03 Oct 2022 By PAYCEC
PayCEC will first walk you through a simple example that will also explain what a blockchain payment is:
To make a payment, you must visit a bank, which acts as an intermediary between you and the recipient to validate the transaction. The problem with centralized banking systems is that the Federal Reserve, not the general public, controls the money.
Meanwhile, blockchain eliminates the need for a third party by utilizing distributed ledger technology, lowering the cost of each payment. This technology does not rely on a central server but on multiple copies of the blockchain (also known as nodes).
Here's how payments process on a blockchain payment gateway to help you understand:
If you need further assistance or answer, please don't hesitate to contact us.
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