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Industrial Money

Here are the reasons why i believe Cryptocurrencies are here to stay - V2

Blockchain to replace SWIFT? In order to completely circumvent the American dominated SWIFT money transfer system, Russia just announced it will create its own blockchain based system.

Russian Government Is Working On A Blockchain To Replace SWIFT System

r/CryptoCurrencySee Post

I want to hear from you.

r/BitcoinSee Post

Recently I have seen news comparing the energy Bitcoin consumes against the baking sector and this makes no sense. Of course the banking sector consumes way more, it's not just a transaction system.

r/CryptoMarketsSee Post

MEXC Integrates SWIFT and Fedwire, Allows for Direct USD Deposit Through the Global Bank Transfer Program

r/CryptoCurrencySee Post

How to save the people who are here for the tech?

r/CryptoMarketsSee Post

MEXC Integrates SWIFT and Fedwire, Allows for Direct USD Deposit Through the Global Bank Transfer Program

r/CryptoCurrencySee Post

Help Ukraine🇺🇦🇺🇦🇺🇦

r/CryptoCurrencySee Post

What are the Key Differences Between Ripple and Stellar

r/BitcoinSee Post

Any experience with P2P selling?

r/BitcoinSee Post

Have you read The Book of Satoshi, Bitcoin Standard etc?

r/CryptoCurrencySee Post

New SWIFT System Technology IS20022 in Crypto (XRP, Algorand, Stellar Lumens)

r/CryptoCurrencySee Post

I thought post how the USA is try strong the SWIFT system into using CBDCs to become a Monopoly

r/CryptoCurrencySee Post

SWIFT Could Use CBDCs to Improve Cross-Border Payments

r/CryptoCurrencySee Post

SWIFT probably won't exist in 5 years: Mastercard CEO

r/CryptoCurrencySee Post

Mastercard CEO Teases CBDC Panel: SWIFT May Not Exist in 5 Years

r/CryptoCurrencySee Post

SWIFT Is Experimenting With Decentralized Technologies to Allow CBDC Interconnection – Bitcoin News

r/CryptoCurrencySee Post

iso20022 and the Five Cryptos that Comply

r/CryptoCurrencySee Post

SWIFT Experiments With CBDC Interoperability for Facilitating Cross-Border Payments

r/CryptoCurrencySee Post

Everybody calm down

r/CryptoCurrencySee Post

Confirmed: SWIFT is conducting CBDC-related tests for cross-border payments involving crypto

r/CryptoCurrencySee Post

Bitcoin won’t be for peer to peer transfer but bank to bank transfer

r/CryptoCurrencySee Post

Every ISO 20022 post on this sub gets ignored.

r/CryptoCurrencySee Post

It’s not about the end of red, it’s about the ticking clock

r/CryptoCurrencySee Post

No one’s talking about the SWIFT banking rework this a November

r/BitcoinSee Post

Sending Bitcoin to Canada without KYC from Canadas end

r/CryptoCurrencySee Post

Why No One From Ripple To Russia Has Been Able To Topple The SWIFT Monopoly

r/CryptoCurrencySee Post

Bank teller: "look at how fast it is!" *Transaction Failed*

r/CryptoCurrencySee Post

SWIFT head of innovation: CBDCs ‘could be a major force’ in the near future

r/CryptoCurrencySee Post

Russia wants to create a blockchain-based SWIFT alternative

r/BitcoinSee Post

Will Bitcoin become a global reserve currency?

r/BitcoinSee Post

One way to think about Bitcoin's market value: If SWIFT was a corporation, only much much better...

r/CryptoCurrencySee Post

Blockchain Explained for Beginners

r/BitcoinSee Post

Bitcoins price discovery is only just beginning! The first trillion was hard but the next $100 trillion is inevitable!

r/CryptoCurrencySee Post

Crypto.com withdrawal to bank account

r/BitcoinSee Post

Is it still possible to buy Bitcoin with a Russian bank account?

r/CryptoCurrencySee Post

Ripple Partner and Wells Fargo Collaborating on SWIFT Replacement

r/CryptoMoonShotsSee Post

MiniXRP will generate passive income just for holding tokens. You will get 4% Rewards in XRP of every buy and sell. Great Potential !

r/CryptoMoonShotsSee Post

MiniXRP will generate passive income just for holding tokens. You will get 4% Rewards in XRP of every buy and sell. Great Potential !

r/CryptoMoonShotsSee Post

MiniXRP will generate passive income just for holding tokens. You will get 4% Rewards in XRP of every buy and sell.

r/CryptoMarketsSee Post

Why wouldn't Russia be able to circumvent sanctions with Stablecoins?

r/CryptoCurrencySee Post

What to do in a worst-case crypto scenario crash (and will it occur)?

r/BitcoinSee Post

Does it bother anyone else, the confiscations that are happening of Russian oligarchs' various private property??? (Of course Bitcoin provides a way out which is wonderful)

r/CryptoCurrencySee Post

Estonia wants to regulate bitcoin more strictly to close loopholes in sanctions

r/CryptoCurrencySee Post

CAUTION: Jumping in XRP if get relisted. What happened this Ukraine and Swift does not bring a bright future to XRP.

r/CryptoCurrencySee Post

‘A Bigger Earthquake Than SWIFT’—What The Russia PayPal, Visa And Mastercard Ban Means For Bitcoin And Crypto Amid Extreme Price Swings

r/CryptoCurrencySee Post

‘A Bigger Earthquake Than SWIFT’—What The Russia PayPal, Visa And Mastercard Ban Means For Bitcoin And Crypto Amid Extreme Price Swings

r/CryptoCurrencySee Post

May this be the turning point for crypto currencies?

r/BitcoinSee Post

Is Russia going to make Bitcoin legal tender?

r/BitcoinSee Post

What is SWIFT? What does ejecting Russia achieve? Can Russia evade sanctions through Bitcoin and other cryptocurrency assets? - Digital Pound Foundation

r/CryptoCurrencySee Post

What is SWIFT? What does ejecting Russia achieve? Can Russia evade sanctions through Bitcoin and other cryptocurrency assets? - Digital Pound Foundation

r/CryptoCurrencySee Post

My opinion about OTC (Over the Counter) Trade

r/CryptoMarketsSee Post

SWIFT, Financial Censorship, The Bitcoin Standard (II)

r/BitcoinSee Post

Support the Ukraine Refugees

r/CryptoCurrencySee Post

It is almost impossible for Russia to evade Sanctions by Using Crypto

r/CryptoCurrencySee Post

EU will cut off 7 Russian banks from SWIFT, with ordinary Russians facing consequences

r/CryptoCurrencySee Post

Adoption of the bitcoin standard is unfolding as we speak

r/CryptoMarketsSee Post

Experts claim that cryptocurrency will not shield Russia from sanctions.

