Jump to content
Dario_o

SBI VC: 1 week planned maintenance. Are they going to open?

Recommended Posts

Quite a bit of information if you dig around, this is from the FAQ section - note the only 'virtual currency' they specifically talk about is XRP!

 

What is a virtual currency?

A virtual currency can be used as a consideration for goods or services through the Internet or exchanged through legal currencies such as "yen" or "dollar" through exchanges. 
There are many kinds of virtual currency such as "bit coin", "XRP", "bit coin cache", etc. Currently there are more than 1,000 virtual currencies in the world.

What is the difference between "yen" and "dollar"?

Legal currencies such as "yen" and "dollar" have entities such as bank notes and coins, but since the virtual currency is cryptographic data, there is no real entity. 
Unlike the legal currency, there is no public issuer such as the central bank, the Bank of Japan, there are administrators, it is a big feature.

Why are virtual currencies paying attention?

From the structure of virtual currency, attention is being paid to expanding the use of technology and expanding usage scenes.

1. Common to the world

Exchange in the dollar is necessary to use the yen in the US, but the virtual currency has common value in the world and can be used anywhere as it is. 
It is said that the value of the virtual currency is hard to be affected even if the statutory currency suddenly inflates due to excessive issuance and the value of the legal currency falls. There are no borders in virtual currency trading.

2. Costs of settlement and remittance are low, and it takes less time

The virtual currency does not require exchange costs such as exchanging yen for dollars. 
Also, in order to remit legal tender overseas, it is necessary to remit through multiple bases storing legal currency, it will cost commission cost as well as time, but the virtual currency, which is cryptographic data, also has commission cost Time can also be drastically reduced. Also, because there is no substance in the virtual currency, storage cost is not necessary.

Invest in virtual currency

Various types of virtual currencies have their own mechanisms and features, and there are differences in usage. 
If demand and usage expand, the value of virtual value will rise. 
The investment in the virtual currency can be aimed at the rising price in anticipation of the rise and in the case where the price fluctuation is large, you can aim at the profit in the short term trading. However, depending on circumstances price movements are also intense, so please pay attention to transaction risk.

SBI Virtual Currencyse will provide customers with services that maximize the possibilities of virtual currency by expanding the services that make use of the types of handling currency and the unique advantages of virtual currency.

About individual virtual currencies

XRP

XRP is a virtual currency developed by Ripple (USA), USA. 
XRP was designed to provide on-demand liquidity as a bridge currency between statutory currencies in the remittance of financial institutions. As a result, financial institutions are said to be able to widen the reach of remittances globally while significantly lowering liquidity costs than before.

nameXRP (XRP)

Currency unitXRP

Property record mediumXRP Ledger

How to issue100 billion XRP issued at the time of the launch of the 2012 network in 2012

risk

Value fluctuation risk:

Loss may be caused by a large fluctuation in the price of the virtual currency. 
Also, as the price fluctuates rapidly, there is a possibility that you can not trade at the price you want.

Risk of cyber attacks:

XRP Ledger, an open source distributed network, can be a target for cyber attacks. At the present time, as a result of code improvement efforts to counter cyber attacks, cyber attacks such as code base changes and loss of XRP have not occurred.

Liquidity risk:

There is a risk that the order will be biased toward either selling or buying, and the transaction will not be established.

Risks of validators:

If the trusting validator collides against the will, the ledger and data may be altered.

Risk of software malfunction:

It is impossible to deny the possibility that problems of software cause problems. At Ripple, we perform elaborate QA before the new version is updated, minimizing the possibility of trouble. XRP Ledger has updated the ledger without experiencing major problems such as fork more than 29 million times before.

Share this post


Link to post
Share on other sites

I think Sbi vc was relevant for XRP back in times 2017... But now we have london based exchange LMAX for FI, 4 trillion traded every year. Gemini as well that i s linked to Nasdaq, and more relevant exchanges. SBI vc is good for the the 61 banks consortium in Japan, its more trusted exchange because they are working together.

If they adopt XRapid and decide to remove their Nostro/Vostro accounts, they have a trusted exchange for liquidity. In short term SBI VC exchange will not impact the price of XRP that much. In the long run, its game changer in the region. 

Please correct me if I am wrong. 

Share this post


Link to post
Share on other sites
2 minutes ago, Javim777 said:

I think Sbi vc was relevant for XRP back in times 2017... But now we have london based exchange LMAX for FI, 4 trillion traded every year. Gemini as well that i s linked to Nasdaq, and more relevant exchanges. SBI vc is good for the the 61 banks consortium in Japan, its more trusted exchange because they are working together.

If they adopt XRapid and decide to remove their Nostro/Vostro accounts, they have a trusted exchange for liquidity. In short term SBI VC exchange will not impact the price of XRP that much. In the long run, its game changer in the region. 

Please correct me if I am wrong. 

Does lmax offer instant bank deposits from fiat to XRP? If that's the case, you may be right, but I somehow doubt it does since I've barely even heard about lmax. SBI VC will allow instant deposits from many different fiat to xrp pairs and it will boost the liqudity a ton, as it is both retail and institutional money flowing, unlike coinbase which is just for retail customers.

Share this post


Link to post
Share on other sites

I honestly did not expect SBI to be this close to launching on day 1 of the summer. Furthermore, I've been cautiously optimistic about their claim that XRP would be the only digital currency at launch. I'm pleasantly surprised that they're actually coming through on there promises. Time to shut up the naysayers!

Share this post


Link to post
Share on other sites
7 minutes ago, Annern said:

Does lmax offer instant bank deposits from fiat to XRP? If that's the case, you may be right, but I somehow doubt it does since I've barely even heard about lmax. SBI VC will allow instant deposits from many different fiat to xrp pairs and it will boost the liqudity a ton, as it is both retail and institutional money flowing, unlike coinbase which is just for retail customers.

 "LMAX Digital will offer access only to the most liquid crypto assets including BTC, ETH, LTC, XRP and BCH, 24 hours a day, seven days a week. The company explains that trading is governed by similar rules and principles as LMAX Exchange’s FCA regulated MTF (Multilateral Trading Facility), meaning that the exchange offers the same level of security, compliance, KYC and anti-money laundering policies and procedures as its established operations."

"Does lmax offer instant bank deposits from fiat to XRP?" I do not think that the exchange can change your deposit to XRP directly.

In case FI is using XRapid the whole operation is happening in the background. Like Bitstamp and Bistso (Mexico) for Cualix. 

SBI can be the exchange for the first transtction JPY/XRP then send XRP to lets say Thailand exchange, and then XRP/Thai. 

Share this post


Link to post
Share on other sites
1 minute ago, nav said:

I honestly did not expect SBI to be this close to launching on day 1 of the summer. Furthermore, I've been cautiously optimistic about their claim that XRP would be the only digital currency at launch. I'm pleasantly surprised that they're actually coming through on there promises. Time to shut up the naysayers!

"I've been cautiously optimistic about their claim that XRP would be the only digital currency at launch." I agree with you here, they are mining BitcoinCash and invested in other Cryptos. They own  20% of Ripple Asia so in their best interest to boost XRP. However, We are close to SBI vc serie final episode :))

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...