Less than 20 transactions per second. Mindbogglingly slow.
Layer 2/Lightning can process far greater number of transactions for a far lower fee with a cryptographic guarantee of submission to the underlying blockchain. There are some kinks of course, as there always are.
TIL wires take years, not minutes.
> there are extenuating circumstances, which qualify you for a wire transfer reversal. These special circumstances are as follows:
* Your bank made a mistake with the recipient’s account number.
* The amount of money the recipient received is more than you intended to send.
* The wire transfer was a duplicate.
Nope. Reversing wires on bank error requires both sides’ consent. (Some wire agreements have you authorise the bank to do this on your behalf.) Less a reversal than sending a counterbalancing wire. Even this is only possible for minutes to a day.
Beyond that, e.g. in cases of fraud, law enforcement must freeze and seize.
For good reason. Crypto is speed running through the centuries of financial strife to understand why things are the way they are.
Would you like to expand your point?