r/CryptoCurrencySee Post

Despite fears, crypto is no viable alternative to SWIFT for sanctioned Russian banks

r/CryptoCurrencySee Post

Can Russia circumvent sanctions with crypto?

r/CryptoCurrencySee Post

Crypto Exchanges are making money from Russia. That is why they are not limiting accounts.

r/BitcoinSee Post

The Ukrainian Conflict is likely to push both the Russian government and its citizens to Bitcoin (analysis)

r/BitcoinSee Post

The Ukrainian Conflict is likely to push both the Russian government and its citizens to Bitcoin

r/CryptoCurrencySee Post

The Land of Confusion.

r/BitcoinSee Post

Adoption of the bitcoin standard is unfolding as we speak

r/CryptoCurrencySee Post

RIPPLE Clarifies role of XRP and Crypto amid Russian ban from SWIFT

r/BitcoinSee Post

SWIFT banking freeze gonna squeeze rush ain,oligarch to liquidate btc if any be whales.. btc is a trap many smart people fell for because the math is logic

r/CryptoCurrencySee Post

First Mover Asia: China’s Potential SWIFT Competitor CIPS Lacks Reach; Bitcoin, Ether Rise Again

r/CryptoCurrencySee Post

Russians prepping for SWIFT lockout like

r/BitcoinSee Post

How Russians will handle SWIFT lockout - BITCOIN EDITION

r/CryptoCurrencySee Post

My thoughts on Russia using crypto after SWIFT block

r/BitcoinSee Post

Peter Schiff in Disbelief as Bitcoin Surges Above $43000, Russia Barred From SWIFT, ATM's Run Dry & Ruble Collapses To New Low, While Gold Stays Below $2000 USD - 3/1/2022

r/CryptoCurrencySee Post

After the SWIFT ban, can Russia find other routes for its money — including crypto?

r/CryptoCurrencySee Post

Everyone talks about Swiss banks giving up on neutrality

r/BitcoinSee Post

Peter Schiff in Disbelief as Bitcoin Surges, Russia Barred From SWIFT, ATM's Run Dry & Ruble Collapses To New Low - 3/1/2022

r/CryptoCurrencySee Post

Ripple CEO dismisses XRP-SWIFT uncertainty while filing response to SEC's opposition

r/CryptoCurrencySee Post

real and rare hacker

r/CryptoCurrencySee Post

Putins buying crypto

r/CryptoCurrencySee Post

When 1 Ruble = 1 meme coin (Banano)

r/BitcoinSee Post

Confirmed we have passed the bottom and we’re ready for the next leg higher, here’s why:

r/CryptoCurrencySee Post

China Can Bypass SWIFT by Putting Digital Money in Play

r/CryptoCurrencySee Post

EU to remove Russian banks from SWIFT cross-border network

r/CryptoCurrencySee Post

Any case against hyperbitcoinization must rely on a perfectly functional international (traditional) financial system.

r/BitcoinSee Post

Strike was going to replace SWIFT regardless of this russia drama.

r/CryptoCurrencySee Post

Russia's use of cryptos in-replace of SWIFT.

r/CryptoCurrencySee Post

Where is the red sea that experts warned yesterday?

r/CryptoMarketsSee Post

What Is SWIFT? Why Can This Banking System Punish Russia For Invading Ukraine?

r/CryptoCurrencySee Post

These unsure times will be cited by multiple countries/entities for regulating crypto in the near future

r/CryptoMarketsSee Post

China’s Digital Yuan can Help Russia Bypass the SWIFT Sanctions

r/CryptoCurrencySee Post

World's first crypto war is happening now.

r/BitcoinSee Post

I don’t think Putin will ever adopt Bitcoin as a currency in Russia, here’s why

r/CryptoCurrencySee Post

Russian Ruble Is Now Worth Less Than 1 U.S. Cent After SWIFT Bank Sanctions

r/BitcoinSee Post

With the ruble collapsing, ATMs dry, banks closed... every single person in Russia now understands WHY Bitcoin.

r/CryptoMarketsSee Post

EU Commission to remove Russian banks from SWIFT cross-border network

r/CryptoCurrencySee Post

‘Catastrophe’—Bitcoin, Ethereum And Crypto Prices Now Braced For New Russia Earthquake After SWIFT Shock

r/BitcoinSee Post

Orange pilled my girlfriend today: Bitcoin is Humanity’s Ultimate Property Right

r/BitcoinSee Post

With Russia cut off from SWIFT, could Bitcoin play a role in avoiding sanctions? | CryptoSlate

r/CryptoCurrencySee Post

‘Catastrophe’—Bitcoin, Ethereum And Crypto Prices Now Braced For New Russia Earthquake After SWIFT Shock

Mentions

So what else would you compare Bitcoin to? USD? Gold? SWIFT? Whether you like it or not, altcoins are the closest thing. Some closer than others of course.

Mentions:#SWIFT

To your edit, many banks and credit cards charge account keeping fees annually, that you will need to pay in order to access the SWIFT network

Mentions:#SWIFT

Thought Putin wants to eliminate SWIFT with their own digital currency.

Mentions:#SWIFT

Despite SWIFT's supposed "independence", SWIFT leadership takes its orders from the White House and always has. SWIFT acts as a tool of US policy and an extension of the US government. That is why SWIFT sanctions were used against Russia, Iran, Cuba, and other US adversaries. But no SWIFT sanctions were ever imposed on America when it invaded and occupied Iraq for 10 years.

Mentions:#SWIFT

SWIFT is overseen by the 11 national banks of the G-10 - Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, United Kingdom, United States, Switzerland, and Sweden - and is jointly owned by thousands of financial institutions that use its system.

Mentions:#SWIFT

SWIFT is already losing substantial transaction volumes to the Digital Yuan. Any country using SWIFT is vulnerable to economic attack and sanctions by America. Therefore, virtually every country in the world is looking for alternatives to SWIFT. The only people who think SWIFT is safe are Americans. The local American people do not see the changing tides in the rest of the world. All of Asia, Latin America, Africa, and eastern Europe are seeking new solutions. Do you think India wants to be controlled by America's SWIFT system? Do you think Brazil wants to be vulnerable to SWIFT? Of course not. Everyone knows SWIFT is on the way out except for the Americans.

