In her recent tweet, crypto influencer Amelie shared a video clip in which Ben Armstrong, a prominent figure in the crypto community, explains the unique features of XRP to Donald Trump Jr.
In the tweet, Amelie expressed her enthusiasm about the conversation by stating, “WOW! BEN ARMSTRONG EXPLAINS #XRP TO DONALD TRUMP JR: ‘XRP IS A NETWORK OF VALUE!” Armstrong’s explanation emphasized the transformative role that XRP can play in revolutionizing international banking, specifically in cross-border payments.
The SWIFT System vs. XRP
The video discussion centered on XRP’s technological advantages compared to traditional financial systems, particularly the SWIFT network, which has been the standard for international bank transfers.
Armstrong noted that while SWIFT is an established system for transmitting information globally between financial institutions, it has limitations when it comes to speed and efficiency.
He described SWIFT as a “network of information,” where the actual transaction processing and settlement are handled at the back end of individual banks. This structure often leads to significant delays, sometimes taking five to seven days to complete a cross-border transaction.
In contrast, Armstrong explained that XRP operates as a “network of value.” XRP’s infrastructure is designed to carry information and the actual value or asset being transferred, allowing it to streamline international payments. This distinction enables XRP to facilitate near-instantaneous settlement, a sharp improvement over the SWIFT system.
According to Armstrong, XRP’s system can complete transactions in “30 seconds,” a substantial improvement over the days-long process in traditional banking. He elaborated on XRP’s mission to change the global financial system by drastically reducing the time required for cross-border settlements.
Armstrong also pointed out that, like Bitcoin, XRP is part of a broader class of assets known as “networks of value,” which aim to enable more efficient and direct financial exchanges.
Public Reactions and Comparisons with Traditional Systems
Amelie’s tweet also received a response from a Twitter user, Joshua W. B., who compared the processing time of XRP to traditional stock sales.
Joshua acknowledged XRP’s speed advantage, noting that while XRP transactions may settle in around 30 seconds, this is still a vast improvement over the 48-hour waiting period commonly required for processing stock sales.
His comment reinforced Armstrong’s point that XRP offers a significant advantage over conventional financial systems based on speed and efficiency.
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XRP’s Potential to Disrupt the Financial Industry
Armstrong’s statements come at a time when XRP and other digital currencies are increasingly scrutinized for their potential impact on the financial industry. The XRP Ledger’s design prioritizes scalability and efficiency, making it particularly suitable for high-volume transactions across borders.
By targeting these specific use cases, XRP positions itself as a direct competitor to traditional payment infrastructures like SWIFT, aiming to address long-standing inefficiencies in the global banking system.
The video featuring Armstrong and Trump Jr. highlights a trend in which prominent voices in the crypto community are reaching out to public figures and influencers to raise awareness about blockchain technology and digital assets.
This is part of a broader strategy to foster public understanding and gain support for the crypto industry from influential sectors outside the traditional tech space.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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