Chris Skinner, chairman of the Financial Services Club networking group in the U.K., made a recent statement that the Blockchain could replace SWIFT (the Society for Worldwide Interbank Financial Telecommunication). SWIFT is the mainstream banking network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.
If you’ve ever sent “wired” money somewhere, meaning sent a funds via bank wire, you’ve used SWIFT.
If Bitcoin were to replace SWIFT, say goodbye to mainstream banking, and say hello to massive Bitcoin prices.
Profit Confidential reports:
More good news for bitcoin prices, the bitcoin Blockchain may replace SWIFT (the Society for Worldwide Interbank Financial Telecommunication) network. This prediction by Chris Skinner, a pro-bitcoin banking and technology veteran, has stirred controversy among mainstream banking circles.
Skinner, chairman of the Financial Services Club networking group in the U.K. and author of Digital Bank, made that provocative comment during a keynote he delivered at a recent conference.
A press article reported that Skinner said, “the coding behind virtual currency bitcoin could also prove to be enormously transformational, potentially even replacing the SWIFT network for interbank payments.”
Skinner writes of that remark and the debate that it created in his forthcoming book ValueWeb: How Fintech Firms are Using Bitcoin Blockchain and Mobile Technologies to Create the Internet of Value. (Source: “Will the Blockchain Replace Swift?” American Banker, March 8, 2016.)
SWIFT is the backbone of the banking industry worldwide. Built in the 1970s to replace telex machines with electronic transfers, SWIFT is a co-operatively funded network by the global banking system to let the banks send funds with confidence.
“Its very name shows its cooperative nature,” Skinner wrote.
SWIFT provides a network that enables financial institutions to send and receive information about financial transactions in a secure, standardized, and reliable environment. The majority of banks use the SWIFT network to send money.
We’ve said time and time again that Bitcoin is a threat to mainstream banking. When the public masses come to understand Bitcoin and what it does, they’ll get involved.
Bitcoin’s long term price looks very, very promising.
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