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jpgt1

Xrp settlement times

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David Schwartz said xrp would be held for minutes during a settlement deal. Is this correct? I thought most of the time taken was due to fiat transfer over local rails and not due to xrp exchange from/to fiat or xrp  'movement' from one wallet toanother (few seconds).

 

Edited by jpgt1

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I think the process is sender converts fiat to XRP via a local exchange (which takes 1 minute), the XRP is sent (takes 4 seconds), then the receiver sends XRP to a local exchange to convert to a different fiat (which takes 1 minute). DS is referring to this type of transaction.

If either or both the sender/receiver has a local stash of fiat and XRP,  they should be able to juggle accounts so that their XRP to fiat conversion is almost instantaneous. If both sides are set up this way, the payment settlement should be just over 4 seconds.

Someone correct me if this is wrong.

Edited by n2it

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So the time line is not just local fiat rails + xrp transit, but the processing time at an exchange post conversion from fiat to xrp, and whilst holding xrp ready for conversion to fiat. This is exchange inneficiencies which could be reduced with greater liquidity and attention from the exchanges or future market makers.

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