Thank you. What do you think about the SWIFT system and the potential for transactions to use Crypto in replacement or as a compliment to fiat and SWIFT?
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Thank you. What do you think about the SWIFT system and the potential for transactions to use Crypto in replacement or as a compliment to fiat and SWIFT?
My basic knowledge ....
The system had already existed and able to handle a massive transaction with less issues and it has its own code for a specific location identification for the international financial transaction to prevent any confusion while doing any transaction on transfering or receiving the currency internationally furthermore it can detect the fraud.
Yes, it's why it has been dominant for the past 30+ years. Surely crypto can do this job a lot better?? I'm not sure that it "detects" fraud, rather it protects from it.
I mean it will be detected if asked by an authorized person to trace any suspicious currency transaction that lead to any illegal activities .. jeez I hate explaining to someone who know about this thing better than me any way this is like sharpen up my knowledge..lol
Oh i see what you are saying. As it's done through them they can see what amounts are moving..But it's only really banks who use it to send money but i see what you mean. I suppose even banks commit fraud lol...They commit the most lol...
Crypto is an opportunity for freedom if people are brave enough to take it. Most aren't aware of the war on cash and the hidden fee's we pay to card providers daily. They have hidden the fee by charging the merchant, who then charges us. Most don't even think about this. I also think most debt slaves are now suffering "stockholm syndrome" towards banks. We need to educate them every day...It's coming bro....
SWIFT is just a dedicated message system. Before that it was telex i think..There are competing systems..Ripple who produce the crypto called XRP, are a company that transfers money...and there are a few others..SWIFT is far the most dominant however.