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Long Island College Hospital School of Nursing ​hey there how's it going guys welcome back to another crypto video and we made a video two days ago about ripple and it got a lot of good attention we got a lot of likes and comments and new subscribers I want to say hey to all the new subscribers thanks for joining us and also I just want to say if you guys just clicked in go ahead and click subscribe right now before we even get started we're doing another ripple video we're gonna do ripple decoded if we did a ripple video two days ago and you guys really liked it everyone had a good I have some good opinions had some good information to drop and I also felt like maybe there was a little bit of confusion about how the ripple system works with X Current and X rapid and what those systems look like integrated into the current financial banking system so we decided to do a video today on ripple decoded how it will hit any of the figures and why it will happen so before we even get started with the breakdown of ripple decoded we're gonna head right into a little ketchup on after all this ripple can go only one way up it's been an eventful week for a lot of the major crypto currencies and this article goes into detail about what these things mean for ripple it covers a lot of the information that we've already presented in our last ripple video with the deal with the Saudi Arabia central bank which is the first deal a four billion dollar deal the first of its kind for any blockchain really big news ripple nets China Lane Lane International the international ecommerce company all this news next RP gets the nod for listening on Japan's SBI virtual currencies all this we've already covered but this article suggesting all these things lead to a really strong looking ripple coin but there's still some confusion on how the X current system because you can see here the banks right here are agreeing to use ripples X current system especially lane line and other major banks like 100 other banks are using the X current system so what does that mean for what does that mean for x RP holders crypto x RP enthusiasts let's look let's go through bitch and guys we're gonna do this diagram for you on how ripple works with the ex current and ex rapid system but I want you to be patient with me I've definitely I'm still learning so if you have any advice or insights and you want to drop some knowledge in the comments please go ahead and do so thanks a bunch let's jump right in alright so before we have to before we do the breakdown for the ex current and ex rapid system first we need to look at the current financial system if I wanted to send money across borders to a different currency to my friend so let's say this is Bob Bob wants to send money to Frank and Frank once the money he's innocent he's all about it he's like yo send me that money bro so he decides to send it to him even if he has like a modern banking app a simple modern banking app he tries to send it to him it could take three to five days and this is a really fast estimate it could take longer it could take up to a week or two weeks to send this across borders so what actually happens when I first send when Bob tries to send money to Frank first even if Bob's using his mobile banking app he's using the app so it's part of the bank so the bank itself is as a send the money to Frank's bank but it can't send it directly to Frank's bank it has to have an intermediary where this is like an Oscar or Vostro account where the money is held big piles of cash sitting around waiting to be you know tribute value to or moved so these exchanges basically holding all this cash this intermediary is called it they like ring him up like yo bro we want you know Bob wants to send Frank some money and this is the same even if the bank wants to send another bank some money that this is even in the scheme of banks sending banks money this is how it works right now the banks I have an intermediary and they you know set up the exchange through usually a agreed-upon store value which happens to be the US dollar most the time and they say okay well you know you want to send money the Frank want to send money Bob the bank's gonna contact the intermediary and they need to exchange and they're gonna extend it to Frank it takes you know maybe three to five days is a fast estimate it's not big deal that's great you know but I could send Bob our pockets in Frank a text message or a video you know like right now it takes one second so why does it take three five days to do this this process is financial exchange so the XRP decided you know what we're gonna fix this and this is their they decide to develop this is the ex current solution this is the solution that hundreds of banks have already jumped into and that you can see them introducing right now after the test phases what does X current do though how is this work it's not X R P X current is more like X CP so it's the X current protocol now instead of the bank's having to wait three to five days the X current protocol basically has access to all three of these banks funds and if the banks or if Bob wants to send money Frank if any one exchange wants to happen the X current freezes all three of these funds it freezes them checks them all everyone checks the list and says yes we agree on this transaction and then it happens within like a minute or two it says maybe seconds but I would think maybe that minute or two for everyone to agree on the security layer that they want the exchange to take place and then it happens so X current solves the
solution for the banks the banks now have a very quick cross-border payment solution but that's X current it has nothing to do with XRP the digital asset that we are holding value in in crypto currencies if they're even debatable if it's called cryptocurrency not here or there so here we have the X current system this is how it works it's pretty legit people like it banks like it it's solving a twenty seven trillion dollar problem but this again is X current it's not X RP so the solution is great but how does that bus it doesn't it doesn't at all but here's the thing there is the X Rapids solution the X rapid solution is XRP if you if you wonder like well how does x RP get used by the banks well X RP is actually the X rapid protocol is actually the X current system with the addition of x RP the x RP the token and well then you'd say well why is the x RP token added in the X rapid system what's what's the change what's the benefit so here we have the x RP token it's gonna be over here in blue and it's completely separate then hide it Oh logo it's completely separate that from the X current system this xrp over here ranking in blue because it's literally a completely separate this is what you and I are playing with this is what you and I are buying and speculating on going to a bunch to going to trillions of