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Cross-Border Remittance: Should You Use Ripple (XRP) Or Stellar (XLM)?

Cross-Border Remittance: Should You Use Ripple (XRP) or Stellar (XLM)?


Cross-Border Remittance: Should You Use Ripple (XRP) Or Stellar (XLM)?

Ripple (XRP) or Stellar (XLM) –Cryptographic currencies are moving out of their shells. The decentralized world might be dismayed with massive moves by crypto coins to have fiat adoptions.

The nail in the head is partnering with platforms that had hitherto been literally blacklisted by the blockchain technology as biased and selfish-oriented.

At the moment, there seems crypto war brewing and will soon escalate into full proportion. The technology behind Ripple and its coin, XRP is battling against closest arch-rival, Stellar that backs the coin, Stellar Lumens (XLM).

It remains to be seen how long the war will drag on but what is crystal clear is that one of the two will emerge winner. It will suffice to dabble into issues that pitched Ripple (XRP) and Stellar (XLM) against each other.

The Fight for Cross-Border Payments

Ripple (XRP) was launched in 2012 and had within six years made massive moves that had increased its market value – moves that had earned it the third place in market capitalization.

At the onset, Ripple (XRP) had been interested in making cross-border payments seamless. Haven done well in that regard, it became ironical that Stellar (XLM) had thrown its hat into the ring and sought to replace Ripple (XRP).

This move had perhaps informed XRP’s massive drive to have many platforms on its side to curtail seeming dominance Stellar (XLM) is bringing up.

Investors seem at a loss on which of the two coins should be used. Though many had pitched XLM against XRP, it would be unfair to rush into hasty conclusions without giving each side fair hearing. The undertone is that Ripple (XRP) was first initiated before Stellar (XLM) came on board.

However, this is not enough leverage and few insights into their functionality will put an end to arguments over the better between the two.

Stellar (XLM) set to Topple Ripple (XRP)

Throughout 2012 and 2013, Ripple (XRP) had dominated the arena of cross-border transactions. Its solutions seemed to have gone sour in the mouth of users after Stellar (XLM) was launched in 2014.

Since then, XLM had made moves to toss Ripple (XRP) away from the scene.

First, it had partnered IBM; a move analysts believed will give XLM the upper-hand in cross-border payments. The move was meant to be Stellar’s (XLM) input that will bring users that wanted a coin with fiat basis for their cross-border payment solutions.

Apart from this fact, Stellar (XLM) seems to work in accordance with the dictates of the blockchain technology – user-oriented governance.

The coin, XLM is channeled to help user have seamless payments across borders. When placed in contrast to Ripple’s XRP, it becomes crystal clear that XLM seems to have better chance at getting users.

Ripple (XRP) might be Better

Though Stellar (XLM) had succeeded in partnering reputable IBM and allowed end-users access to its coin, much remains to be seen how the larger population will transact with it.

For instance, Stellar (XLM) had prided itself as helping the unbanked population have access to payment solutions even without a bank account, it becomes ironical how such can be actualized. Banks still have some role to play and that is where Ripple (XRP) gets bullish.

Ripple (XRP) had been adopted by many financial platforms such as banks. These platforms had realized the threat an XRP payment might pose for them and had been quick to port some of their services to RippleNet; Ripple’s technology for cross-border payments.

Ripple (XRP) or Stellar (XLM): Observing The Similarities

The fight gets interesting here. Ripple (XRP) and Stellar (XLM) have common goals – making cross-border payments faster, decentralized and less costly. Both coins have shared founders. Jed McCaleb, one of Ripple’s (XRP) developers had been on the team that created Stellar (XLM).

Both coins do not require mining because of private nodes they’re composed of. The other similarity is there goal to make transactions faster and costly in addition to using the distributed ledger technology in making these possible.

Why Ripple (XRP) towers above Stellar (XLM)

So far, much hasn’t been seen on Stellar (XLM) in terms of ground-breaking partnerships. The coin seems to have limited key staff; a development that is contrast with Ripple’s (XRP) hi-tech members.

Ripple (XRP) is more than a cross-border payment solution but a strong tower in the crypto community; a fact that is replicated with its third spot on market cap. Though both coins can co-exist, Ripple (XRP) stands better chance in cross-border payments.

Perhaps the core reason why Stellar (XLM) lost out in the race to offer cross-border payments was its centralized formation. XLM was designed for use by end-users.

Ripple (XRP) on its part is open to all; banks have adopted its products such as xRapid and end-users are allowed to use the coin for international payments.

Hence, the argument on which of the coins is better for cross-border payments can now be put to rest. Except Stellar (XLM) improves on its network and brings other key members into its team, Ripple (XRP) will continue leading in cross-border transactions.

Isaac is currently taking his degree in journalism. His interest varies from Entertainment, Current Events, and Business Monetization. In his early years in the writing industry, he joined different online publication as a contributing writer. Today, he is now a full-time contributor to TODAY'S GAZETTE.

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