To explain how Bitcoin works, let's look at what steps are involved with the existing business model for completing a cross-border transaction:
- A customer enters an order either by visiting a bank branch or via the web. The sender provides detailed information of an order such as the amount, sending currency, receiver name, receiving currency, receiver's bank name, account and branch numbers, and a SWIFT number. Here, SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications, a messaging network used by financial institutions to transmit information and instructions securely through a standardized system of codes. SWIFT assigns each financial organization a unique code called, interchangeably, ...
