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2018: Time to Replace SWIFT With Cryptocurrency?

Published 2020 years ago by Eric Eissler

2018: Time to Replace SWIFT With Cryptocurrency?

U.Today via u.today

Cryptocurrency seeks to provide a system of quick-settling payments, with low associated costs. Making payments has been an age-old challenge since the dawn of human civilization, we have developed many forms of payment systems from barter and trade to gold coins and fiat money. Membership is required because SWIFT does not facilitate funds transfer: rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other.

Cryptocurrency seeks to provide a system of quick-settling payments, with low associated costs. That is the premise of Bitcoin and other cryptocurrencies, most of which are decentralized, while some are centralized and seek to work with banks and other institutions. There has been a rise of other cryptocurrencies, built on newer and better technologies, which want to make payment processing their main capacity.

Adoption of cryptocurrency for a standardized payments system is still well off, but there has been much action in recent months as Ripple has signed testing deals with MoneyGram, American Express and Spanish bank Santander, just to name a few. While Ripple might be used for more institutional transactions, Bitcoin and Litecoin are used for smaller payments and for sending remittances to other countries. However, there will be many different coins contending for the top spot in payments and it may take some time to see which coins will emerge as the main payment options. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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