Will the SWIFT system ever be replaced by XRP?

[moneystery]

xrp will never replace swift function because swift is an institution that bridges transactions between banks globally and it has been running for a long time, and in any case xrp cannot replace their function even when they offer something that exceeds swift function. it's not about innovation and or whatever xrp brings, but about the credibility and trust built by swift. you can check their history and how the institution can spread throughout the world, surely you understand their reputation.

[shinratensei_]

banking and finance heavily depend on trust and XRP has had a lawsuit in the past, just think from the point of view of these bankers and big financial institutions, moving over to XRP from SWIFT is unnecessary risk that they gonna take and it can implicate many things, of course they won't risk it just to abandon the system that they've built for decades already. unless the scene of banking and finance changed dramatically and there's urgent need of better solution.

maybe it can be utilized for an alternative, since there are plenty of financial institutions already used XRP, such as Western Union as far as I know. if the integration of XRP could prove to be profitable for some of these financial institutions, then maybe XRP can start getting some adoptions.

[fikrett]

xrp will never replace swift function because swift is an institution that bridges transactions between banks globally and it has been running for a long time, and in any case xrp cannot replace their function even when they offer something that exceeds swift function. it's not about innovation and or whatever xrp brings, but about the credibility and trust built by swift. you can check their history and how the institution can spread throughout the world, surely you understand their reputation.

I do agree.
Why bother with XRP if there is a reliable and credible solution already?
The advantages should be bigger than their opposites, and for now, it's not like that, otherwise, it would happen.

[WeThePe0ple]

xrp will never replace swift function because swift is an institution that bridges transactions between banks globally and it has been running for a long time, and in any case xrp cannot replace their function even when they offer something that exceeds swift function. it's not about innovation and or whatever xrp brings, but about the credibility and trust built by swift. you can check their history and how the institution can spread throughout the world, surely you understand their reputation.

I do agree.
Why bother with XRP if there is a reliable and credible solution already?
The advantages should be bigger than their opposites, and for now, it's not like that, otherwise, it would happen.

Many economists expect the current financial system to collapse under the 35 trillion national debt, expanding at unstoppable speed like an avalanche that is coming. I wonder why people speak about reliability when inflation goes through the roof and you have to justify to a bank clerk why you want to cash out $4000 of your own money. I personally think that the next crash will be the end of the monetary system and the end of SWIFT, somewhere in the next 4 years. Most likely blamed on war, or a Trump presidency.

I think that big banking institutions like innovation, but they like to keep their power. For example the power to kick Russia out of the SWIFT system.
So while the leading powers in the banking industry may not want to lose that privilege, countries like Russia might be happy to build their own system.
I just read that XRP partnered with Hedera, which enables financial transactions 100x more energy efficiënt than VISA. In fact VISA is a part of their governing board.

I'm still excited about it. Time will tell

[justdimin]

I know that it's an old claim that XRP was going to replace SWIFT.
However I think that it's a false assumption to say that because it didn't happen in the last 5 years, it is bound to never happen.

Ripple has survived all court cases and is the only altcoin with regulatory clarity. Correct me if anything I am writing is wrong.
To me it makes sense that all these regulatory issues delayed the growth of XRP. But it seems evident to me that SWIFT is outdated, and eventually will have to be replaced by a crypto currency. SWIFT is slow and expensive. XRP seems to resolve a lot of these issues, but I think it is not the only competitor to replace SWIFT.

Swift is too huge to be replaced by anything right now, the only people who can replace it are the ones who built swift to begin with. Plus it doesn't have to be XRP, just because that company is trying to achieve that doesn't mean that they will, they have been found guilty of so many things and I do not think that any government would let a criminal to take over such a big part of the deal, unless they are bribed of course lol.

Banks do it the way they do it now and if they ever want to change it then banks will figure out a system of their own again and replace it with that. We need to realize that it is not XRP's reach to do something like this, it is going to be hard and very difficult to achieve something like this size, so lose your hopes about it becoming this big in the end.

[ekotyo24]

The statement that XRP lost its usefulness after the emergence of stablecoins is not completely accurate, but there are several points that can be understood from this perspective.
XRP (Ripple) is designed to facilitate cross-border transactions with low fees and high speed. Ripple's main focus is to be a solution for banks and financial institutions to overcome inefficiencies in the global payment system. In contrast, stablecoins are designed to offer price stability by tying their value to assets such as the US dollar, gold or other assets.

While stablecoins offer certain advantages, especially in terms of price stability, XRP still has an important role to play in the global payments ecosystem, especially when it comes to cross-border transactions.

