3 ms·
One benefit of crypto might be that it lights a fire under the ass of banks to improve their services. There is no technical reason why banks can’t match or exc
by cageface 8y ago
One benefit of crypto might be that it lights a fire under the ass of banks to improve their services. There is no technical reason why banks can’t match or exceed the convenience of crypto for making money transfers. They just haven’t had enough competition to make it happen yet.
- wastholm 8y agoYes. Here in Sweden we now have a system called Swish[1] that, after some initial setup, lets people make more or less instantaneous transfers to each other and to businesses. It works quite well, is very popular and, for now, is free to use for private individuals. I think one reason we have this system is the fear of bitcoin. (The other is the banks' wish for everyone to stop using cash.) [1] https://en.wikipedia.org/wiki/Swish_(payment) https://en.wikipedia.org/wiki/Swish_(payment)
- zaarn 8y agoSEPA Inst is planned to offer <10 second transactions for most SEPA banks by end of the year. The transaction costs about 10 cents at my bank (normal SEPA is free).