How do cryptocurrencies increase the efficiency of transfers?
For a Brazilian company to do business in Japan, the normal thing is to open an account there and another in Brazil. When you transfer money, the notes do not physically leave here and go there: the bank here collects one amount, the bank from there delivers another and then the two agree. To honor these money orders, banks need to keep money at a standstill. They need to deal with inaccuracies in an operation that can take days – such as the change in currency prices during the transfer time. Therefore, moving values with blockchain is very attractive. With bitcoin, the operation takes between 10 and 20 minutes (and costs $ 3). With XRP, it’s even faster: 3 seconds, at a cost of $ 0.0011.
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