There are no intermediaries when the bitcoins are transferred from peer-to-peer over the bitcoin network. All the bitcoin transactions are recorded on public ledger which are stored in servers across the world. This public distributed ledger is blockchain. It operates without getting monitored or administered by Central Banks, Governments or other commercial banks. You can read about the Bitcoin: Notes for UPSC Exam in the given link.
- Cryptocurrency: Definition, Advantages & Disadvantages
- India Report on Digital Education 2020 [UPSC Notes]