Question

Cryptocurrency payments do not go through banks. True or False?

Answer 1

Cryptocurrency payments do not go through banks. They are decentralized and operate on blockchain technology, allowing peer-to-peer transactions without intermediaries.

Step-by-step explanation:

No, cryptocurrency payments do not go through banks. Cryptocurrencies are decentralized digital currencies that operate on blockchain technology. Transactions are verified and recorded on a distributed ledger, allowing peer-to-peer transactions without the need for intermediaries such as banks. For example, when someone sends a Bitcoin payment to another person, the transaction is added to the blockchain and confirmed by a network of computers known as miners. This eliminates the need for traditional banks to facilitate and verify transactions.

Answer 2

Cryptocurrency payments do not go through banks. True.

Step-by-step explanation:

Cryptocurrency payments do not go through banks. True. Cryptocurrencies, such as Bitcoin, are decentralized digital currencies that operate on a peer-to-peer network called a blockchain. Transactions are verified and recorded on the blockchain by a decentralized network of computers, known as miners, rather than being processed and monitored by traditional banks. This allows for fast and secure transactions without the need for intermediaries like banks.