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> Complicated enough that it took the invention of Bitcoin to take it out of the bankers hands and move it to the digital realm. That's not at all what bitcoin
by kllrnohj 6y ago
> Complicated enough that it took the invention of Bitcoin to take it out of the bankers hands and move it to the digital realm.
That's not at all what bitcoin does or helps with.
Settlement is not complicated. ACH is complicated, but ACH isn't just settlement. Bank to bank wire transfers are just settlement, and are regularly same-day (even same-hour) with immediate fund availability.
Hell, FedWire has been doing real-time near-instant moving of money between accounts since 1920 https://en.wikipedia.org/wiki/Fedwire https://en.wikipedia.org/wiki/Fedwire
- lupire 6y agoImagine if making a bank transfer was as east as sending a spam email. FedWire works because those banks work very hard to trust each other.
- adamjb 6y agoEuropeans and Australians [0] don't have to imagine. I can literally do a bank transfer to an email address. [0] non-exhaustive list
- throwaheyy 6y agoThat’s not the same as what parent comment was suggesting. You can’t send money to literally anyone using only an email address. You and the recipient still have to have regular bank accounts within the settlement system. The email address only serves as a more friendly identifier than the account number.
- adamjb 6y agoI should've been clearer: as long as the recipient has linked their email and/or mobile to their account (via PayID) settlement is instant and their email/mobile number can be used to address transfers