I am the CTO of Bluzelle Networks. We have launched a MSB-licensed gateway out of Canada, and are quite interested in running an INR gateway for India.
Would love to re-start this conversation and find more information on what is necessary to do this.
Possibly the most important question is around licensing -- do any of you have a proper license to do this, and if not, are you in the process of acquiring one? Do you know specifically what is required to run a gateway in India?
On another note, Ripple in itself IS decentralized. It comes down to how it is actually implemented, but the design is a decentralized one. Ripple is a protocol, not a currency. It happens to have a native currency called XRP that is pre-mined but comparing Ripple to Bitcoin directly is not quite accurate.
Topic: INR to Bitcoin via Ripple (Read 9204 times)
Ripple is not a decentralized currency. It is older than Bitcoin and has its own properties.
I'm not so convinced about rippple. the system is great but then again the system is based on debt, not actual debt but you get the idea. This brings a thing about keynesian economics which i really have my doubts on .
Sorce : https://ripple.com/blog/disruption-target-1-remittance/
I see potential in Ripple in solving the Lack of INR > BTC exchange.
Could be used in many ways :
INR > USD > BTC @ gox
BTC @ gox > USD > INR
Anybody could setup a Gateway, before Foreign remittance kicks in(long term), BTC buying via Ripple could help ease the BTC supply problem.(1.5% fee)
Its still in Beta, Dont know what the situation is currently.
Quote
Ripple comes to Hyderabad.
Let’s imagine how Ripple could impact India, the world’s largest remittance destination.
You own a gas station in Hyderabad and want to increase revenue and help your community. You set-up a Ripple gateway and stick a sign in the window: “International payments, 5,000 rupee limit, 1% withdrawal fee.” Gradually at first, and then with regularity, payments start coming in from around the world. It’s a steady profit that requires almost no work and creates a new stream of grateful customers — for some, their Ripple account is their first account of any kind. Soon other businesses have Ripple signs in their windows, and later the cooperative credit unions also join. Your 1% fee is now considered a bit high, but just to remind everyone, you add “First Gateway of Hyderabad” to your sign.
India has a wealth of candidates for Ripple Gateways: banks, gas stations, cooperative credit unions, NGOs, hotels, post offices, telecom companies, convenience stores, or almost any reliable business — in other words, the same pool that serve as agents for Western Union or other remittance companies. The upside is obvious. The barrier to entry is low.
What would happen if Ripple replaced the remittance operators in India? India is a $70 billion remittance destination, which means, based on the global average, $6.65 billion goes to the remittance operators. If remittance costs dropped to 1% (as a reference, the gateway Bitstamp charges 0.20% for Ripple transactions), then poor Indian families would have an extra $5.95 billion annually. To put that in perspective, India’s education budget in 2013 is $12.25 billion
Let’s imagine how Ripple could impact India, the world’s largest remittance destination.
You own a gas station in Hyderabad and want to increase revenue and help your community. You set-up a Ripple gateway and stick a sign in the window: “International payments, 5,000 rupee limit, 1% withdrawal fee.” Gradually at first, and then with regularity, payments start coming in from around the world. It’s a steady profit that requires almost no work and creates a new stream of grateful customers — for some, their Ripple account is their first account of any kind. Soon other businesses have Ripple signs in their windows, and later the cooperative credit unions also join. Your 1% fee is now considered a bit high, but just to remind everyone, you add “First Gateway of Hyderabad” to your sign.
India has a wealth of candidates for Ripple Gateways: banks, gas stations, cooperative credit unions, NGOs, hotels, post offices, telecom companies, convenience stores, or almost any reliable business — in other words, the same pool that serve as agents for Western Union or other remittance companies. The upside is obvious. The barrier to entry is low.
What would happen if Ripple replaced the remittance operators in India? India is a $70 billion remittance destination, which means, based on the global average, $6.65 billion goes to the remittance operators. If remittance costs dropped to 1% (as a reference, the gateway Bitstamp charges 0.20% for Ripple transactions), then poor Indian families would have an extra $5.95 billion annually. To put that in perspective, India’s education budget in 2013 is $12.25 billion
I see potential in Ripple in solving the Lack of INR > BTC exchange.
Could be used in many ways :
INR > USD > BTC @ gox
BTC @ gox > USD > INR
Anybody could setup a Gateway, before Foreign remittance kicks in(long term), BTC buying via Ripple could help ease the BTC supply problem.(1.5% fee)
Its still in Beta, Dont know what the situation is currently.
Quote
How Ripple works
At its most basic, Ripple is a simple way for anyone in the world to send money to anyone else at practically no cost. This reach, speed, and affordability are the advantages of a platform built for the distributed internet.
Because Ripple is a single unified system that doesn’t require ACH, banks, or credit card networks, Ripple avoids many of the obstacles that drive other systems’ fees and hassles. Ripple also automatically exchanges currencies within the platform to make global payments easy. Finally, Ripple network is truly open. Anyone can use it. It will be fully open sourced soon, so anyone can build on top of it.
At its most basic, Ripple is a simple way for anyone in the world to send money to anyone else at practically no cost. This reach, speed, and affordability are the advantages of a platform built for the distributed internet.
