Bitcoin Forum
December 18, 2017, 11:23:29 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Recap of why Ripple is important and going to be truly big one day.  (Read 40 times)
cbreum
Full Member
***
Offline Offline

Activity: 129

Passionate software developer and crypto guy.


View Profile WWW
December 07, 2017, 03:27:09 PM
 #1

"A medieval banking system

Hawala is best described as money transmission without money movement, providing the appearance of instant remittance between separate locations; for example, sending money between different cities or countries.

In the basic case, say Alex wants to send money to Beth:

Alex goes to his local hawala agent and gives him some cash and a password, which he and Beth share.
The agent telephones Beth's local agent and tells him to release funds to someone who can provide the password.
Beth walks in to her agent, says the password, and receives cash. Commissions can be taken from either or both agents.


Note that money has been transmitted from Alex to Beth, but the physical notes have not moved. We are left in a situation where Alex's agent owes Beth's agent money.

They can either settle the debt later, or hope that there may be reverse transactions if other clients want to move money in the opposite direction.

Also note that trust is involved. In this scenario, there are three trust relationships:

Alex has to trust that his agent will do the right thing, as he is handing over cash.
Beth has to trust that her agent will do the right thing, as she is expecting to receive cash.
The agents need to trust each other over the repayment of the debt (IOUs).
Moving to Ripple

Now we can have websites or shops that perform the function of agents, and instead of agents phoning each other, we can communicate the IOUs electronically.

This is how Ripple works: Alex logs on to his preferred Ripple gateway, deposits money to it, and instructs them to release funds to Beth via her gateway. Beth collects her funds."

Read the whole article here: http://rimbit.dk/showthread.php?tid=661

For tracking my portfolio of cryptos I use the Easy Cryptocurrency Ticker app: https://play.google.com/store/apps/details?id=cbrdevelopment.com.easycryptocurrencyticker

I also discuss cryptos here: http://rimbit.dk
1513596209
Hero Member
*
Offline Offline

Posts: 1513596209

View Profile Personal Message (Offline)

Ignore
1513596209
Reply with quote  #2

1513596209
Report to moderator
1513596209
Hero Member
*
Offline Offline

Posts: 1513596209

View Profile Personal Message (Offline)

Ignore
1513596209
Reply with quote  #2

1513596209
Report to moderator
1513596209
Hero Member
*
Offline Offline

Posts: 1513596209

View Profile Personal Message (Offline)

Ignore
1513596209
Reply with quote  #2

1513596209
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513596209
Hero Member
*
Offline Offline

Posts: 1513596209

View Profile Personal Message (Offline)

Ignore
1513596209
Reply with quote  #2

1513596209
Report to moderator
1513596209
Hero Member
*
Offline Offline

Posts: 1513596209

View Profile Personal Message (Offline)

Ignore
1513596209
Reply with quote  #2

1513596209
Report to moderator
Nipperkin
Jr. Member
*
Offline Offline

Activity: 46


View Profile
December 07, 2017, 03:35:53 PM
 #2

lmao, ripple shills out today, watch out as they are desperate to stay relevant.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!