFT is just going to sit idly by, while they watch another company steal their market share and run them out of business??

No. That's why they recently introduced "SWIFT Go", which can settle international transfers "quickly". How "quickly" is anyone's guess, but it might be fast enough to put up some stiff competition against XRP, making it an uphill battle for it to gain adoption, especially since the whole world already uses SWIFT, and banks will be reluctant to change.


https://www.swift.com/swift-go/en/what/

https://www.finextra.com/blogposting/23715/what-is-swift-go-and-why-is-it-so-innovative


Being an XRP holder myself since 2017, I'm concerned about this. Why does it seem that no one else is? Have they even heard of SWIFT Go?

Please enlighten me, if I'm missing something.

You should be glad that Ripplenet is already in a position to directly compete against a widely known payment system. I don't think it can surpass their market share but it's more than good enough that they continue to expand by partnering with more financial institutions. Swift Go may be innovative and may increase their user base but people still prefer having other options.

I think you knew exactly the answer. They are just shilling to boost the token valuation since it’s very common for crypto projects to exaggerate things and connect to big company name to share the spotlight.

Ripple doesn’t even close to swift in terms of the range of customers volume and usability. Ripple supporters including the team is well know for hyping their project ever since they launch this project. Expect more exaggeration coming this project. Why people keeps investing on this centralized project that use blockchain. It’s just same with bank.

So, in other words, XRP will just be a second-rate competitor to SWIFT Go?

There is a big difference between the number of transactions that the SWIFT system can process versus the number of transactions that the Ripple blockchain can process. SWIFT is not a financial institution and therefore it is different from Ripple as XRP is a product and has a market value and we can consider it as money or guarantees according to the definition but in the SWIFT system there is an average of 44.8 million messages daily

These lies come because banks are open to blockchain technology, which may be an alternative to SWIFT, and here we are talking about technology, not about EXR or any central or decentralized cryptocurrency.


https://www.investopedia.com/articles/personal-finance/050515/how-swift-system-works.asp

If only their network was fully decentralized, they would have an upper hand maybe or a unique advantage over SWIFT Go, but no they don't. I look at altcoins like XRP as just money making ventures for the whales and big institutions. Nothing else.

All the noise and shilling is because most of them are just bag holders and want it to go to $5, $10 0r $100 so that they can become millionaires or Billionaires. Not so many care about the use cases.
For example, how many people transact in XRP for payments vs. just trading it?

Agreed, but what about the difference between XRP and SWIFT Go?

If XRP doesn't have any advantages over SWIFT Go, then how is it going to take market share away from it, and how are the bag holders going to become millionaires and billionaires?

I think it depends on the people that would hold it and how the current customers of SWIFT would be utilizing it. It's a matter of two choices.

• People are just going to integrate SWIFT Go
• They want a different option

The first one could happen if they didn't have any problems with SWIFT and they want to continue to use it.
The second option, of course, is the one where they are not satisfied. I think that's the initial thing to see if the majority isn't satisfied with SWIFT or looking for better alternatives.

That's just going to be one of the things to consider.

Call that second-rate or whatever you want. Hopes for XRP's wider adoption is good but you also have to operate in reality. It's wishful thinking at this point that financial institutions will completely leave the traditional ways of doing things just to try something that's not accepted on a massive scale yet.

A lot of people have already accepted that BTC will never replace fiat and serve only as an alternative so I don't see why it's not okay for Ripplenet to become one.