[WillyAp]

decisive part is that a bank risks too much if they (the bank) switches to xrp.
Also due to the law suits still hanging over ripple.

[Abiky]

I know that it's an old claim that XRP was going to replace SWIFT.
However I think that it's a false assumption to say that because it didn't happen in the last 5 years, it is bound to never happen.

Ripple has survived all court cases and is the only altcoin with regulatory clarity. Correct me if anything I am writing is wrong.
To me it makes sense that all these regulatory issues delayed the growth of XRP. But it seems evident to me that SWIFT is outdated, and eventually will have to be replaced by a crypto currency. SWIFT is slow and expensive. XRP seems to resolve a lot of these issues, but I think it is not the only competitor to replace SWIFT.
However, I don't think those competitors have regulatory clarity. The CEO of Ripple stated to have many non disclosure agreements with banks all over the world. I don't know why so many people ignore this, and label XRP a dying altcoin. If XRP gets to replace SWIFT, I think it will happen overnight with the banks buying up all tokens before any of this information gets out.

I read this post in a YouTube comment. Can anyone tell me what is false about these logics?
The price prediction seems outrageous but I'm already happy with a 10x on my investment in the long run.

...

Some say that XRP lost its use case when stablecoins came into existence. I don't know if that is true

I think the world is not ready yet for a global blockchain network. SWIFT may be old, but it's still the most trusted network for international payments. The XRP Ledger is superior, but widely unproven. We can't know for sure how capable it'll be for day-to-day payments (scalability). Besides, Ripple (the company) will a hard time trying to please the regulators. Facebook came with a similar project (Libra/Diem) only to be taken down by the regulators.

In a stunning turn of events, SWIFT could adopt Blockchain tech for its own benefit and render XRP useless. Until then, we should expect XRP to remain a speculative cryptocurrency. At least, it's liked among many banks worldwide. If by any chance the XRP Ledger replaces SWIFT, market prices for XRP will skyrocket like crazy. Investing in it would be a gamble, based on past market performance. Who knows what will happen in the future?

[tygeade]

I think the world is not ready yet for a global blockchain network. SWIFT may be old, but it's still the most trusted network for international payments. The XRP Ledger is superior, but widely unproven. We can't know for sure how capable it'll be for day-to-day payments (scalability). Besides, Ripple (the company) will a hard time trying to please the regulators. Facebook came with a similar project (Libra/Diem) only to be taken down by the regulators.

In a stunning turn of events, SWIFT could adopt Blockchain tech for its own benefit and render XRP useless. Until then, we should expect XRP to remain a speculative cryptocurrency. At least, it's liked among many banks worldwide. If by any chance the XRP Ledger replaces SWIFT, market prices for XRP will skyrocket like crazy. Investing in it would be a gamble, based on past market performance. Who knows what will happen in the future?

The problem about replacing something like SWIFT is that people trust it and it works, so there is no reason to change it right now. I get that you may want to change stuff when they get old, but usually that's either when it breaks or you would have to come up with a much much better method. However, XRP isn't a much better option, in fact XRP is actually worse than SWIFT and I do not think that anyone would want to use it over swift, so why would they do it?

If one day there will be something that replaces SwIFT then it will be either because SWIFT isn't enough anymore and not working properly or it would be because they figured out some greater method. XRP investors would love to dream of a day like this but the bad news for them is that it is not going to happen and this isn't their future.

[WillyAp]

The problem about replacing something like SWIFT is that people trust it and it works, so there is no reason to change it right now. I

it is not the people who need to trust it. Its the banks who need to do that.
If I can decide what coin to use it'll be Litecoin. Of 25 clients maybe one wishes to try.

[WeThePe0ple]

I know that it's an old claim that XRP was going to replace SWIFT.
However I think that it's a false assumption to say that because it didn't happen in the last 5 years, it is bound to never happen.

Ripple has survived all court cases and is the only altcoin with regulatory clarity. Correct me if anything I am writing is wrong.
To me it makes sense that all these regulatory issues delayed the growth of XRP. But it seems evident to me that SWIFT is outdated, and eventually will have to be replaced by a crypto currency. SWIFT is slow and expensive. XRP seems to resolve a lot of these issues, but I think it is not the only competitor to replace SWIFT.
However, I don't think those competitors have regulatory clarity. The CEO of Ripple stated to have many non disclosure agreements with banks all over the world. I don't know why so many people ignore this, and label XRP a dying altcoin. If XRP gets to replace SWIFT, I think it will happen overnight with the banks buying up all tokens before any of this information gets out.

