Quote:
Originally Posted by afc wimbledon
I can see the fee's reducing but work still has to be paid for. I can't see wait times reducing unless 'we' are prepared to live with a shed load of fraud ditto the 3000 limit, I think we lose track of the fact these annoyances exist for a reason, a bank outside Canada has no recourse at all if I rip them off, if I write them a bad cheque there is nothing they can do legally to get the money back, that is why they are so 'slow' to hand out money to foreigners, they have to 'see' the money first
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That's the thing, through the speed of blockchain there is instant settlement, you won't "write a cheque" that will bounce because the money will be sent instantly. Right now the financial system uses swift as a messaging service and then the banks settle, hence 3-5 business days.
Transactions through the XRP ledger for example are settled within 5 seconds. You can't defraud me with a fake cheque or e-transfer because no one is taking a message or an IOU, just actual payment.
Security is one of the bigger benefits of blockchain.