What's up YouTube it's your boy PK911! Alright, so I wanted to ask you this question Should you support coinbase if coinbase supports ripple

Now let's get into it Alright, just so you know CEO Brian Armstrong he's the CEO of coinbase so let's read this article from etheriumworld newscom "Earlier last month CEO Brian Armstrong told media that there would be more altcoins coming to the exchange in the new year Now it seems that Ripple could be one of them, the prospect backed by a video from a self-proclaimed crypto insider

XRP has a number of advantages over Bitcoin primarily it's faster transaction speed and lower fees" BTC is notoriously slow and expensive to use with transaction verification is often taking hours and fees being as high as $25 XRP is a lot faster and cheaper Alright so there's a hint of sarcasm in that and that's because that's not a 100% accurate statement Now the part that is accurate in my opinion is that CEO Brian Armstrong said the more altcoins are coming to the exchange and that there is an insider that's saying that it's Ripple and we've heard it from multiple places multiple people are saying that ripple is a new coin coming to coinbase

But just so we're accurate in everything I tell you I want to point out this this article from Mashablecom and it's talking about what is Ripple what is XRP "XRP are not intended to be money in and of themselves said Pierre Rochard a software engineer and cryptocurrency expert They're more like a gift card or token at Dave and Buster to use the arcade machines Ripple created XRP to seamlessly pay transaction fees between financial institutions allowing funds to be promptly transferred between banks that have agreed to use this service

A transaction can happen at astonishing speed in a few seconds Okay so what I wanted to point out was this This article's comparison comparison of Bitcoin to Ripple it's not an accurate comparison because they are very different Ripple was created for the financial institutions Bitcoin was created for the mass, for us, for people like you and I You will never go to to a Starbucks and pay for your mocha frappuccino with a Ripple token that's just never gonna happen so not a fair comparison

But now getting back to our most important subjectshould you be supporting coinbase Now let's go to this article and this article "Could Coinbase send Ripple to the moon" and it was on the bitcoinist

com All right "Ripple has already made huge moves in the past couple of weeks Pumped largely by news of greater acceptance by banks and credit card companies At the time of writing it had surpassed Etherium by market capitalization and is the second largest cryptocurrency with 87 billion dollars XRP surged to an all-time high of $280 on December 30th and is still trading high at $2

25 today Now just for accuracy actually today ripple is sitting at 120 billion dollars and $312 a token Now let's go to the questionshould you be supporting Coinbase when Coinbase is supporting Ripple Now the reason I'm asking that question is this, Ripple was designed for financial institutions Its main use and, there are multiple other uses, but its main use is to reduce the fees and time it takes to transfer money internationally So if you have a credit union in San Francisco and you're transferring money to a credit union in Rome both of those credit unions are so small that they probably don't have a direct relationship with each other they probably don't have a direct fund sitting in each other's banks so in order to transfer money from one to the other they have to use other banks to play the middleman

All right and now what I mean by that is typically you have three to four banks that are gonna sit in between and so your SanFrancisco bank or credit union transfers money to another bank, that bank transfers to another bank, that transfers to another bank, that transfers to another bank, that transfers to the to the bank in Rome But with every single one of those those those transfers the amount of time it takes for that money to get from San Francisco to Rome goes up and the amount of fees included goes up Now here's the beauty of Ripple, Ripple creates a token that's used between those banks and is using the blockchain it kind of verifies funds are there and so what used to take five to seven days now takes five to seven seconds Now here's my reason why I do not support Ripple as a whole In an earlier video I said you should buy it

As an average Joe trying or Jolene trying to make it in this world I believe, like I said in that video, Ripple will see numbers this year as high as $5 to $10 so at $312 I still think it's a good buy it's starting to get to the edge of being a good buy but I still think it's a good buy Do I think it's a good hold? No, not at all and I think once you've made your money off of it, and you may have to use Coinbase to do that, once you've made your money off of it you need to get out and here's why Potentially Ripple is gonna save hundreds of billions of dollars in fees for the banks hundreds of billions of dollars Now my personal belief is this what banks are gonna say to us, the end consumer, is that yes you're paying a fee right now and it takes five to seven days well we have all these other fees that we have to pay in order to get your money there so you have to pay part of that fee as well

That's gonna be going with Ripple so what they're gonna now say to us is this, all right we're not gonna take your fee away but what did take five to seven days now takes five to seven seconds so you should be paying for that convenience and that's the problem The bank's more than likely because they've proven this over and over again in history they're more than likely not gonna, you know that hundreds and hundreds of billions of dollars they save, their not gonna pass that on to us We're not gonna feel any of that so I do not support Ripple as a coin I support it as a temporary investment I do believe that it is still a good buy right now

I am NOT, as usual I say I am NOT your financial adviser Do your own research and then make your own decision and be it good or bad you have to live with it But I still believe it's a good buy but I do not believe it's a good hold because I do not believe in what it does I do not believe anything that's so that solely supports financial institutions is something that someone who supports cryptocurrency should be investing in long term because it is the exact opposite of cryptocurrency So with that being said, if you can't support Ripple long term you should not be supporting Coinbase long term because they're supporting this thing that directly supports financial institutions

You may agree or disagree with me, understand this is just my opinion, but I truly believe that there are enough good exchanges out there that you don't have to go with this one and other exchanges are gonna support Ripple as well but I just I feel like Coinbase is gonna be the exchange for the super-wealthy that's where they're gonna end up going when they want to dabble in a cryptocurrency so I have a hard time supporting them long term I mean I've already opened an account at Gemini So anyways that's it for me PK911 If you like what I've told you definitely please like the video Share it If you haven't subscribed please subscribe and here's why I want you to subscribe

In this crazy universe we call cryptocurrency that's brand new to the vast majority of us we need as much information as we can get I want to be one of your sources for information I want to be one of those people you go to when you're trying to get reliable trustworthy information So without questions subscribe, tell your friends about me, and I greatly greatly appreciate it and as usual the very best to each and every one of you and thank you for taking time to listen to me