Because Ripple is a single unified system that doesn’t require ACH, banks, or credit card networks, Ripple avoids many of the obstacles that drive other systems’ fees and hassles. Ripple also automatically exchanges currencies within the platform to make global payments easy. Finally, Ripple network is truly open. Anyone can use it. It will be fully open sourced soon, so anyone can build on top of it.
I have been quite close to the ripple project for few years now.
Am still trying to move my BTC balance out of ripple classic
We need to wait and look at what is happening around Ripple, else this is a first class idea for India.
Something changed after Fugger gave the project to Mcaleb and the repair for the change has not yet been done.
Sorce : https://ripple.com/blog/disruption-target-1-remittance/
I see potential in Ripple in solving the Lack of INR > BTC exchange.
Could be used in many ways :
INR > USD > BTC @ gox
BTC @ gox > USD > INR
Anybody could setup a Gateway, before Foreign remittance kicks in(long term), BTC buying via Ripple could help ease the BTC supply problem.(1.5% fee)
Its still in Beta, Dont know what the situation is currently.
Lets Wait n Watch..
Quote
Ripple comes to Hyderabad.
Let’s imagine how Ripple could impact India, the world’s largest remittance destination.
You own a gas station in Hyderabad and want to increase revenue and help your community. You set-up a Ripple gateway and stick a sign in the window: “International payments, 5,000 rupee limit, 1% withdrawal fee.” Gradually at first, and then with regularity, payments start coming in from around the world. It’s a steady profit that requires almost no work and creates a new stream of grateful customers — for some, their Ripple account is their first account of any kind. Soon other businesses have Ripple signs in their windows, and later the cooperative credit unions also join. Your 1% fee is now considered a bit high, but just to remind everyone, you add “First Gateway of Hyderabad” to your sign.
India has a wealth of candidates for Ripple Gateways: banks, gas stations, cooperative credit unions, NGOs, hotels, post offices, telecom companies, convenience stores, or almost any reliable business — in other words, the same pool that serve as agents for Western Union or other remittance companies. The upside is obvious. The barrier to entry is low.
What would happen if Ripple replaced the remittance operators in India? India is a $70 billion remittance destination, which means, based on the global average, $6.65 billion goes to the remittance operators. If remittance costs dropped to 1% (as a reference, the gateway Bitstamp charges 0.20% for Ripple transactions), then poor Indian families would have an extra $5.95 billion annually. To put that in perspective, India’s education budget in 2013 is $12.25 billion
Let’s imagine how Ripple could impact India, the world’s largest remittance destination.
You own a gas station in Hyderabad and want to increase revenue and help your community. You set-up a Ripple gateway and stick a sign in the window: “International payments, 5,000 rupee limit, 1% withdrawal fee.” Gradually at first, and then with regularity, payments start coming in from around the world. It’s a steady profit that requires almost no work and creates a new stream of grateful customers — for some, their Ripple account is their first account of any kind. Soon other businesses have Ripple signs in their windows, and later the cooperative credit unions also join. Your 1% fee is now considered a bit high, but just to remind everyone, you add “First Gateway of Hyderabad” to your sign.
India has a wealth of candidates for Ripple Gateways: banks, gas stations, cooperative credit unions, NGOs, hotels, post offices, telecom companies, convenience stores, or almost any reliable business — in other words, the same pool that serve as agents for Western Union or other remittance companies. The upside is obvious. The barrier to entry is low.
What would happen if Ripple replaced the remittance operators in India? India is a $70 billion remittance destination, which means, based on the global average, $6.65 billion goes to the remittance operators. If remittance costs dropped to 1% (as a reference, the gateway Bitstamp charges 0.20% for Ripple transactions), then poor Indian families would have an extra $5.95 billion annually. To put that in perspective, India’s education budget in 2013 is $12.25 billion
I see potential in Ripple in solving the Lack of INR > BTC exchange.
Could be used in many ways :
INR > USD > BTC @ gox
BTC @ gox > USD > INR
Anybody could setup a Gateway, before Foreign remittance kicks in(long term), BTC buying via Ripple could help ease the BTC supply problem.(1.5% fee)
Its still in Beta, Dont know what the situation is currently.
Quote
How Ripple works
At its most basic, Ripple is a simple way for anyone in the world to send money to anyone else at practically no cost. This reach, speed, and affordability are the advantages of a platform built for the distributed internet.
Because Ripple is a single unified system that doesn’t require ACH, banks, or credit card networks, Ripple avoids many of the obstacles that drive other systems’ fees and hassles. Ripple also automatically exchanges currencies within the platform to make global payments easy. Finally, Ripple network is truly open. Anyone can use it. It will be fully open sourced soon, so anyone can build on top of it.
At its most basic, Ripple is a simple way for anyone in the world to send money to anyone else at practically no cost. This reach, speed, and affordability are the advantages of a platform built for the distributed internet.
Because Ripple is a single unified system that doesn’t require ACH, banks, or credit card networks, Ripple avoids many of the obstacles that drive other systems’ fees and hassles. Ripple also automatically exchanges currencies within the platform to make global payments easy. Finally, Ripple network is truly open. Anyone can use it. It will be fully open sourced soon, so anyone can build on top of it.
Lets Wait n Watch..
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