Mentions:#SWIFT

Do you know what the Digital Yuan is? You might want to look that up if your don't think SWIFT is losing ground as the world's top method for international trade settlement. China is well on the way to having its own payment system that makes SWIFT obsolete. Anyone who stays with SWIFT is under constant vulnerability of economic sanctions from America. China is the world's largest manufacturer and exporter, so what they do has more impact that anyone else. China's "Belt and Road Initiative" is a global trade network established to completely cutoff America and its financial structure like the US dollar and SWIFT.

Mentions:#SWIFT

Thats great if I want to transfer 90 million. If I wanna buy a candy bar, that 0.39 is massive. The vast majority of transfers using the SWIFT bank system are under 5 euros. That tiny transaction fee is suddenly 10%!!

Mentions:#SWIFT

The fact that we have literally like 200+ governments or something, with only a central banking system all holding them sorta together (man, they SUCK at this, look at how the SWIFT situation in russia happened) And the fact that, THOUSANDS of people, are slowly changing their minds DAY BY DAY, thinking that accumulating bitcoin is actually a good thing to do (EVEN when its only 1% of their investment portfolios) is absolutely mind bogling. Like crypto-critic-until-2018 Peter Thiel said: [NOTHING can FUCKING stop this thing.](https://youtu.be/Osp_Ug_7r7Q) _he didnt say that specifically, lol, he sorta did though!_

LOL, SWIFT isn't going to be impacted by any competitor anytime soon. For one thing, SWIFT is merely a messaging system that all of the banks and other financial institutions trust. Money isn't transferred via SWIFT; instructions on what accounts to transfer money to and from are transmitted via SWIFT. Russia can create what ever it wants, but it will have to get millions of banks to sign on and accept it.

Mentions:#SWIFT

Here's the thing. XRP has now had pilots with a number of large banks over the last 8+ years and has yet to actually show anything working. My guess is it doesn't add that much value over SWIFT and their banking partners are never that interested past the pilot to try it out. Not necessarily fraudulent by Ripple - anyone who has run a fintech company selling to banks knows that pilots often go nowhere. But the problem is that this tells you the promised use case of XRP isn't that exciting for any potential customers. So you're holding onto an asset that requires broad market support but can't close any customers. It doesn't need to be a ponzi scheme to be a bad idea. I held XRP from 2017-2021, but didn't see an iota of real-world progress in that time. Just one announcement of a partnership that fizzled out after another.

Mentions:#XRP#SWIFT

Blockchain will absolutely replace SWIFT, I have been saying this for years. No one is going to buy into a chain that isn't fully decentralized though. There is no difference between SWIFT and the US vs a Russian controlled Blockchain. My bet is on BTC replacing the settlement layer for international transactions. If not BTC, it's going to have to operate exactly the same - decentralized, trustless, irreversible.

Mentions:#SWIFT#BTC

Well, I see more and more info about this, but there is something very important, that ppl either don't realise, or they simply ignore it. What I am talking about is that "blockchain" in general is deeply connected with decentralisation. Now, having blockchains like Solana, Tron, Eos, that are not even virtually decentralised is probably the reason why so many coiners don't use the correct term. Which is simply a network, that runs a SQL database, which is used for token transfers. From that perspective if ANY state creates something like that it will be very much centralised -ergo no blockchain. It will be just another SEPA, SWIFT or whatever, but nothing similar to BTC or ETH...

>Western sanctions are not dependant on SWIFT though, SWIFT is just one of the many ways that sanctions are effectively implemented, monitored, and enforced. If ABC Company is a US Treasury Specially Designated National or placed on the UK HMT Sanctions List, it is just as illegal for a US/UK person or institution to do business with ABC Company using some blockchain transaction as it is to use a SWIFT wire transfer. It may be more difficult to enforce, but it remains just as illegal, and thus ABC Company is still barred from doing any meaningful business in the West. SWIFT ban is not about blocking illegal transactions tho. It is about blocking legal ones. If Russian banks or companies are blocked from swift, then indian buyers can't pay them via normal channels.

...with blackjack! And hookers! In all seriousness though, I expect Blockchain tech to replace parts of SWIFT in the long-term. SWIFT is pretty old and slow, and is ripe for something to replace it in part. Blockchain projects which focus on solving the cross-border payments issue will likely do well in that regard. I hardly think Russia is going to solve this issue though.

Mentions:#SWIFT

Western sanctions are not dependant on SWIFT though, SWIFT is just one of the many ways that sanctions are effectively implemented, monitored, and enforced. If ABC Company is a US Treasury Specially Designated National or placed on the UK HMT Sanctions List, it is just as illegal for a US/UK person or institution to do business with ABC Company using some blockchain transaction as it is to use a SWIFT wire transfer. It may be more difficult to *enforce*, but it remains just as illegal, and thus ABC Company is still barred from doing any meaningful business in the West. I *do* think though that the war in Ukraine and the resulting sanctions against Russia are spurring a general decoupling between the West and the Russia/China/Iran axis or whatever we want to call "everyone else who doesn't like us." Currently, if the US Treasury Department puts someone on one of its naughty lists, banks from Alabama to Algeria instantly update their blacklists and block any transactions with that person and stop all business involving them, so great is the fear of losing access to the US financial system (foreign banks can be very quickly blocked from accessing the West through 311 Actions, which are part of the PATRIOT Act). This system, which largely relied on effective US financial dominance, is pretty much unsustainable in the face of a real desire by China and Russia and their allies to break free of its constraints.

There can be more than one alternative system. My point is that endless US and EU sanctions on Russia, China, Iran, Cuba, Venezuela, and other countries are spurring blockchain innovation. SWIFT is definitely going to lose its dominant position. We may end up with 5 or 10 new global systems competing with SWIFT.

Mentions:#SWIFT

If this succeeds and there is a real threat to SWIFT, the regulation axe will come down on crypto fast and hard. There is way too much money and power involved for western governments to let SWIFT be sidelined easily.

Mentions:#SWIFT

Saylor is right about BTC. It is likely to replace the settlement layer of international payments, especially with comments from China about the concerns with SWIFT and other countries begining to agree. China can't just make a China centered SWIFT replacement, no one would join because it would just have the same problems. The only option is a decentralized, trustless payment settlement system. China will not push to settle payments in BTC but other countries will, and eventually international payments between banks will be settled exclusively in BTC because it has exactly everything you would want in such a system. This is just my educated take, I could be wrong, I would guess it's right. FWIW I have a masters in Economics and am finishing my PhD in Political Sciences focused on Political Economics. Much of crypto is a scam, some of it is not but has no value, very few are not a scam and have real value.

