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For a $10 purchase a $62 fee is in my opinion certainly an outage. But also there have been hours-long transaction times. I wouldn't say that banks "lose your
by knorker 5y ago
For a $10 purchase a $62 fee is in my opinion certainly an outage.
But also there have been hours-long transaction times.
I wouldn't say that banks "lose your balance" at all. It's a failure in availability.
If the bank fails or does the extremely common cryptocurrency thing of "rugpull" then you still have your money because FDIC.
You say "immediately", but i regularly do inter-bank transfers that go through faster than any Bitcoin transaction can go through, no matter what transaction fee offered. And that's not even talking about CC payments, which are done in milliseconds.
- jimmydorry 5y agoThose transactions that appear to go through "immediately", are not settled for many days or weeks. That third parties are willing to take on the settlement risk is beside the point as the same could be offered by third parties working on top of the Bitcoin blockchain.
- knorker 5y ago> Those transactions that appear to go through "immediately", are not settled for many days or weeks. The thing about that is that end users don't care, not even a little bit. It's about as interesting as whether the banks runs Linux, BSD, or OS/400. The service provided is immediate. I don't care if the two banks need to ship physical checks around on the backend. > the same could be offered by third parties working on top of the Bitcoin blockchain. But that defeats the whole point of the bitcoin blockchain. It does not defeat the point of traditional banking.