Comment on Crypto is now as stable as the US economy!
kescusay@lemmy.world 1 week agoExcept no it’s absolutely not. They use systems such as ACH and the Federal Reserve Wire Network. For international transfers, they use systems like the SWIFT network.
Why add a crypto middleman to transactions like those?
Terevos@lemm.ee 1 week ago
Because 1) blockchain is far more secure than the older methods of xfer, 2) blockchain is faster than the current methods, and 3) blockchain is cheaper than the current methods.
I work with a few banks who are actively using this already and others who are developing the technology. Not sure where you get your information, but I can tell you first hand that banks and credit card company absolutely are using crypto right now.
4am@lemm.ee 1 week ago
Who is running the nodes?
angry goose noises
🪿 WHO IS RUNNING THE NODES?
kescusay@lemmy.world 1 week ago
You may work with banks that are experimenting with it, but it’s not going to replace things like SWIFT any time soon.
Terevos@lemm.ee 1 week ago
Banks are not typically replacing Swift, they are using Swift with a blockchain validator.
kescusay@lemmy.world 1 week ago
OK, I’ll bite… Do you have any links to specific banks detailing their use of blockchain to make transfers to other banks?