Mentions:#BTC#SWIFT

As a software developer who is on his way back home after a long day of dealing with an Oracle DB crash in one of Japan's biggest SWIFT systems, you still had me onboard, *until* you pulled out Javascript as a good replacement for Solidity. Solidity isn't that bad at what it's supposed to do, really.

Mentions:#SWIFT

tldr; The Rostec Group, a government-owned company that owns a number of technology enterprises in Russia, has revealed that it's built a digital system for international payments that might eventually replace the SWIFT system. Russia will be able to pay for imports in its national currency, the Ruble, rather than the dollar, thanks to the digital international payment system. Russian banks were kicked out of SWIFT in February. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Mentions:#SWIFT#DYOR

This won’t do anything, countries sanctioning Russia will still prevent their businesses from transacting with them in any form. It doesn’t matter if it’s SWIFT, BTC, PutinCoin, or anything. When sanctions go up the technology to move money through swift doesn’t go away, but the legal pressure stops businesses from doing it

Mentions:#SWIFT#BTC

Because they have to operate without SWIFT, obviously

Mentions:#SWIFT

because they literally are. SWIFT system, USD as international reserve, every political problem States have the propagandists and politicians speak as if it's the Federal Government's responsibility to solve, rather than the state government

Mentions:#SWIFT

What failed here is not Wirex, but VISA. The cards are issued by VISA, and settlements are made by VISA. It is stuck somewhere in VISA's network. Similar things may happen to SWIFT network, and each bank can blame the other for not fulfilling the protocol. Meanwhile, it can be resolved by restarting servers, but who will care?

Mentions:#SWIFT

zoom out Bitcoin consists of perhaps 0.0001% of the wealth held globally. The reason bitcoin is in decline is because the global economy is in crisis and the era of cheap easy debt finance appears to be waning. Since the 1990s the Fed Res has been lowering the cost of debt thereby inflating the nominal value of speculative assets. The Virus triggered a final push in this QE strategy bringing it to its logical limits- ie free or near free money/debt. This triggered a rise in all speculative assets including Bitcoin. Furthermore WW3 has begun, by proxy, in Ukraine. Russia and China have agreed to challenge US global monetary and resource hegemony. Ukraine supplies (supplied) 90% of the high grade neon gas required by Taiwans microchip factories. That supply is no bombed out and largely in Russian hands. [https://www.newyorker.com/news/daily-comment/russia-and-china-unveil-a-pact-against-america-and-the-west](https://www.newyorker.com/news/daily-comment/russia-and-china-unveil-a-pact-against-america-and-the-west) At the same time China is reaching preparedness to implement its CBDC, DCEP, designed to provide an alternative to the USD dominated SWIFT international bank payments system. China has fast forwarded control of Hong Kong in order to reverse engineer the USD monetary system via Hong Kong and DCEP. Without global monetary hegemony and seigniorage the USA would be insolvent, very swiftly. Chinas view on Bitcoin is not tolerant, acknowledging that Bitcoin is the ideological antithesis of DCEP and poses a threat to its potential. This is all bad news for Bitcoin but as we know Bitcoin is resilient, much more resilient than the self centred nilistic cucks who obsess upon dreams of wealth, chics and Lambos gained via Bitcoin speculation.

Mentions:#SWIFT

Not defending Russia but there's still many countries want to deal with Russia for its natural resources. They just need/use alternative payment system to avoid SWIFT and US sanctions.

Mentions:#SWIFT

It’s like you don’t understand what happened with SWIFT. Super powers are choosing not to do business with Russia. Russia can poop out all the blockchain it wants, it is not going to somehow magically get super powers to do business with them. This isn’t an issue that technology can solve for them.

Mentions:#SWIFT

Your comment is clearly not specific to a US CBDC. Yeah whenever people freak out about CBDCs in here I'm always scratching my head. You are clearly referencing CBDCs in general not a US specific CBDC and anyway a US specific CBDC cannot be seriously considered in =isolation to the very real and obvious challenge the Chinese CBDC poses to USD global hegemony. Have you seen Jack Ma lately? He has been 'sidelined' as Alipay poses a challenge to DCEP as does Bitcoin. DCEP is clearly intended to reverse engineer the USD global monetary hegemony via Hong Kong. The Hong Kong leadership having been already sanctioned from the SWIFT banking network. WW3 is over control of the tertiary institutions and protocols of global power and none of those protocols is more significant than the monetary system.

Mentions:#SWIFT

Chinas CBDC which has been in development since 2015 and is now operational is overtly intended to challenge the USD based global interbank monetary payments system. If the USA loses the vast seigniorage income it enjoys from its hegemony over the SWIFT & CHIPS international banking payments system the USA will be bankrupt. China has stated that its CBDC DCEP will be convertible with all state fiat currencies but will not be convertible with Bitcoin. China has recognised thus that Bitcoin is a clear and obvious threat to the monetary hegemony China seeks vis DCEP. The closed source state surviellance capacity of CBDCs is immense and they mean the end of cash anonymity. Every monetary transaction you make will be tracked in real time. Your funds can be frozen without notice by the government. Nothing to worry about? Dream on.

Mentions:#SWIFT

I'll spare you a long winded explanation of the banking system and ledgers (that's best left to your university finance professors to explain lol). As crazy as it sounds, no banks actually use "dollars" per se to transfer money. The way the banking system works is that it manages and tracks a ledger of credits and debits. Simply put, as a customer (A) you have a "number on a screen" that says you have $5. As a vendor (B) I have a "number on a screen" that say I have $5. Let's say your coffee costs $5. In account A, $5 gets deducted, and in account B, $5 gets added. After our transaction, both our "numbers on our screens" agree with each other. What I described above is the job of the settlement layer; to verify and corroborate the numbers in both accounts are correct. It doesn't matter what system of account is used to verify those numbers as long as the outcome is that the "numbers on the screen" of each ledger has been accurately updated and agree with one another. In traditional banking, these settlements are done using the SWIFT ledger. In Strike, the same settlements are done using the Bitcoin ledger.

Mentions:#SWIFT

I believe in the end bitcoin will be a bank reserve currency that will replace protocols like SWIFT, and will allow banks to settle debts, while individuals will use level 2 currencies for everyday use.

