ÐIGITΛL ΛSSΞTS EÐUCΛTION LLC: Bank of America Sees Value In Bitcoin Remittance

Sunday, August 1, 2021

Bank of America Sees Value In Bitcoin Remittance

“Using #Bitcoin for remittances could potentially reduce transaction costs compared to traditional remittance channels." - Bank of America pic.twitter.com/0y0nZtitwK
— Bitcoin Magazine (@BitcoinMagazine) August 1, 2021

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What Is Bitcoin BTC?

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.

Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”

Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.