There was a moment of panic in the United States. The Federal Reserve Payment Network, the central bank of the United States, went out for a while last week. The crash brought down several payment services, including a system that transfers trillions of dollars every day. Meanwhile, Bitcoin has been running continuously for many years.
Due to the downturn, banks and companies were unable to process digital payments. Several hours later Idle time, An important payment method called FatWire is back in operation. Other Federal Reserve services have not been reached for a long time. In a statement, the central bank accused it of “operational error”.
Banks, corporations and government agencies have relied on FedWire to convert large sums of money into and from the US banking system. In the fourth quarter, an average of more than $ 3,000 billion a day (!) Was transferred via FedWire.
There were also American crypto companies affected by the crash. Gemini said the wallet of the Winglevos twins has also had some of their systems down due to the central bank’s problem.
Paradoxically, Janet Yellen spoke about Bitcoin two days before the incident. He called the decentralized antifreeze payment network ‘inefficient’. He is now Secretary of the U.S. Treasury and formerly Director of the Federal Reserve.
Nick Carter immediately compared this report to FedWire, so a few days Under Went. As for the solution layer, Bitcoin is more efficient than the central bank system.
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It is completely unreasonable for the Bitcoin community to make fun of this development. Does Bitcoin fix this?
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Bitcoin as an alternative
Bitcoin may be the antiviral of fatwire. With Bitcoin, you can send any value worldwide to anyone who accepts it within 10 minutes. In addition, Bitcoin was conceived in a way that simply could not be overthrown by a ‘functional error’.
The last time Bitcoin did not work (temporarily) was in 2013. Bitcoin is the second method that cannot be used to make temporary payments. At that point, it was gone in 6 hours and 20 minutes. For the first time in 2010, Bitcoin went wrong for 8 hours and 27 minutes. At the time, the size of the network, the value of the team of developers and the ecosystem was even lower.
Both times a solution was quickly planned and sent to the network, and the error was removed at any time. Since then, the network has been online for more than 2,900 consecutive days. For more than 12 years, Bitcoin has been up and running 99,98611%.
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Bitcoin does not depend on a focal point to function. In addition, hundreds of developers worldwide continue to work to improve the protocol. Bitcoin core code can also be found in open source, so many eyes are looking for potentially critical errors. These are all features that FedWire does not have.
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