Mentions:#SWIFT

Yes you can lol have you actually tried sending money overseas without using the most cumbersome method possible? You could argue about fees, and you can have your ideological reasons or even just a profit motive for believing in crypto, but pretending that barebones SWIFT transactions are the only way to transfer fiat in 2022 is just stupid.

Mentions:#SWIFT

Russia being cut off from SWIFT was big news back in March. Now that you know that word, more information is easy to find.

Mentions:#SWIFT

later on? Yuan will only be the global reserve in digital form- thats why they have spent the last 7 years developing it for that purpose and are already using it in digital form. Digital Yuan is called DCEP and its stated purpose among others is to displace USD/SWIFT international monetary hegemony. You might like to research it a little more.

Mentions:#SWIFT

Bitcoin is NOT the only technology that can transfer huge amounts instantly, banks and other financial institutions transfer billions of dollars amongst each other every day through a system called SWIFT.

Mentions:#SWIFT

Hmmm, why do you need the speed of light - are you paying off an alien somewhere in the galaxy? Most humanoids on planet earth are pretty happy with overnight SWIFT transfer.

Mentions:#SWIFT

Yes, it's happening already. But most will really not care. I keep deleting my reddit account because it's just too much mental dissonance, people just very sure of themselves in narratives and I often just get upset and just go away again because of this. It's very hard for me to understand that people don't see that the amazing thing is actually what it was envisioned to be, right now I can grab my Bitcoin and send it to you... I can do that, and no one can say a thing and this all happens without third parties in a fully secure manner. Isn't this amazing? Isn't this a much more important thing than a narrative of being a store of value or whatever people come up with in their heads? It often feels like people think a peer-to-peer payment system is not amazing in itself so they have to come up with narratives with the sole intent to draw more people in to pump their bags. Even the ones now cringing their teeth thinking this isn't them, probably the hat fits... Adoption is not some millionaire buying Bitcoin and screaming about it all day, is not institutions buying it. That's a bubble. Adoption is adding Bitcoin into the economy, banks replacing SWIFT transactions with Bitcoin transactions and so on. That would be the actual adoption. It's what very few devs are doing like the ones I mentioned above, and that's what matters. It's not some ETF or some other new way that people will get into Bitcoin investment. Ready to be downvoted to hell so go ahead.

Mentions:#SWIFT

In credit there's always a credit risk system like I described in a high level. Need to be, you can understand this, ofc this wouldn't work with stuff you actually held so there would need to be some kind of custodian on Bitcoin maybe built in a higher layer... What I wanted to sort of try to explain by my post is that Bitcoin is just a part of something, surely then the rest will be build around it, current system will have migrations projects going on to integrate with Bitcoin, basically in certain cases you would change the calls to call blockchain transactions instead of SWIFT transfer and stuff like that. That whole, when it exists will have credit risk systems, will have these financial products I described like Factoring and Confirming and so on. And then we could grab all of that, when it's comparable and compare that with the current banking system. That would make sense.

Mentions:#SWIFT

They are man. I used to be a COBOL dev on the banking sector and even though that doesn't give me the whole picture I have a good sense for the amount of constant processed that are running 24/7, just the whole credit risk systems are a huge beast running on mostly IBM mainframes that do millions of processes per day, really astronomical stuff, that thing is like a spider web constantly analysing clients data to understand their risk profile and send alerts and updating data warehouse databases that go to other banks and other banking systems and the government and so on. And credit risk is just a part of it which is the one I work most of the time. Then there's business like factoring, confirming and leasing, these also are constantly taking care of loans and payments of between producers and sales corporations on a scale that is absolutely mindblowing. It's something people in crypto really fail to grasp, they will look at visa transfers and compare that to number of Bitcoin transactions per year and so on... It's nonsense, that's nothing compared to what happens in a bank, most doesn't use visa, it's just SWIF and SEPA transfers and most are done in bulk after millions of transactions happened internally and then basically the processes run that call the SWIFT transfer functions and basically updates the database on the other side. This is why even though Bitcoin consumes more than credit card transactions it doesn't consume more than the banking system because it can't even replace it. The banking system is doing totally different things and Bitcoin is just too simple to do.

Mentions:#SWIFT

How exactly the US controls SWIFT is not my area of expertise but it is clear that in practice the USA has sanctioned many countries causing them huge economic pain and that USD/USA monetary hegemony is probably the most powerful strategic weapon the USA today has. Ask Cuba, Iran, North Korea how the USA controls SWIFT. Ask the Chinese Hong Kong leaders how they liked having bank access cut? Ask all the other nations who have the threat of sanctions held Only over them and requirements imposed via proxies like the IMF and World Bank. My understanding is that as most international trade settlement is via USD and via US banks to not have access to the USD monetary system is to be cut off from most trading globally. This was not the intent of the BIS/SWIFT when they were formed but has in practice become the USAs most peowerful power projection- far more cost effective than its multiple failed military actions. How does Chinas record as opposed to US record of respect for other nations sovereignty compare? The USA has controlled the international regime of global institutional regulation and standards since WW2- this is currently being challenged. Look at the BRICS nations who abstained on the Ukraine vote- USA today is far from where it was post WW2.

Mentions:#SWIFT#BIS

Wrong- USA effectively controls SWIFT in clear breach of the original neutral intent of the SWIFT system. DCEP enables far cheaper, faster and more efficient international payments than SWIFT and has been designed with the purpose to transition away from SWIFT and the sanctions power it gives the USA. I too favour Bitcoin protocol on principle as it is truly neutral as opposed to both USD/SWIFT and DCEP, but China doesn't favour Bitcoin - they want to gain the massive strategic international payments sanctions power the USA currently holds and to deny this claiming Bitcoin is the only alternative to USD is reckless and irresponsible. USD vs DCEP vs BTC is the reality all of us, including Bitcoiners must confront.

Mentions:#SWIFT#BTC

SWIFT is supposed to be a neutral agent but USA effectively controls it and therefore can sanction any nation or individual it disagrees with. Of course you might think this is good but plenty of people and especially the BRICS nations dont think this is good. Because via SWIFT USD are the primary means of settlement virtually all central banks must hold USDs, this giving USA a massive seigniorage income stream and the ability to operate trade deficits for decades. USA is blatantly operating outside of the original intent of the SWIFT payments system using it as a strategic asset and weapon undermining the neutrality it was supposed to exhibit. USAs many decades of and recently increasing misuse of SWIFT (as a strategic weapon) and the threat it poses to China is one of the major reasons China has developed the DCEP digital Yuan.

