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LogoutFollowing are some significant differences seen in the transactions done on the blockchain and a bank network.
Privacy
The client’s bank account information is saved on the bank’s private servers. The privacy of a bank account is just as safe as the bank’s servers and how well the individual user encrypts their personal information. If the bank’s systems are hacked, the individual’s account will be hacked.
Bitcoin users can keep their transactions as private as they like.
Although all Bitcoin may be traced, it is hard to determine who owns Bitcoin if it was purchased anonymously. When Bitcoin is purchased through a KYC exchange, the Bitcoin is linked to the account holder of the KYC exchange.
Security
A bank account’s information is only secure and safe as the bank’s server that houses client account information, assuming the customer uses solid internet security precautions such as secure passwords and two-factor authentication.
The Bitcoin network becomes more secure as it expands in size.
A Bitcoin owner’s level of security with their Bitcoin is totally up to them. As a result, it is suggested that more significant amounts of Bitcoin, or any quantity meant to be retained for an extended period, be stored in cold storage.
Account Block
Governments can easily track people’s bank accounts and take the assets contained within them, thanks to KYC requirements.
Governments will have difficulty tracking down and seizing Bitcoin if it is used anonymously.