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Those 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 ris
by jimmydorry 5y ago
Those 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.