This does not mean that Ripple, as a company, is doing nothing. If any banks are using cryptocurrency today, they are doing so in secret or only as a internal test. No bank today is making any use of XRP or any other cryptocurrency for widespread international bank to bank transfers. The answer to the above question, sadly, is a simple one. That’s the dream, anyway, but what is the real situation? Are any banks today using Ripple and its XRP cryptocurrency? Ripple in the real world The Ripple system would be largely invisible to the common user, and instead would be used to help move fiat value around the world nearly instantly. Those systems are peer-to-peer cryptocurrency exchanges, such as sending bitcoin from one person to another. It should also be noted that this concept is different than what other cryptocurrencies do. While not all details are available, the intended goal of the Ripple token and network was to act as a means of improving international bank transfers so that they could happen in seconds instead of weeks, and with significantly lower fees. This is where Ripple supposedly comes in. The end result? International bank transfers take many days if not weeks, don’t process on weekends, and are incredibly expensive and error-prone. This, of course, introduces more delays and fees. Worse, many of these transactions require an intermediary bank that banks 1 and 2 of our previous example equally trust. These systems are not inter-operable and require what is effectively translation at every step. Typically, international bank to bank transfers make use of various networks such as Swift or ACH to name just a few. And at each point, fees are incurred and errors can arise. Today, if you want to send funds from bank A in country 1 to bank B in country 2, there are a dizzying multitude of steps that must be completed. It wasn’t until 2012, however, that Ripple got involved in cryptocurrency specifically. The plan was to create what would eventually become the “Ripple payment protocol”. The goal of the project has always been to target banks, and more specifically, bank to bank transfers. Surprisingly, Ripple is somewhat of an older cryptocurrency project, with its roots stretching back to 2004 – before bitcoin was created.
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