dollars but how would it go there where is it going to go or how would it get there that's what everyone's thinking so XRP right now is just completely separate from this entire system except for there's a switch right here where X current could just become X rapid overnight but that switch is not going to be flipped until everyone agrees that they want to replace X RP with the international store value right now we use is the US dollar so this is dangerous for the US economy for one but it's also dangerous just for the world economy because of this if this transition is what they're aiming for let's look at this instead of as soon as the X rapid system is agreed upon basically the introduction of X R P to the X current system is just changing the store of value of this these cash piles that we all have to this token but what does that mean that creates this token as a centralized financial authority and I originally was in a draw like all kinds of extensions from here like you know bitcoins over there governments are over there another chain consumers are another chain banks for another chain everyone's now having to be forced through this because it's replaced the US dollar which maybe he's good I mean the US dollar is already pretty you know volatile and it's owned it as far as inflation and depreciation of value and as far as like manipulation by financial administrators but what does this mean if this switch is flipped once the banks are comfortable with X current and they think like this is great we like it what happens if the US dollar is no longer the preferred store of value and they replace it with X R P if they agree that that's a choice that they want to take they flip the switch X current becomes X rapid and so then introducing the exponent system was almost guaranteed a necessity for them to convince the banks to join this system and here you and I are up here in this little red bar graph you and I are up in this little red box riding the wave of spec investments because everyone thinks XRP is going to go somewhere but it has to be it has to be replacing the world value the world store value so it's really seeking to become like the first international world coin and if xrp comes the very first international world coin as a store value then everyone will switch to it the ex current system won't even exist anymore it'll just be another transitional phase 4x rapid the XRP protocol to be the center of the financial system and that would be basically the transition we're betting on for trillions of dollars to arrive in XRP and so you and I are up here in that little red bar graph we're completely separate from all of this happening but we still think X our P's the money because we think that banks are going to won like the X current solution and then agree eventually that X RP is a good store value that's pretty much it that's how you get Bob at the end of the day can send Frank money in a few seconds and that's how much you pretty much any of the digital coins can work and and here's an interesting thing too is now that we've approached the end of this video and we're thinking about great this is how XRP works this is great for bankers right because it saves them money but you and I we already have a pretty decent you know ability to send each other money through the cash app and through the PayPal and all those things and so the fees they might be great for us too we could save a few you know a few cents here and there and that's exciting for us for you and me for Bob and Frank to be able to send money to each other quickly with less fees but what does it mean for the four billion unbanked and that's a term you hear a lot when you think about crypto currencies because for original originally for a little while the term meant the potential for these people who don't have a bank account and probably will never will to find a store value in something just as simple as like holding value on their phone and originally one of the first cryptocurrencies to really take off and really give a demonstration to the financial systems what potential it held was this this a mess coin that wasn't even meant to be used as a store of value but you could actually send you could text each other minutes like a value of minute and so in South Africa this store value became like a currency then sending each other minutes on their phones as an exchange of value so they're already doing this just by necessity and you know necessity is the mother of invention so really the the quickest ability the quickest currency to not necessarily move over for the banks will be number one I think the quickest one that gives access to the four billion unbanked and provides a safe store value with ease of use will be the first one so that might not be XRP you know that might be any of the other coins it might be Bitcoin cash it might be cardio it might be Bitcoin core which is just Bitcoin and that's the
that's the thing is the XRP system doesn't really address a lot of this they don't say there's all information with them saying that they are trying to provide banking to the unbanked that's not their interest their bank their banking with the bankers and that's the danger really if you like a ripple so I'll try and do my best to break it down for you guys and I might not understand it as well as I should so if you know some errors I made go ahead drop some comments tell me what's up if you learned a lot go ahead and like and comment and say thanks or share this video with your friends if they want to know how X R P and X current solutions work with each other this is again something I made just because I felt like it was important you guys to look at how these things work and I wanted to do my best to share this knowledge I did read a couple articles which I'll drop in the description window if you guys want to look at all the information I use to drop to add this to create this diagram and also the white paper we'll put in the description window as well if you haven't already purchased ripple it's pretty easy to sign up for finance there's a link in the description you can go to the basic exchange right here this is a basic window and you can just go from your BTC window if you send Bitcoin over just type in X R P and it comes up and you can literally place a buy right now and buy a hundred and thirty-four XRP for about point zero one three eight one bitcoins so it's down a little bit today a dollar and ten cents not bad that's about it jump into finance if you want to buy some ripple out of dollar and ten cents it's not a bad deal thanks guys for watching this video I appreciate you making it this far don't forget to subscribe if you haven't already click the like button to like this video and show your support as always guys thanks a bunch and have a great day till I see you next time [Applause] [Music] New York Theological Seminary.
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