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You are all massively missing the point. You don't need to hold Bitcoin yourself, you can just use the network to send money around the world in an instant. Ban
by Avalaxy 12y ago
You are all massively missing the point. You don't need to hold Bitcoin yourself, you can just use the network to send money around the world in an instant. Banks could do this on a large scale under water and convert it to another currency right away.
- kolev 12y agoBanks don't need Bitcoin - they've got SWIFT.
- Avalaxy 12y ago... It takes days to send money with SWIFT and the costs are much higher. Bitcoin is a superior technology that provides substantial benefits to banks. That's why the 3 biggest banks in the Netherlands are seriously looking at using Bitcoin for their payments.
- kolev 12y agoNo, SWIFT is not slow. I move money from US to EU in 12 hours thru wires and pay a flat fee of $20. SWIFT is fast, it's just a messaging system, but slowness comes from elsewhere, for example, going thru correspondent banks. "Seriously looking" is a gross exaggeration. Banks always look at alternatives, but are very careful about changing their proven methods!