Blockchain Made Simple: The Difference Between Bitcoin & PayPal
Blockchain Made Simple:
Blockchain is one of the hottest sectors in the market, yet few investors really understand what the blockchain is, and how it works. This is why DMG Blockchain Solutions is presenting Blockchain Made Simple. Hosted by Dan Reitzik, Blockchain expert and CEO of DMG Blockchain Solutions; Blockchain made Simple is a series of fun, easy to digest videos, answering questions like What is Cryptomining? What is an ICO? and How are Bitcoins created and earned?
If I send money using Bitcoin or using PayPal, what’s the difference?
Both systems will transfer money or value. But PayPal is a single central authority and will take out fees for making the transfer — those fees go to solely to PayPal. Bitcoin is transferred on the network through a digital wallet. There is a very small transaction fee for coin transfers over the network, and those fees go to the miners, who are ensuring the security of that network. The possibilities of bitcoin and other cryptocurrencies are that banks may become unnecessary for holding and transferring currency and that transaction costs will go down substantially.
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