Mentions:#SWIFT#USDs

You don't understand how USA (mis)uses SWIFT to control international bank payments forcing other countries to hold USD$. The scale of ignorance/denial of reality is incredible and scary.

Mentions:#SWIFT

Maybe the war in Ukraine presages a major change in global power structures. Maybe the decline of the USA that has been obvious in recent years is reaching the point where adversaries feel bold enough to openly challenge the USA and its remaining areas of global strategic power. The USD is the most significant and useful US strategic asset. After losing nearly every war since WW2 the USA still has the massive leverage of controlling the SWIFT global payments network. China has built its digital Yuan/DCEP specifically to provision an alternative and many nations are now far more reliant upon Chinese trade than that with the USA. If China chooses to require future trade settlements in digital Yuan who could afford to refuse? [https://www.newyorker.com/news/daily-comment/russia-and-china-unveil-a-pact-against-america-and-the-west](https://www.newyorker.com/news/daily-comment/russia-and-china-unveil-a-pact-against-america-and-the-west) Silence.

Mentions:#SWIFT

If you rarely move $500k and you are at some podunk bank then you you are probably right. I transfer way more than that on a monthly basis to 4 different countries to cover payroll using SWIFT gpi through a real bank and it takes around 5 minutes.

Mentions:#SWIFT

Mainstream adoption won't be achieved by retail investors buying crypto. Mainstream adoption will be achieved by institutions integrating blockchain into society. The masses won't be any more cognizant of it than they are of SWIFT or BACS or whatever. And of course institutions aren't going to go all in on a risky asset BEFORE they've even started integrating it, during an economic crisis. It's just not realistic to think that crypto in it's current state would hold up in a situation like this. People think crypto is a lot further along than it really is, and it's because we're all just sitting in echo chambers during the bull run and it seems like EVERYBODY is using it when actually, it's a small minority of people who are overhyped and constantly lied to by the media and their peers to manipulate their perception of what's really happening.

Mentions:#SWIFT

I am a massive advocate for the XRPL, XRP and Ripple's products. However, governments like to have full control, especially in a huge transnational technology. You can make the counterargument that SWIFT is non-governmental, but I would guess the US would like to change that if it were to deviate from Swift.

Mentions:#XRP#SWIFT

>What can I do with US bank note in Singapore? You can easily convert it at any bank. > I move bitcoin on lightning instantly from one corner of the world to the other for basically zero fee. Wow I can do that through SWIFT > I bought my friend in Amsterdam a gift from local retailer there for her birthday last week. I can do that with VISA or Mastercard >Even if I could, I would need permission from centralized entities You mean regulated and insured entities? Sure.

Mentions:#SWIFT

Maybe use SWIFT?

Mentions:#SWIFT

If China required trade payments in Yuan the dollar would be finished very swiftly. USD is only strong because of the stranglehold over SWIFT & CHIPS and the digital Yuan has been designed to make SWIFT & CHIPS redundant. USD vs DCEP vs BTC ... is the reality you are desperately avoiding...

Mentions:#SWIFT#BTC

The SEC and Fed are afraid of it. SWIFT XRP Ledger partners Speed Fees Institutions Use case Remember me one day: rM7sc8naaSPQrw7DVznf3q4v7RaTW7reqR

Mentions:#SWIFT#XRP

>From what I understand Ripple (XRP) is built to compete with systems such as SWIFT in simplifying the global transfer of wealth with existing centralized institutions. You are conflating two separate things. XRP and the XRPL are designed to transfer value from A to B cheaply, securely, and fast. The only other project that can even attempt to compete and do what XRP is able to do is XLM. Ripple is a Fintech Company which develops payment solutions which Utilize XRP and the XRPL to help with remittance and interbank settlements. >Does anyone know the key differences, **Target demographic is different.** Stellar wants to bank the unbanked, Ripple targets Banks/Remittances/SMB/FI's pretty much anyone transferring value from A to B as a service. **Their consensus method is different.** Stellar has watcher, archivers and validator nodes. which all serve different purposes in its consensus protocol XRP has Validator, stock(api server) and Hub nodes. Stock nodes are like active citizens who elect officials to represent them on certain matters Validators are like those elected officials, with a limited and specific role Hub nodes is like a news feed, relaying information throughout the network. **Their tokenomics** They were different from the start (XLM had yearly inflation until a few years ago when Jed finally realized how bad that was) and XRP has always been deflationary. > and why they believe one might succeed over the other? I firming believe XRP will succeed over XLM for 1 main reason. Jed mcaleb is a moron in business. He was fired in 2014 for being a moron with horrible business ideas from Ripple. IIRC Chris was quoted on the topic as saying something along the line of "He will be a very very rich man, despite his best efforts"

> If we want mainstream adoption losing "money" because of sending it to the wrong chain could/will become an issue. Not really. I mean, it will be an issue to those who lose money, but not an issue for mass adoption. Self sovereignty only appeals to a small subset of the population. Most people trust their banks and only a small subset of the population even understands money to begin with. When the full arm of regulation comes down, this will empower the banks to start offering crypto services. You will start seeing very large world banks acquiring very large crypto exchanges, and vice versa. In 30 years, most crypto will be stored in wallets controlled by a bank. Not by force, but because that's where people store their money now and that's where people have been storing their money for centuries. Mass adoption doesn't happen because the masses wake up one day and realize crypto is the future. Mass adoption happens when the banks can jump in because the underlying tech is extremely valuable to world financial markets—and the banks know this—but to the average citizen, it really doesn't mean much. Collect 10 people. Ask them what SWIFT is. If half know the answer I would be surprised.

Mentions:#SWIFT

>If we want mainstream adoption losing "money" because of sending it to the wrong chain could/will become an issue. Same problem exists with the current system. You can't easily reverse a SEPA or SWIFT transaction. Most Paypal and VISA transaction are "reversed" buy letting an insurance pay for it and then they try to get their money back. >mistyping an address etc etc. afaik all addresses have checksums. >I know coinbase will let you know if it's a valid address for example but could there be something in place where wallets, exchanges and the like can stop transactions going to the wrong address? All networks I know this is possible, they are just to lazy to implement it. On the other hand people can get rid of addresses altogether with something like https://bch.domains/about/ where you could use a domain to send someone money. This exists on other chains, too.

Mentions:#SWIFT

So why is this news so worrying? Governments have had access to this data for years… SWIFT tracks money movement across countries and within most advanced countries most people already buy most things with credit and debit cards, and that data from visa and Mastercard etc is already available (on demand) to financial transactions monitoring agencies. Unless you are doing something illegal one would t care of the government finds out where You spend your money.

