UNITED STATES (OBSERVATORY) – The latest news is filled with optimistic sentiment. It is favorable information that pushes the market to the next heights.
As you know, today banks use SWIFT system to send messages to each other. And, despite the fact that the platform is one of the few ways of transferring interbank information over the past decades, it is still not the best option. The most important reason is a high price. The customer must pay a commission to each intermediary.
These costs do not allow sending small amounts through the existing system of interbank telecommunications. The latter also does not have a high level of security. In addition, it is almost impossible to predict how much money will really go to the final destination. All this is not news for a huge army of platform users.
Negative characteristics of the SWIFT network have caused a rapid growth in the number of companies involved in international money transfers.
In his last interview, Markus Tricher, the head of strategic development at Ripple, said bluntly that the Ripple-SWIFT partnership would certainly not exist.
First, he said, the two companies are currently focused on relatively different markets. Secondly, the emergence of crypto-currency and blocking technology , coupled with the lack of positive news from the SWIFT system, is likely to lead to the demise of the latter in the near future.
The models of these two platforms are so different that we do not need to cooperate. We understand that crypto currency and blocking technology can ultimately lead to the death of SWIFT. But we are not opposed to coexistence, says Markus Tricher.
So, the current system of interbank telecommunications seems to be living out the last years of its existence.
Other news – Bitcoin Cash
In the community of crypto currency developers it was decided to carry out the hardcore of the blockboy bitcoin cache. This fork is very similar to the one by which Bitcoin Cash’s crypto currency has separated from bitcoin. Developers will again raise the block size. Last time it increased to 8 MB. The main news here is that the system will grow to 32 MB.
This is very important news. During transactions with a crypto currency, you can place more transactions in large blocks. They will start to process faster, which, in turn, reduces operational commissions.
Is the news good for the crypto currency?
The increase in the size of the blockade is not new for BCH. The development of Bitcoin ABC was installed in the road map of the crypto currency.
The payment for transactions bitcoin currently is 0.5-1 US dollars, and bch – about 5 cents. The latter is unlikely to change with yet another increase in the size of the block. By the way, the previous 8MB was quite sufficient for the crypto currency.
These actions are not a real scale solution. Blocking can not increase as much as necessary.
The fact that the lightning network is a more accurate solution for the crypto currency system is not news at all. Whether the increase in the volume of blockage will solve the problem of scaling the crypto currency network in the long term is not yet known.