The banks’ “new” payment system

. 2 min read

Dear Reader,

Just a few days ago, Australian banks started rolling out a new payment system they’re calling NPP, or “New Payments Platform.” Until now, domestic money transfers in Australia could take up to several days. It was inefficient and outdated.

With the NPP, payments are nearly instantaneous and no longer restricted to the banks’ normal business hours. Not only that, you can now also send payments with mobile phones and through email.

This new payment system isn’t limited to Australia, the US has also started rolling out their very own Real-time Payment system (RTP), that drastically improves their standard 2–5 day wait time. Other countries across the globe are also starting to introduce new systems that allow people to send money instantly, 24/7.

All of this new technology in the banking industry sounds fantastic, but the fact is this “new” technology is already outdated and has been available in cryptocurrencies for almost 10 years. Not only was Satoshi Nakamoto’s Bitcoin payment system of 2009 quicker than the banks’ “new” system, but it is vastly more secure through revolutionary computer science that prevents double-spending.

Banks are not known for innovation that solves real world problems, as long as we rely on their outdated and cumbersome legacy systems, our ability to interact and transact worldwide is at a huge disadvantage.

In the age of the internet, it only takes a genius and his laptop to create an entirely new and secure payment system that easily outperforms decades of “innovation” from the banks. But the best part about cryptocurrencies isn’t the technology, it’s the fact that the community is now taking it upon themselves to work together to create these new innovations.

Right now we already have 1,500 cryptocurrency coins, who knows where we’ll be in another 10 years. Sure, a lot of these coins don’t offer much in the way of utility and some are even outright scams, but it is undeniable that we are marching towards a new world where global commerce isn’t limited to the outdated inefficient banking industry.

As long as these new innovations exists, LocalCoinSwap will be at the forefront of the community. With a global team of highly qualified professionals we are creating a platform that will allows users worldwide to transact easily and seamlessly on a huge variety of coins. But not only that, the LocalCoinSwap exchange will be putting the profits of the exchange and the important decision making back into the hands of the community.

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