Crypto Currency
By Kyle Franey:

How’s it going folks, just your average 19-year-old freshman in college here to give you financial advice. I know that you are very intrigued right now because of course I have all of the answers your wallet is looking for. Not really, but I do have some information to share with you that I find pretty valuable myself. Please note I’m just sharing some things I’ve learned and I’m not actually advising you to put your money anywhere, I’m no expert I’m just interested.

Now, I’m pretty sure by now everyone knows about Bitcoin and maybe even Ethereum. These are forms of what is known as crypto currency, a digital currency that some believe will one day be relied on as our only currency. Of course, if this does happen, it would most likely be very far off into the future, something probably none of us here now will be able to experience. Many people who don’t know too much about cryptocurrency believe it is worthless and based off this crazy belief that our American dollar will one day be worth nothing and we will rely on it. But what if I told you crypto already has a very powerful purpose in this world. 

Have a relative overseas? Let’s say one day your son goes off to a University in another country, and he spends all of his money. Now, you could wait and do it the old fashion way, which would take a few days to get through the entire foreign currency exchange process, or you could send him some crypto. The reason why crypto is so useful is because you can send money to anyone in the world within seconds and they will have instant access to it. Now let’s apply this to a larger scale, can you think of anyone who handles foreign currency exchange on a regular basis? Banks. Cryptocurrency will be a revolutionary tool for banks, and will save them a lot of time, and a lot of money in fees and other sorts of things. 

This is where my favorite cryptocurrency XRP comes into play. They are currently the third most traded crypto and I would say the most overlooked. You see, XRP is currently the only cryptocurrency that is owned by a company, Ripple Labs. The SEC has recently updated their regulations on cryptocurrency a few years back, stating that a crypto currency can have no owner. For this reason, Ripple has found themselves in court with SEC the past few weeks as they battle for their right to deem XRP as a cryptocurrency and not a security. A security is the equivalent to a share in the stock market, so if XRP was deemed a security, they would find themselves in even deeper trouble with the SEC because had been advertising themselves as a currency.

You’re probably wondering, why on earth is this your favorite crypto? It’s simply because this coin reeks of opportunity. Remember how I said SEC had just recently came out with the regulation of crypto in regard to ownership? Well, Ripple had released XRP years before that statement was announced, meaning we have found ourselves a loophole. If XRP wins this case, and with the information I just provided it is clear they should, they will draw large amounts of attention from not only investors but banks. You see XRP will have a company behind it to be constantly making improvements, for example it already has the fastest transaction rate of all cryptocurrencies, and it will only become faster.

I could go on forever, and I hope this didn’t sound like a bunch of words thrown together because I will admit I did have to rush this article. My goal for this again wasn’t to tell anyone what to do with their money, but just to spark some interest in the subject. I could go on forever about XRP, but I hope I could inspire some people to do some research of their own.