WHO WILL REPLACE SWIFT AND SEPA ?!

Today 05.12.2024 we woke up in a world where the price of Bitcoin exceeded 100K USD.

Large investment funds including Banks launched or preparing to do so, their ETFs based on Bitcoin - isn't this proof that digital money and blockchain are the direction for the next centuries of development of the Earth's civilization?

We have been hearing a lot lately about the evolution of money, about its historical change on the scale of the invention of the wheel. However, the question remains whether this is indeed happening and whether traditional money and the financial system based on a group of private banks can be replaced by something new and revolutionary.

It turns out that the new money that BITCOIN already is has all the signs to successfully replace the old and slow financial system without giving up security rigors.  What is more, significantly improves them due to the advantage of the technology used.

What features make the blockchain and the financial system based on it already light years ahead of the financial system on which FIAT currencies are based? Are there technologies and solutions that can already replace SWIFT and SEPA? Why, despite the very rapid adoption of Cryptocurrencies, is there still no alternative to SWIFT and SEPA? Or are we sure there are no alternatives? It seems that alternatives to SWIFT and SEPA already exist and are in an advanced phase! One of them is the CTFpay.io project, which we will briefly discuss in the summary.

Below we will compare several features of both of these worlds, i.e. Blockchain Finance and Fiat with SWIFT or SEPA. We will start with the pros and cons and at the end, we will try to draw objective conclusions. I will try to cite about 10 pros and cons for both of them the FIAT system and the system based on Blockchain, so let's go!

PROS of FIAT systems (SWIFT AND SEPA)

1. The solution has been on the market for years and is known

2. The system engages a huge number of users

3. The system is stabilized by the patronage of national governments

4. The system is supported by national governments

5. The system is universal and has an extensive infrastructure

6. There are legal regulations for the system

7. There are supervisory bodies over the system

8. The system is easy to use

9. The system is largely controllable.

CONS of the FIAT System (SWIFT AND SEPA)

1. The system is monopolized, which is a threat in itself

2. The system is not fully transparent and operates in the black zone using tax havens

3. The system is a pyramidal structure with layers for the masses and elites -

4. The system is expensive and slow

5. The system is energy-consuming and not environmentally friendly

6. The system excludes social groups and entire countries with a low level of development.

7. The system is being used as a weapon and armed by its beneficiaries.

8. The system is responsible for Inflation and is its cause

9. The system is based on exclusion rules

10. The system collects, processes, and uses information to achieve specific goals

11. The system is corruption-prone due to its monopolized nature.

12. A system based on intermediaries Client-Intermediary-System

13.  A system susceptible to theft and embezzlement with a low level of security.

PROS of the Blockchain Money System

1. Cheap

2. Superfast

3. Cross-border even in countries with a low level of development

4. The system is decentralized - not monopolized

5. The system is fully integrable at the level of the latest technological solutions

6. The system complements and fills areas of activity unavailable to FIAT markets

7. The system is based on CRYPTOGRAPHIC technology, which is why it is very safe

8. The system does not require a powerful infrastructure to process transactions

9. The system is not susceptible to inflation or can greatly limit it

10. The decentralized nature of the system allows for its high competitiveness

11. The system excludes intermediaries and allows functioning without them

12. The system is controllable

13. The system is regulated by law

14. The system is a serious and cheap alternative to the Bank Monopoly.

CONS of the Blockchain Money System

1. Lack of will of political decision-makers

2. Panic blocking of Blockchain by Banks and dependent institutions

3. Bank Loobs creating an atmosphere of fear and uncertainty around crypto

4. Energy consumption

5. Trade liberalism is perceived as a lack of regulation

6. Relatively small number of global users

7. Lack of full regulations in various parts of the world.

8. Lack of knowledge and conviction about the high degree of complexity of the system

9. Fear of Crypto - associated with fraud

Each of you would find even more advantages and disadvantages and even after a very thorough analysis of both solutions, there will always be opponents and supporters of either one or the other. However, this does not change the fact that Blockchain will eventually replace the traditional financial system, it is only a matter of time.

Returning to the title of today's article, i.e. Who will replace SWIFT and SEPA, I can assure you that there are already functional solutions and technologies that make this possible! Yes, and although it sounds like fantasy, it is true. One such technology was developed by the CTFpay team, which is a fintech startup. Since I know the topic from the source, I know that the technology already exists, but the problem remains scaling, but only until a large investor enters the game who wants to take some of the Banks' market share.! Currently, CTFpay.io is looking for such an investor. The startup is ready for the testing and implementation phase with the first clients. I also know that the global top banks strongly block such initiatives because they are developing similar blockchain-based systems in secret.

So, taking into account the pros and cons as well as the considerable reluctance of a large group of people to Banks and especially their corrupt and monopolistic nature, the introduction of alternative transfer methods seems to be only a matter of time. Also, considering the pros and cons of both systems, it is very obvious that the Banks have established a monopoly and they want to maintain the status quo in a not entirely honest way. Using the US dollar as a weapon, or the SWIFT and SEPA systems to exert pressure, shows that the old financial system is controlled from above and its role is reduced to a tool of repression.

The technologies such as those developed by the CTFpay.io team, give financial markets new opportunities

. A definite advantage of the new decentralized system is that it is fast and cheap, which will be felt by individual users. Blockchain and crypto are also supported by the change of power in the US and Donald Trump strongly supports the development of crypto, which he has publicly declared many times. The appearance of Elon Musk in Donald Trump's team is also at the forefront of systemic changes. Tesla, SpaceX, Miktostrategy, BlackRock or the Coinbase and Binance exchanges are just an expression of the new approach already functioning in the field of decentralized finance.

Considering the changes that have already taken place and are taking place in the world of finance, it is not surprising that many companies will try to take a piece of the Banks' pie from their profits in the global financial system. That is why I believe supporting such initiatives and decentralizing the monopoly will serve all of us.

That's all for today, as always, thank you very much for your comments and remarks.

And soon another fascinating article about CBDC and AML/KYC in the context of total surveillance, so stay with me, best regards A.Z.