News for hackers. Stuff that matters.

A comment on Swift payments network to cut access to crypto exchanges. Parent comment

Re:Swift payments network to cut access to crypto exchanges by ben_w on Saturday January 21, 2023 @06:22PM (#34471910)
I know it varies by crypto, but last I checked BTC couldn't handle 2% of the transactions Swift handles.

It's "competition" only in the same way that New Shepard is competition for the Falcon 9 and Crew Dragon.

[ Parent | on HN ]
Re:Swift payments network to cut access to crypto exchanges by argella on Saturday January 21, 2023 @07:40PM (#34472700)
* crypto includes more than btc * btc has the lightning network for higher volume of transactions
[ Parent | on HN ]
Re:Swift payments network to cut access to crypto exchanges by ben_w on Sunday January 22, 2023 @03:35AM (#34475498)
The first I explicitly acknowledged by saying it varies by crypto. Both are irrelevant.

SWIFT is (a) not the only inter-bank system, and (b) is specifically for inter-bank exchanges (the "I" is for Interbank), so when a transaction is between two accounts in the same bank it doesn't need to touch SWIFT.

[ Parent | on HN ]