crypto news

2018: Time to Replace SWIFT With Cryptocurrency?

Published 2020 years ago by Eric Eissler

2018: Time to Replace SWIFT With Cryptocurrency?

U.Today via

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

Liechtenstein Based Bank is First to Offer Crypto Investment and Cold Storage

Bank Frick located in Liechtenstein will be the first regulated bank to offer direct investment and cold storage services for five cryptocurrencies. Bank Frick’s customers can now buy and sell Bitcoin ... Read More

Former FDIC Chair Sheila Bair Sees No Value in Bitcoin or Dollar

Sheila Bair, a former FDIC chair, has come out with a measured view of Bitcoin stating that there is no reason to outlaw the digital currency, and the argument that it has no value is a flawed one. Re ... Read More

WikiCoin: What Blockchain Applications Can Do

As cryptocurrency adoption spreads, so does awareness of Blockchain technology on the part of financial institutions, technology companies and consumers. Banks have been especially active in exploring ... Read More

Alibaba’s Online Shopping Sites Set to Use Blockchain For Cross-Border E-Commerce

Alibaba’s online shopping platform T-Mall will deliver foreign goods to customers in China tracked via Blockchain, the company reportedly announced early Wednesday along with its partner in the projec ... Read More

Public Company Global Blockchain Technologies Acquires 100% of Coinstream Mining

Public company Global Blockchain Technologies Corp (CSE:BLOC) (FSE:BWSP) (OTC:BLKCF) has finalized its acquisition of Coinstream Mining Corp (Coinstream). Under the terms of the acquisition agreement, ... Read More