Bitcoin: Eliminating the financial “middle man”
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Bitcoin has taken some hits in the mainstream media the past six months, but you’d be hard-pressed to find a bank industry executive not talking about the cryptocurrency’s threat to legacy payments systems once they understand how it works.
In a nutshell, Bitcoin was created to eliminate the middleman when two parties exchange payment for goods and services. No banks and third-party networks such as Visa or MasterCard are involved in the payment process. And the transaction is almost completely anonymous.