so why does it still take me 3+ business days to move money between banks? I assume it's just because they use that float to make money, but it still sucks. i for one like transactions clearing in a few seconds rather than a few days.
In fact what parent is saying is that fast transaction speeds are not something that are solely enabled by bitcoin. There is absolutely no technical reason why transfers have to take days between banks. That's just down to the banks in your country having a crappy infrastructure.
In fact, among the interesting properties of Bitcoin, I'd rate transaction speeds as the least relevant - chiefly because network throughput and transaction speed is actually pretty poor if you compare it to what is achievable with classical tech.
> There is absolutely no technical reason why transfers have to take days between banks. That's just down to the banks in your country having a crappy infrastructure
This is one of the reasons crypto is a great solution though. You don't have to rely on institutions for the infrastructure.
> There is absolutely no technical reason why transfers have to take days between banks. That's just down to the banks in your country having a crappy infrastructure.
I agree that there's no technical reason. For example, "crappy infrastructure" is an economic reason why fast bank transfers wouldn't work. I'm evaluating bitcoin as a political/economic tool.
That's not really a unique value proposition, as there are PayPal (and probably others) for many years already. And PayPal is free for private transfers, compared to BitCoin's ~$5/transaction.
