This is the second major disruption of the system in 2019, following a three-hour downtime period of the FedWire interbank transfer service in April 1. The Fed did not disclose specific causes for both outages, pointing to a generic “internal technical issue” earlier.
Bitcoin Does Not Solve This
At one point during the height of crypto euphoria, there were over 250,000 unconfirmed transactions. Sending Bitcoins was only possible by setting a $50 fee. Users who set a fee below $10 had to wait about three weeks for their payment to be cleared — effectively equivalent to a serious localized outage.
Credit: Source link