Typically, payment is made to a bank to validate a transaction, a notary to sign a document, or a municipality to get a marriage. Blockchain eliminates the need for third-party verification as well as their costs. For example, when banks and payment processing companies are required to process these transactions and they accept payments on credit cards, they charge a small fee. Bitcoin, on the other hand, has no central authority and imposes limited transaction fees.
- CandleFocus Editor
Advantages: Cost Reductions
Learn how blockchain technology can eliminate the need for third-party validation, as well as their fees. Understand the advantages of Bitcoin compared to traditional payment processing fees.