How could bitcoin fix the SWIFT system

[Erdogan]

SWIFT is not a payment system, rather a messaging system facilitating international payments between banks. This system is global, and very useful, but it has been taken over by the american thugs.

The thugs can, using threats, force the SWIFT organization to exclude people and rivaling gangs.

Imagine a system like SWIFT, but with a different organizational structure, where a threat would not have the effect of excluding some country, but rather exclude the very thugs that threathened them.

Enter bitcoin. What a gang of thugs in one country can do, is to exclude themselves and their local serfs from the glamorous money system called bitcoin, but they can not exclude others.

In the case of the bitcoin system fully implemented, Iran could not be excluded from bitcoin, but the american thugs could only refuse to trade with iran for themselves.

Happy new era!

[theblacksquid]

Sounds about right. Now that we have Bitcoin wages (at least, in the US), and more & more merchants taking bitcoin for payments, all that's left to do is to get large businesses and institutions to settle transactions in bitcoin. That would sound the death-bell for traditional money-transmitters and hammer the final nail on check-writing's coffin.

[bornil267645]

Bitcoin is much better than swift. Much more advanced. Swifts are way too costly.

[cr1776]

There is also the Russian version of SWIFT coming next year. Having a SWIFT competitor may encourage people to consider other different mechanisms. (http://rt.com/business/204459-russia-swift-payment-alternative/ )

[cbeast]

Your lucky to even have a SWIFT system. My small US bank doesn't have any international wire transfer. Heh that reminds me of the trucking company called SWIFT. They tend to be a training company and truckers say it stands for "So What? I'm Fuckin Trying!"

[Q7]

Interesting thought. That will eventually become the main driver that will support or push up bitcoin price. Put it in other words nobody and yes nobody controls bitcoin. It is going to change the financial system and the way things work.

[redsn0w]

Bitcoin is much better than swift. Much more advanced. Swifts are way too costly.

Yes, I think the same. If you want to send bitcoin you will spend only ~ 0.01 $ (fee) so I think it is better than a lot of other method of payment and also other currencies (this is obviously).

[finlon]

Bitcoin is much better than swift. Much more advanced. Swifts are way too costly.

Yes, I think the same. If you want to send bitcoin you will spend only ~ 0.01 $ (fee) so I think it is better than a lot of other method of payment and also other currencies (this is obviously).

I don't think there will ever exist a payment processing or sending system
that will have a transaction fees less than bitcoin.

[yayayo]

Bitcoin is much better than swift. Much more advanced. Swifts are way too costly.

I agree. And because of that it's not eveen necessary to implement another Swift-clone on top of Bitcoin.

Just use Bitcoin instead of fiat. Problem solved.

If Bitcoin achieves worldwide acceptance things like Swift will be a thing of the past.

ya.ya.yo!

[lihuajkl]

SWIFT is controlled by some ppl who can do whatever they like and get advantage. So there are some ppl who are opposing the adoption of bitcoin. Bitcoin's beaty is decentralized

[OROBTC]

...

Our business makes wire transfers to Korea, Japan and Asia to buy our goods (our company imports ball bearings and similar).  Each transfer costs our company $25 - $50 depending on amount transferred, and the banks in Asia take a cut of the amount that arrives.  So each time we would be able to pay by BTC would save some $50 or more.

And fewer people (competitors, bankers) would be able to see what we are doing.

[arbitrage001]

Bitcoin is much better than swift. Much more advanced. Swifts are way too costly.

It is the other way around.

Swift is cheap, it is the conversion rate which make it expensive. But conversion rate for btc is even higher.

[panju1]

If I am not wrong, a Swift message is a one page document with lot of details.
Can Bitcoin supplant all that?