Mentions:#SWIFT

As someone who's been waiting for a fucked up SWIFT transfer for significant thousands of dollars for over 2 weeks, CBDCs would almost certainly be less painful.

Mentions:#SWIFT

I think all your points you made are dead on the money, but I wanted to ask your opinion on how much longer you think bitcoin will be speculative? Personally I think we just just blew past that phase and BTC is about to take off. Reason being is that people in all countries are experiencing all the negative aspects to the fiat system as their currency's purchasing power continues to erode down (and all at the same time no less). I just started buying bitcoin for the first time ever after I read a white paper discussing the emergence of a Bretton Woods III system, and what that might look like in the near future given how current events are unfolding (Ukraine, global inflating of fiat currencies, SWIFT issues etc.)? It forecasts something like that the world has started to "de-dolarize", countries are wanting to trade commodities in something other than USD, and citizens (globally) have all started to look for other saving-mechanisms that will preserve their buying power long term as the cracks in the fiat system has started to show. While countries like the US & UK are no where near a Venezuela scenario, I think this is the first time that (regular/non-crypto) people in first world countries have all recently experienced a significant drop in buying power and are starting to realise bitcoin can't be controlled, manipulated and inflated away by those at the top. So while I don't see us "getting raises in bitcoin", I think we're very close to most regular people choosing to simply buy bitcoin, instead of bonds with a negative return. ​ \----friendly note, like I said, I'm new and an old timer, I'm brand new to the bitcoin world, but everything I said above ☝️ is why I started allocating a chunk of my retirement in BTC each month. If I'm doing this it can't be long for other regular people to catch on.

Mentions:#BTC#SWIFT

right now, the competition is extremely light. My thesis on chainlink is open to change if a worthy competitor comes along, but there just isnt anything close right now. I think Band protocol is the second most used oracle, but im not finding anything right this second that compares integrations. I do know that the gap between Chainlink and the number 2 is something like 90%. 1550 integrations for chainlink, and something like 70 for the next. https://www.coingecko.com/en/categories/oracle Integrations aside, the connections the chainlink leadership has is a moat in itself. If you're familiar with SWIFT and how big of a deal it is, you should be shitting your pants that the chain the associate with so much is so undervalued [Sergey Nazarov 1 on 1ing with Security Stratgey Director at SWIFT](https://www.youtube.com/watch?v=1uxF4Q6_glY) [https://www.youtube.com/watch?v=8f0KJc4Lj3Y](https://www.youtube.com/watch?v=8f0KJc4Lj3Y)

Mentions:#SWIFT

Your really worked up and downvoting me over this? I was just making an obvious statement off my sleeve in passing. Someone has to be the devil’s advocate or else your just screaming down a hallway. With an EMP, we are talking vs gold, correct? Pretty sure the discussion was gold, not banking SWIFT network. You can’t EMP gold. It’s simply physical, tangible in that aspect. Derivatives and virtual markets are another story. As far as hacking goes, it’s like half the posts in CC. People are the weakest link in any high security, social engineering and such. I refuse to debate (with you) the developments with Qbit logic development, but time will tell what the security is when they release information and gets more attention. Again, these are simple facts, not debatable. Pls stop downvoting me.

Mentions:#EMP#SWIFT#CC

It's not feasible nor is there any reason. SWIFT is centralized for a reason.

Mentions:#SWIFT

Replace SWIFT?? Lol they are delusional.

Mentions:#SWIFT

yes, it's likely that we will suffer more pain than Russia on the sanctions, purely because our economy is so much larger. but they will be much more painful for Russia. the question is if we can inflict so much pain on russia that it deters russia from invading its neighbors. e.g. they have a huge problem in getting modern tank optics that china isn't able to solve that is impeding their ability to manufacture new tanks. and the second-order impact on logistics is really important and categorically different than the energy price issues europe is going to have in winter. [https://www.independent.co.uk/news/world/europe/russia-ukraine-sanctions-food-blockade-b2084662.html](https://www.independent.co.uk/news/world/europe/russia-ukraine-sanctions-food-blockade-b2084662.html) so for russia it's not just a question of - "will India and China buy our oil", it's also "how do we get it to them"? there's also other issues like India being locked into higher-priced contracts with mena suppliers: [https://markets.businessinsider.com/news/commodities/russia-economy-epression-eu-oil-embargo-china-india-ukraine-war-2022-4](https://markets.businessinsider.com/news/commodities/russia-economy-depression-eu-oil-embargo-china-india-ukraine-war-2022-4) long-term russia needs to be able to balance europe and china against each other to maintain any of its own freedom of action. people are very excited about SCO-led alternatives to SWIFT like CIPS, but they aren't mature yet and nobody is interested in leaving the western banking system, where you suffer under the thumb of the US treasury department, only to be suffer under the thumb of the Chinese gov't. So the stable post-conflict payments world will probably be multipolar, with people able to use SWIFT and the mature Chinese counterpart.

Mentions:#SCO#SWIFT

The Stellar project is not purely about price. It's about replacing/upgrading the SWIFT international wire transfer and remittance systems. What stellar wants to do is develop a global peer-to-peer instant payment system. Their ultimate goal is to have stablecoin anchors for every fiat currency so that I can send for example peso's from Mexico to Japanese yen instantly and with almost zero comission. XLM is required for every transaction and also functions as a bridge currency, but the price of XLM is quite irrelevant. (I am bullish however). So this is why they are trying to get countries interested in CBDC to develop them on their blockchain.

Mentions:#SWIFT#XLM

What a bizarre post. Every currency in existence has a more secure but slower base layer and faster transaction method built on top of it. The point is if you're comparing currencies you should compare like for like. It's nonsense to compare a high-layer solution to the base layer. If Paypal, VISA, Venmo, SWIFT etc didn't exist, how would you send money?

Mentions:#SWIFT

Saw this happening moment I heard the SWIFT ban

Mentions:#SWIFT

America has long range plans for a digital dollar, so they do not want any competition from other sovereign digital currencies. It is an understandable, but short sighted and ultimately ineffective strategy. The digital yuan will be gradually adapted by China's trading partners for the purpose of international trade settlement. The digital yuan eliminates the need for the US dollar in that setting and completely eliminates the need for the US controlled SWIFT payment processing system. That makes US economic sanctions impossible against anyone using the digital yuan. The digital yuan is a very attractive solution for everyone who has been bullied by America. Note that America even threatened Germany with economic sanctions last year if Germany opened the Nordstream-2 pipeline. America even sanctions its own allies!

