Bitcoin Is A Revolution For Global Money

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State Of The System

The barriers to entering global financial markets are archaic. Overextended processing times, high transaction fees, deadweight loss due to exchange rates, the list goes on. While these might be excusable in a settlement system still in its infancy, I am describing the SWIFT system, our global international banking network, created in 1973. For a service coming up on its 50th birthday, you’d expect modern technology to have made its way into the mechanisms by which SWIFT allows international financial messaging. Yet, it remains largely unchanged.

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