I read this post in a YouTube comment. Can anyone tell me what is false about these logics?
The price prediction seems outrageous but I'm already happy with a 10x on my investment in the long run.

...

Some say that XRP lost its use case when stablecoins came into existence. I don't know if that is true

I think the world is not ready yet for a global blockchain network. SWIFT may be old, but it's still the most trusted network for international payments. The XRP Ledger is superior, but widely unproven. We can't know for sure how capable it'll be for day-to-day payments (scalability). Besides, Ripple (the company) will a hard time trying to please the regulators. Facebook came with a similar project (Libra/Diem) only to be taken down by the regulators.

Like you said, not yet. But will it ever happen? I really think so.

The first question is "what would it take for something like SWIFT to be replaced?".

It will not happen voluntarily. I think the answer is that it takes the end of the current monetary system to occur. The last time such a crash happened was after WWII when the US dollar was set as the global world reserve currency.
I think we are very close to a complete reset. Not because I believe in crazy conspiracies, but because the 35 trillion dollar US national debt is like an avalanche at full speed, coming for all of us and it is already in sight. I think it will end with economic hardship, bank failures and hyperinflation. Basically 1929 all over again. There is footage of those bank runs.

For the big banks and governments to implement their desired digital surveillance state, it will take a lot of innovation.
I think eventually all of it will become blockchain based. Maybe not yet in the near future, but we will get there.
And I wonder if they could build their own blockchain completely behind closed doors, or they would have to use tech that is known to the public. I think the latter

In a stunning turn of events, SWIFT could adopt Blockchain tech for its own benefit and render XRP useless. Until then, we should expect XRP to remain a speculative cryptocurrency. At least, it's liked among many banks worldwide. If by any chance the XRP Ledger replaces SWIFT, market prices for XRP will skyrocket like crazy. Investing in it would be a gamble, based on past market performance. Who knows what will happen in the future?

Or it would adopt blockchain tech by integrating XRP in it.
I'd have to look into how the consensus mechanism works.
I don't know if banks could use XRP and still maintain their power

[Abiky]

Like you said, not yet. But will it ever happen? I really think so.

The first question is "what would it take for something like SWIFT to be replaced?".

It will not happen voluntarily. I think the answer is that it takes the end of the current monetary system to occur. The last time such a crash happened was after WWII when the US dollar was set as the global world reserve currency.
I think we are very close to a complete reset. Not because I believe in crazy conspiracies, but because the 35 trillion dollar US national debt is like an avalanche at full speed, coming for all of us and it is already in sight. I think it will end with economic hardship, bank failures and hyperinflation. Basically 1929 all over again. There is footage of those bank runs.

For the big banks and governments to implement their desired digital surveillance state, it will take a lot of innovation.
I think eventually all of it will become blockchain based. Maybe not yet in the near future, but we will get there.
And I wonder if they could build their own blockchain completely behind closed doors, or they would have to use tech that is known to the public. I think the latter

Of course. Why "reinvent the wheel" by making a new Blockchain from scratch? It makes sense to use an existing Blockchain ledger for governments and central banks' own benefit. Will it be XRP? Considering that it's centralized, there's a high chance XRP will replace SWIFT in the future. Everything will depend on how favorably the regulators view this. If they give the "green light", then the XRP Ledger would be on a path towards becoming the largest payments system in the future.

Most likely, market prices will boom as a result of increased demand. One can only imagine what will happen in the long run. If XRP fails, then another project will take its place. Perhaps, SWIFT will adopt Blockchain tech to avoid getting left behind in the dust? The suspense is "killing me".

[FortuneFollower]

The problem about replacing something like SWIFT is that people trust it and it works, so there is no reason to change it right now. I

it is not the people who need to trust it. Its the banks who need to do that.
If I can decide what coin to use it'll be Litecoin. Of 25 clients maybe one wishes to try.

Yeah, as many said out there - why create something that's already reliable and proven with time?
Too much risk to handle.

[WillyAp]

Will it be XRP? Considering that it's centralized, there's a high chance XRP will replace SWIFT in the future. Everything will depend on how favorably the regulators view this. If they give the "green light", then the XRP Ledger would be on a path towards becoming the largest payments system in the future.

Swift is already working on a new system under BIS. BIS being the central banking institution, the bank of international settlements.
https://www.bis.org/

I don't think that Ripple should try to replace swift, rather it should aim for the corporate sector.
The corporate sector is much more interested in seamless money transfer with little loss and a guarantee to get fund back if an error happened.

