Bitcoin is the largest digital currency that has reached new heights in the year 2017. Everybody can see the widespread adoption of this cryptocurrency and advantages of Bitcoin over banking practices. Bitcoin has the ability to revolutionize the banks infrastructure by providing faster and cheaper payment transfers.
Bitcoin
Bitcoin is accessible to everyone, free to use, and don’t have any limitations.
Bitcoin does not have spending limits that means users can send the required money.
With Bitcoin, instant transactions are received and takes around only an hour for confirmation.
In case of Bitcoin, with the private keys, money can be accessed 24/7. It is a global peer-to-peer payment network that don't have business operation limitations.
As long as users keep private keys secure, no hacker can touch their money. All Bitcoins are secured on the private keys and public ledger that determines ownership.
Bitcoin is the most affordable way of making international payments. Many online payment options are not up to the mark in front of Bitcoin. In case, Bitcoin becomes a recognized currency globally, then costs will get minimized to just mining fee.
With Bitcoin, users & money is cryptographically secured on the public ledger. Each Bitcoin on the network presents unit value; however it is not a promise-to-pay value.
Banks
Credit cards access entirely depends on the banks. Around Billion people do not have access to banks accounts. Opening or applying for a credit card requires signing contracts and long forms filling that never works in favor.
Fiat currency operates through reserve banking that means everyone can access the money. Owing to this, banks needs withdrawals limits and purchase limits.
In banks, domestic settlements in same jurisdiction are more efficient; however international trade in between banks takes time.
Banks have a permissioned system and funds are not available to you always. There are numerous examples that bank runs away when depositors don’t have access to their money.
In banks, money is stored with the third party. Recently, governments across the world implemented bail-in policies. These policies fail banks through uninsured deposits and bond holders.
Most of the people are not aware of the fact that bank account money is a credit. The entire banking system is debt bubble that is similar to Ponzi scheme.
