Anthony Pompliano makes it a habit to show his social media followers the differences between cryptocurrency and fiat money. He took to Twitter once again to display the difference in time and fees one would spend to send money abroad.
He sent out a tweet including a chart from blockdata.tech that displayed just how long it takes to send money overseas using traditional financial methods.
Bitcoin is cheaper & faster than the most popular remittance platforms. pic.twitter.com/i0gsWxcWMF
— Pomp ? (@APompliano) March 13, 2019
Then Ran Neuner, the host of CNBC’s “Crypto Trader” jumped into the conversation to let everyone know that Ripple’s XRP can move even faster and cheaper.
And XRP is faster and cheaper than Bitcoin… https://t.co/TB169Bzr85
— Ran NeuNer (@cryptomanran) March 13, 2019
The graphic shown in Pompliano’s tweet shows the cost in fees for users of traditional remittance platforms alongside various cryptocurrencies. The chart uses total seconds for emphasis. Seconds are used in the graphic to show just how stark the difference in transaction times are. Bitcoin takes only 4680 seconds on average to send funds while Western Union takes 3 to 5 days or 432000 seconds to complete a transaction. The WU transaction will also come tagged with a much astronomical fee when compared to Bitcoin.
Other popular remittance platforms such as Remitly and MoneyGram have similar transaction times. Even the fastest of the traditional remittance platforms still pales in comparison to Bitcoin and other cryptocurrency transactions.
Transfast sounds speedy, but it takes 2 to 4 days or 172800 seconds to complete an international.
If Bitcoin’s fees and transaction times make people’s heads turn, then Ripple is even more astounding. By using XRP you can turn that 4680-second wait into just 4 seconds. And the fees are minuscule even compared to Bitcoin.
Ripple is already starting to make headway in the international remittance industry. While investors and developers within the cryptocurrency community argue over the level of centralization or decentralization, bankers and other traditional financial leaders have taken notice of what Ripple can bring to the table.
The belief that XRP could soon be the most popular way to send funds around the world is picking up steam as blockchain becomes mainstream.