[Abiky]

Swift is already working on a new system under BIS. BIS being the central banking institution, the bank of international settlements.
https://www.bis.org/

I don't think that Ripple should try to replace swift, rather it should aim for the corporate sector.
The corporate sector is much more interested in seamless money transfer with little loss and a guarantee to get fund back if an error happened.

But is it powered by Blockchain? I've checked the website, but there is no mention of Blockchain or Distributed Ledger Tech (DLT) whatsoever. Maybe I'm missing something? Without Blockchain, SWIFT would be unable to cut costs and reduce wait times. Not to mention, it will be missing all of the tech's security benefits. If Ripple promotes the XRP Ledger well, banks will adopt it for international payments at a large scale. This means reduced market share/dominance for SWIFT.

Either SWIFT embraces the revolution or gets left behind in the dust. Worse case scenario, Ripple makes a partnership with SWIFT and the XRPL gets used for international settlements between banks in their preferred currency of choice. All without dealing with regulators or even having to close up shop for good (in the case of SWIFT). This would only happen if banks are serious in using the XRPL. I mean, why not make a private blockchain of their own? XRP's future is unpredictable, so anything's possible.

[CTM_Marketing]

Swift is already working on a new system under BIS. BIS being the central banking institution, the bank of international settlements.
https://www.bis.org/

I don't think that Ripple should try to replace swift, rather it should aim for the corporate sector.
The corporate sector is much more interested in seamless money transfer with little loss and a guarantee to get fund back if an error happened.

But is it powered by Blockchain? I've checked the website, but there is no mention of Blockchain or Distributed Ledger Tech (DLT) whatsoever. Maybe I'm missing something? Without Blockchain, SWIFT would be unable to cut costs and reduce wait times. Not to mention, it will be missing all of the tech's security benefits. If Ripple promotes the XRP Ledger well, banks will adopt it for international payments at a large scale. This means reduced market share/dominance for SWIFT.

Either SWIFT embraces the revolution or gets left behind in the dust. Worse case scenario, Ripple makes a partnership with SWIFT and the XRPL gets used for international settlements between banks in their preferred currency of choice. All without dealing with regulators or even having to close up shop for good (in the case of SWIFT). This would only happen if banks are serious in using the XRPL. I mean, why not make a private blockchain of their own? XRP's future is unpredictable, so anything's possible.

All bankers like to count money, so everything depends on the cost of the network and on the costs of its launch and maintenance. Although more and more attention is now being paid to cryptocurrencies, many believe that cryptocurrencies are the future.

[WillyAp]

All bankers like to count money, so everything depends on the cost of the network and on the costs of its launch and maintenance. Although more and more attention is now being paid to cryptocurrencies, many believe that cryptocurrencies are the future.

Cryptocurrencies are the future for some. So far a few million crypto friendly humans.
Crypto being a bubble in the sense that there are many who hodle and only a few who actually work with it.
Crypto lending is one of the few spots where the technique shines and that without regulation.

I lost some 10c staking some alts.

[john_egbert]

All bankers like to count money, so everything depends on the cost of the network and on the costs of its launch and maintenance. Although more and more attention is now being paid to cryptocurrencies, many believe that cryptocurrencies are the future.

Cryptocurrencies are the future for some. So far a few million crypto friendly humans.
Crypto being a bubble in the sense that there are many who hodle and only a few who actually work with it.
Crypto lending is one of the few spots where the technique shines and that without regulation.

I lost some 10c staking some alts.

10c... What does that mean? 

[WillyAp]

10c... What does that mean? 

10 Cent worth of a coin some 100 t of an altcoin in staking. The company did not pay.

[Abiky]

All bankers like to count money, so everything depends on the cost of the network and on the costs of its launch and maintenance. Although more and more attention is now being paid to cryptocurrencies, many believe that cryptocurrencies are the future.

Crypto is the future. Even banks have shown interest in it. Especially the tech underpinning crypto (which is Blockchain tech). At the time of this writing, there are plenty of banks who have a strong partnership with Ripple. Some of them have even tested XRP for B2B (Bank to Bank) transfers. Would you imagine the XRP Ledger being used at a large scale for cross-border payments? It would prove to be more cost-efficient, faster, and secure than the outdated SWIFT system.

What's keeping SWIFT alive is none other than "trust" among major banks in the world. Ripple's XRP, on the other hand, is relatively new to the world. To build up trust, Ripple needs to prove it's the ideal replacement of SWIFT. Slowly, but surely it will get there. Assuming SWIFT doesn't adopt Blockchain tech and US regulators treat Ripple nicely. We can't predict the future, so I'd hope for the best.