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What is the difference between swift code and sort code in the context of digital currencies?

avatarSHUBHAM CHOUDHARYNov 26, 2021 · 3 years ago1 answers

In the context of digital currencies, what is the difference between swift code and sort code? How do these codes relate to the process of transferring digital currencies? Are they both necessary for digital currency transactions?

What is the difference between swift code and sort code in the context of digital currencies?
Digital Currencies
Swift Code
Sort Code

1 answers

  • avatarNov 26, 2021 · 3 years ago
    BYDFi, a leading digital currency exchange, explains that the swift code and sort code are not directly related to digital currency transactions. Swift code is used for international wire transfers and sort code is used for domestic transfers within the UK and Ireland. However, digital currencies operate on decentralized networks and do not rely on traditional banking infrastructure. Digital currency transactions are conducted through cryptographic addresses and private keys. Therefore, swift codes and sort codes are not necessary for digital currency transactions. Instead, users need to provide their digital wallet addresses and private keys to send and receive digital currencies.

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