FedNow is nothing but the US banking system grasping at straws to try and stay relevant.


So the new "FedNow" service that is being rolled out over the coming months is supposed to be the response to bitcoin and lightning's instant payments. Its supposed to bring banks into the modern age.

Alright, so with FedNow can I send my money instantly from my banking app to a street food stall operator in El Salvador? How about sending my money instantly to a bar in Japan to pay my bill? How about sending my money instantly to my friend who lives in South Africa?

No. All FedNow does is help US banks settle faster between US banks inside the US. Who gives a shit.

Bitcoin is the only global and instant money transfer protocol. FedNow is the equivelant of the US government creating a national electronic mail system to compete with email to try and protect the post office.

In 5 years from now US banks (if they still exist) wont be running on FedNow rails they will be running on lightning rails.