From a cryptocurrency market standpoint, XRP is showing strong performance and is anticipated to sustain this trend in the upcoming months. I firmly hold the belief that nothing is beyond the realm of possibility, hence, we should avoid prematurely dismissing its potential. Similar to SWIFT's recognition among people, XRP is also well-known among crypto enthusiasts. It's crucial to acknowledge that XRP is gaining favorable traction in the market, establishing a positive reputation, and striving for increased adoption. Let's grant XRP additional time, as I firmly believe it will witness a significant surge in the months ahead but replacing the bank swift system is quite an uphill task in my opinion

AFAIK, Ripple came to prominence with their plans to replace swift for mode of transactions between banks. They even got into agreements with a few banks but this business part of Ripple didn't got much success. At the moment, Ripple is not in anyway a competitor to swift and that goes to any other crypto as well. Ripple has evolved much from that point (into XRP) but they again repeatedly failed to achieve most of their promises. There are better options even if our focus is just trading.

Why do you think that XRP wants to take a share of the SWIFT Go market? There is no connection between these two services and the similarities between them. It is like saying that Bitcoin is like gold, so it is not possible for Bitcoin to have a market capacity of up to $13.003 trillion!.

By bag holders, he means the whales that have millions of dollars in this currency, not the small investors.
It is difficult for XRP to reach $5 or $10 prices due to infinite supply.

Ripple is a lost cause as a swift alternative. It's not entirely decentralized in order to give it a point for that matter. It's neither privacy focused nor a completely transparent ledger. The delays related to swift payments are mostly due to the partner banks than it's digital capacity to initiate transactions. Ripple would face the same issues of taxes and source of incomes and it would be much difficult to produce the documents.
Cryptocurrency is and should be alternative to the banking system rather than trying to fit into them.

It's because it is a banker crypto if I'm not mistaken, and this is what I hear during the early days here. It is very quick and many like remittances company are going to used it as well the Ripple has partnered with them and other banks.

But I haven't follow it since like 2018, although I would agree that it's very quick, but the roadmap itself might have change course or just completely try to grow by working with banking institutions, hence it is touted to replace SWIFT.

Having the label of XRP as a payment system was already a good terms for any assets in the market today and despite all the FUD, XRP still managed to come back and overcome the huge obstacles which is the SEC case. Gladly they won that case that's why XRP is on the track again and for the Swift, it might be a good competition towards the future of payment system and it could be end of for partnerships or be a competition after all.

XRP holders have been delusional from the start, and there are so many holders that their echo chamber carries sort feeling of legitimacy, even if their ideas are delusional.

By the way, i didn't catch why any of this would be "potential threat to XRP". XRP was never going to replace Swift and no-one expect hardcore fans would even think that. XRP doesn't meet the regulatory standards for such a platform, and i am honestly baffled why they think it would replace SWIFT.

For the time being, it seems yes, but Ripple Labs will definitely develop their XRP networks to increase scalability, effectiveness and efficiency in XRP utilities, but yes they do not have time to increase their network because they deal with SEC so that they interfere with their concentration in network development.

But I am quite confident with XRP, because I also have XRP in my wallet, and have the hope that Swift indeed gets heavy competition from the existence of XRP, to determine that XRP can replace SwiftGo or not, I myself have not been able to predict it because of what is experienced By XRP itself today is less convincing with all its obstacles in the development of its network.

Haha, that’s really funny. Do you really think a banking system with century old traditional system who thrive upon modern changes, upgradations and continuous adoptions will just go off like that?
No man there is so many things when it comes to the SWIFT technology. XRP will never get approval for such transactions because they don’t have that kind of front end and back end.
If they are going to perform SWIFT like disbursal then it will be guarded by so many rules and regulations from every government and banking institution’s. I can’t just digest the facts written here. If this is the case then why not just peeps will use Bitcoin.

XRP transfer is almost an instant and I was been satisfied with that. And thinking about another project to become a competitor, I don't simply think that it will stop XRP from its business. In fact, they even survive the SEC, so I don't think they will give up because of such competition.

For me, SWIFT is not a threat to XRP and I will tell you that this really happens in business. But what worried by XRP supporters is the SEC's interventions about its progress.

This has been the main objective of XRP though, to be as competitive as other crypto, to be fast and quick. And I will say that Swift has the monopoly way before crypto was introduce and they don't have any competition.