Mentions:#SWIFT

Mastercard ceo at WEF:2022, (boo) just today said SWIFT won’t exist in 5 years. Changing world order… under the boot of DCEP. I’m pullin for BTC and that’s on god dawgie.

Mentions:#SWIFT#BTC

What he said doesn't contradict what the CEO said - an upgraded system to replace SWIFT likely won't be called SWIFT :P The mistake people here are making is in assuming the replacement will be crypto-related for some reason instead of just modernizing their tech stacks.

Mentions:#SWIFT

In case it escaped your noticed the trade and economic and monetary war with China is accelerating. Ukraine is the first open military engagement of this process. Days before the invasion Russia and China signed a mutual co operation agreement. [https://www.newyorker.com/news/daily-comment/russia-and-china-unveil-a-pact-against-america-and-the-west](https://www.newyorker.com/news/daily-comment/russia-and-china-unveil-a-pact-against-america-and-the-west) In case it has escaped your notice China has developed a now monetary protocol which it has declared is intended to challenge the SWIFT & CHIPS based USD global monetary system hegemony. The BRICS nations have long resented the dominance of the USD in the global banking system- now China dominates global mercantile trade, just as the USA did when the USA gained global monetary hegemony. Now China looks to seek the supreme prize of empire- monetary hegemony. This is the reality Bitcoin Maxers might prefer to ignore. Ignore reality at your own risk. USD vs DCEP vs BTC

Mentions:#SWIFT#BTC

Replaced by what? SWIFT offers European governments control. What else would give them such control?

Mentions:#SWIFT

Exactly, SWIFT will still exist.

Mentions:#SWIFT

What is SWIFT even good for, serving their centralized overlords? Freezing people's bank accounts because they dont like them? I mean, look at it happening at so many other cases like protests, clearly that is no way to go.

Mentions:#SWIFT

The SEC lawsuit against Ripple was a required first step in getting SWIFT caught up.

Mentions:#SWIFT

Totally. SWIFT is already researching blockchain solutions for itself, so it's well prepared to evolve if necessary. Also, the main reason that banks use SWIFT is that it passes government regulations worldwide. That's the hardest requirement.

Mentions:#SWIFT

Companies using swift are still using mainframe. Away. SWIFT is actually a pretty good system, I like SWIFT - easy to read and understand.

Mentions:#SWIFT

SWIFT will be there in 5 years for sure. However, Global alternatives will appear also. China will make sure it happens so it wont be severely sanctioned like Russia. Probably Russia and most Asian , African and South American centuries will adapt it too. Still not sure if it will involve crypto or not but its kind of logical move if it did.

Mentions:#SWIFT

SWIFT will have to use CBDCs, period. Else it will become irrelevant as more and more people adopt crypto. Even companies like PayPal and Mastercard and catching on so it is only time before other payment merchants accept it as well.

Mentions:#SWIFT

Or we could just get rid of SWIFT altogether.

Mentions:#SWIFT

with the swift moves to support ISO20022 kicking off in earnest in 2022 and fully switched by 2025 (wishful thinking) and if crypto gets on the list of approved currencies in the ISO standard then companies like XLM and XRP and others that bridge the fiat and crypto worlds via their rails could all start to talk to each other..using this common messaging standard... SWIFT undoubtably will play a part in this type of hybrid traditional banking to unbanked crypto enabled world.... interesting times ahead...

Yep. Mastercard already walked it backed per the article. They basically spun it as “it isn’t as simple as yes or no, it is evolving.” SWIFT has proven to be an excellent weapon. I don’t know why any coalition of governments would disarm themselves so thoroughly. I think the talk of a SWIFT competitor makes sense though. And, of course, this is basically meaningless for the almost 2 billion unbanked people in the world.

Mentions:#SWIFT

Reposting a comment I made elsewhere to add to the discussion. TLDR. BSN is not a decentralized blockchain. It’s operators are run by UnionPay. It’s Scorpion network gas fees are tied to fiat money/stablecoin USDC. It does not fix the issues crypto and public blockchains were built to fix. But it’s creation is a result of the need for public blockchains to work more closely with governments or else governments will implement measures to limit or even block them. Killing the crypto dream before it can reach the mainstream. Long post: BSN is not the solution but it is proof that the cryptocurrency market needs to find a balance in order to get nations onboard. It needs to be beneficial for them and there must be reassurances that they can keep an acceptable level of control over it: \- States can accept cutting the middle man (traditional banks). \- They can even accept that crypto becomes the main currency as long as that avoids any other competitors from taking over control. \- They can accept decentralization as that will also limit bad actors from disrupting the network. \- They won’t accept ways to circunvent KYC or a network being used for money laundering and other illegal activities or to give an advantage to some competitor. BSN main issue is that it is perceived as being a trojan horse created by the Chinese government to control the future of public blockchains. It still doesn’t solve the real problems with the current financial system. \- It’s a state backed solution. Not a state independent worldwide solution. \- It still depends on fiat money. And although China (sorry BSN) is tying it to the USDC it doesn’t make it any better. \- It claims its a no KYC network but Spartan is only part of the equation. BSN operators control KYC entirely and can stop transactions. There is no direct way of transferring funds from one wallet to the other without the operators. Who controls those operators? https://www.coindesk.com/markets/2021/03/16/inside-chinas-effort-to-create-a-blockchain-it-can-control/ Public Blockchains were created based on cryptocoins to: \- Remove the middle man. Making direct, faster transactions possible. \- Removing currency from conflicts. \- No entity can disrupt the entire network. States could impose rules limiting transactions by forcing every citizen to declare their crypto wallets thus having a database of those addresses and controlling any transaction done from that wallet to a wallet outside their juridiction. But no single bad actor would be able to disrupt service to everyone. \- A global public, open cryptocurrency has one advantage over fiat money. While fiat money is backed by the full faith in the government and institutions of a nation, Bitcoin, Ethereum or whatever cryptocurrency becomes the global standard may end up being backed by the full faith of the worldwide economy and their institutions. The faith that everyone will use the public blockchain to conduct business. \- You need ether to become a validator and are rewarded back with ether. The value of ether ensures “honesty” among validators. How does BSN ensure honesty? They don’t. China UnionPay runs the clusters that provide consensus. This is a centralized system controlled by China much like SEPA, SWIFT is controlled by western nations. China would love for UnionPay to become the world standard for banking transactions. But other nations want their system to remain or become the standard. In the curren