Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
An online payment system that allows for money to be sent, or wired to another bank account is considered a bank transfer. It is different from how credit card woks. Bank Transfer, also known as SEPA Credit Transfer, is a trusted and secure international and domestic payment method for online consumers. This online payment method is used by many customers for making any type of Euro payment within the SEPA area. It can be seen as a direct debit done through online banking. A Bank Transfer always includes the financial bank accounts of the payer and the payee in the international IBAN format. This type of payment solution is easy-to-use, user friendly, and allows customers to reach a broad international audience.