Cross-border transactions usually took more than 5 days to be processed and validated. On the other hand, blockchain transactions are being processed 24 hours a day, every day so they process every transaction within seconds or minutes compared to the cross-border transactions.
Because the middleman is cut out, we can expect that the transaction costs would get even smaller. Because the blockchain is decentralized, we can be sure that no one can have control over one cryptocurrency.
Bitcoin and maybe even Ethereum are one of the currencies that possibly take the longest to process. That’s why we should take a look at Ripple and Litecoin. Both Bitcoin and Ethereum can process 10-20 transactions per second. This is happening due to the fact that both of them are very popular and people invest in them a lot, which doesn’t excuse the poor performance though. Ripple and Litecoin are processing transactions much faster and even for a lower cost. Ripple has a lot of partnerships with banks around the world and is connecting the centralized world with the decentralized one. They build their own software and make their own decisions. Also, they own their market shares which in this case are the banks that partner with Ripple.
Compared to Bitcoin, Litecoin can generate new blocks 4 times faster taking up to 2 minutes for the entire process to be completed. Ripple is even faster. Ripple can generate a new block in almost 4 seconds. Although ripple tends to win the hearts of totally different crowd than these three, it has proved itself that is very impressive. Ripple succeeded in offering fast transactions with very low fees and that is why it’s aiming to change the entire financial system.
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