Global Payment System Replacement
Global Payment System Race
I think the next big thing in finance will be a replacement for the existing Swift system. The race is on and if your an investor your probably keeping an eye on this space, looking for the eventual winner. These competitors including Facebook, Swift, JP Morgan and Walmart have long ago discovered the blockchain with its lower cost, efficiency, accuracy and more. That’s old news, along with the driving or motivating force for a system to replace the existing one; the cost of transaction fees, estimated at 2.16 billion per quarter for Walmart alone.
No the real problems are how to get the Global Banking System and the beneficiaries of the current system to stop fighting you and sending their political attack dogs to block your efforts and media attack dogs to portray you as the evil force to be opposed at every turn. But as if that’s not a daunting enough task, aka David and Goliath, you still have to deal with the very heart and sole of blockchains, it’s in their DNA to be free decentralized networks, so how do you control it once you build it and release it to the wild?
I claim no special powers with this article. I have eyes to see and ears to hear, but additionally I am a student of the blockchain and in some regards a recording historian of the monumental change occurring in this world, which will effect your grand-children and your grand-children’s grandchildren. The blockchain will inevitably effect the world like the internet did, slowly and insidiously at first and gradually I predict it will become ubiquitous or widespread. Some may argue it already has become widespread.
In any event keep your investors eye on the prize Bitcoin, Facebook’s Coin Libra, the Facebook wallet Calibra, the counterpart in the world to Libra, a HardFork called Open-Libra, an out in the open decentralized alternative to Libra which would in theory work on the LIBRA blockchain!😳😳
Follow the money as Fidelity and Nasdaq get involved in trading and providing custodial services for Bitcoin and other crypto currencies as mainstream investors often have money, but are to busy to learn the specifics of trading and holding crypto currencies. If they do understand, having the custodian hold their private keys will seem natural.
Hold onto your popcorn folks, it’s going to get interesting!
✍️ written by Shortsegments
Read other articles by me on the Steemit Social Media Platform, where writers get paid for their content by the community by upvotes worth the cryptocurrency, called Steem.
Read my Steemleo investment Blog
Please follow my Twitter Feed Here
Shortsegments is a blogger or writer on the Steemit platform, where writers, photographers and video bloggers, along with other content producers get paid for posting their content. Steemit is a decentralized social media platform on a blockchain called Steem. A very important difference between Steemit and centralized platforms like Facebook, Instagram or YouTube, is that there isn’t a central authority or owner to take your account away from you and your account can’t be deleted. You are the owner of your account. Find out more at this Link
Steem Onboarding helps you apply for an account and is a series of videos which explains how Steemit works. You don’t need to understand everything about the blockchain to post content and our Onboarding help is available in six different languages.
I think the next big thing in finance will be a replacement for the existing Swift system. The race is on and if your an investor your probably keeping an eye on this space, looking for the eventual winner. These competitors including Facebook, Swift, JP Morgan and Walmart have long ago discovered the blockchain with its lower cost, efficiency, accuracy and more. That’s old news, along with the driving or motivating force for a system to replace the existing one; the cost of transaction fees, estimated at 2.16 billion per quarter for Walmart alone.
No the real problems are how to get the Global Banking System and the beneficiaries of the current system to stop fighting you and sending their political attack dogs to block your efforts and media attack dogs to portray you as the evil force to be opposed at every turn. But as if that’s not a daunting enough task, aka David and Goliath, you still have to deal with the very heart and sole of blockchains, it’s in their DNA to be free decentralized networks, so how do you control it once you build it and release it to the wild?
I claim no special powers with this article. I have eyes to see and ears to hear, but additionally I am a student of the blockchain and in some regards a recording historian of the monumental change occurring in this world, which will effect your grand-children and your grand-children’s grandchildren. The blockchain will inevitably effect the world like the internet did, slowly and insidiously at first and gradually I predict it will become ubiquitous or widespread. Some may argue it already has become widespread.
In any event keep your investors eye on the prize Bitcoin, Facebook’s Coin Libra, the Facebook wallet Calibra, the counterpart in the world to Libra, a HardFork called Open-Libra, an out in the open decentralized alternative to Libra which would in theory work on the LIBRA blockchain!😳😳
Follow the money as Fidelity and Nasdaq get involved in trading and providing custodial services for Bitcoin and other crypto currencies as mainstream investors often have money, but are to busy to learn the specifics of trading and holding crypto currencies. If they do understand, having the custodian hold their private keys will seem natural.
Hold onto your popcorn folks, it’s going to get interesting!
✍️ written by Shortsegments
Read other articles by me on the Steemit Social Media Platform, where writers get paid for their content by the community by upvotes worth the cryptocurrency, called Steem.
Read my Steemleo investment Blog
Please follow my Twitter Feed Here
Shortsegments is a blogger or writer on the Steemit platform, where writers, photographers and video bloggers, along with other content producers get paid for posting their content. Steemit is a decentralized social media platform on a blockchain called Steem. A very important difference between Steemit and centralized platforms like Facebook, Instagram or YouTube, is that there isn’t a central authority or owner to take your account away from you and your account can’t be deleted. You are the owner of your account. Find out more at this Link
Steem Onboarding helps you apply for an account and is a series of videos which explains how Steemit works. You don’t need to understand everything about the blockchain to post content and our Onboarding help is available in six different languages.
😅😊
Posted via Steemleo
I have come across various sources from around the web that suggest that the impetus for a paradigm shift in payment processing is beginning to build in ernest. There have also been as of late numerous stories about central banks showing interest in launching their own crypto currencies. However, I think any such move will face some significant resistance from a number of entities, i.e., governmental regulators, legacy clearinghouses, et. al. Another hurdle any move towards this shift will be in educating and convincing the public at-large as to why the change is necessary and what benefits are to be had. A very interesting topic nontheless.
I agree implementation will be difficult, especially incorporating the cryptocurrency portion. I think an intermediary step will involve using an existing blockchain and skipping the new token creation portion and focusing on how the blockchain portion facilitated transactions cheaper, faster and more secure then swift.