Blockchain-based money transfer startup SendFriend utilizes Ripple’s technology to save up to 80% in remittance fees.
A Bitcoin transaction occurs when data has been verified and collected into a block within the Bitcoin network. It basically consists of links to previous transactions and assigns every certain number of Bitcoins its public key named Bitcoin address. Since nothing is encrypted in the Bitcoin system, access to this information remains open. Navigating completed transactions in the blockchain is possible with Block Explorers. Block Explorers are necessary for identifying technical features and checking the payment status. The main advantages of cryptocurrency transactions compared to traditional, fiat-money transfers include the high speed of the payment processor, low fees, a variety of payment services, no mediators, decentralization, a low risk of making a mistake, and peer-to-peer interaction.
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