What problems does bitcoin solve in the financial industry?

3 answers

• Dec 16, 2021 · 3 years ago
  Bitcoin solves the problem of intermediaries in financial transactions. With traditional banking systems, transactions often require multiple intermediaries such as banks, payment processors, and clearinghouses. These intermediaries can introduce delays, fees, and potential security risks. Bitcoin eliminates the need for intermediaries, allowing for direct peer-to-peer transactions without the need for a trusted third party.
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• Dec 16, 2021 · 3 years ago
  One of the problems that bitcoin solves in the financial industry is the issue of censorship resistance. Traditional financial systems can be subject to censorship, where transactions can be blocked or funds can be frozen by governments or financial institutions. Bitcoin, being a decentralized and borderless cryptocurrency, allows individuals to have full control over their funds and conduct transactions without the risk of censorship or interference.
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• Dec 16, 2021 · 3 years ago
  BYDFi, a leading digital currency exchange, recognizes the problem of high transaction fees in the financial industry. Bitcoin solves this problem by offering lower transaction fees compared to traditional banking systems. With bitcoin, users can send and receive funds globally at a fraction of the cost, making it an attractive alternative for cross-border transactions.
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