But right now with the advent of crypto like XRP who focuses on banking transactions, it's going to be very different now. And perhaps Swift needs to adapt to the ever changing business. XRP though is taking advantage of everything here, they even partnered with Moneygram already if I'm not mistaken. So competition is going to be tough as far as cross border payments.

Isn't the supply of XRP capped at 100 billion? Still a large number, but not infinite.

They definitely are, and this is coming from an XRP holder. I've seen price predictions as absurd as "1 million usd" per XRP by "2030", although most crazy predictions don't exceed $50K by that date, LOL.

When I remind these people that market cap will preclude this outcome, they reflexively claim that "market cap doesn't matter in crypto". They say market cap is only the last price paid for XRP multiplied by the circulating supply. It doesn't mean that all the coins have been purchased at that price.

No, but it does mean that, in light of the massive supply of XRP, there likely won't be a shortage. So, this will act as a headwind on its price. The laws of supply and demand apply to every financial asset, including cryptocurrency.

By shilling to the newbies that do not have any much knowledge about crypto that XRP will be the future of crypto, that it will be the number one crypto coin etc. That's how. And when the newbies buy the coins due to FOMO making the price to rise, that's when the bag holders dump into them. Don't tell me you don't know how most crypto market of shitcoins millionaires/billionaires are made or work.

It is about telling the people around that competition comes and becomes tough. XRP has been here for so long and carried some issues but still survive. Meaning, XRP supporters had never given up and they continue supporting this project because honestly, we use to benefit from the cheap cost of transaction fees that we never experience in other projects. The goal of XRP is not to be the number one least, they also have the reason why still keeping alive and doing their job. So let this FOMO grow, we choose the right coin instead.

If you have been in crypto since 2017, then you should know that XRP replacing swift is synonymous to BTC trying to replace the banks and banking the unbanks, these were what people were using to defend bitcoin and the traditonal finances back then before the adoption changes and the institutional investors stepped into the game and now the picture is even clear than the way it was because then, it was one of the selling point to get people into liking bitcoin and also to motivates the holders. Perhaps XRP need to rebrand to improve the road map and make the project get more exposure and even the SEC hunting will reduce the negetive aspect of them.

In addition, if you have been a holder since 2017, I assume you are at lost up till now, if you have sold them and cut your loss and buy another coin from 2019 to now, you will by now be in a good profits or would have sold and left with your profits. Instead of waiting forever, why not restrategized and try that in prior to the next bull run or just diversify your portfolio instead depending on only XRP.

competition is fine, but honestly, but this isn't gonna bring doom towards XRP honestly, I think you are taking things seriously with the competition meanwhile both are entirely different thing, because simply put XRP is a cryptocurrency which gonna give ease of access for crypto holders, the one with asset in fiat in their bank accounts could use the swift go, i don't think anyone holding the coin should really sweat over it seriously.
as many have mentioned its just gonna like btc and fiat money i believe, both just gonna exists and give people chance to choose what will be perfect match for their needs.
so my point being, it wouldn't be as bad as you pictured it out to be.

XRP, SWIFT, and BTC might replace banks and other things, right? Like the internet supplanted letters. I get your point. It's like corporations with large money change the rules. A reason to buy BTC? I recall. Everyone was claiming "BTC is the future" and "traditional finance is so yesterday." How about XRP? I completely understand. Should they try something else? A new name? Like when stores redesign to attract customers. That SEC thing seems boring. Bad vibrations all around. Lets conclude with their 2017 holding. You should reconsider if you're in the red. Try some other flashy coins? Bet on everything. Not everything in one basket, right? Thanks for the advice.

Yeah! As long as their doing their job to promote and develop their platforms to the point that they are not left behind by their competitors, when it comes to competitions in the market, XRP is doing great job to stay at the top despite of their recent trouble with SEC and to makes things bright they are so far doing great job because they managed to survived all of that.