What is difference between blockchain based transactions and bank transaction?

Blockchains have been hailed as a game-changer in the financial sector, particularly in payments and banking. On the other side, banks are not the same as decentralized blockchains.

Let us compare the banking system to Bitcoin’s blockchain implementation to observe how it varies from the blockchain.

Following are some points:


On weekdays, traditional brick-and-mortar banks are open from 9:00 a.m. to 5:00 p.m. Some banks are open on weekends, but only for a short time. On banking holidays, all banks are closed.

While for Blockchain, There are no defined hours; it is open 24 hours a day, 365 days a year.


Bank follows the following period.
Card payments: 24-48 hours
Checks: 24-72 hours to clear
ACH: 24-48 hours
Wire: Within 24 hours unless international

Depending on network congestion, bitcoin transactions might take 15 minutes to over an hour.


The minimal criteria for digital bank transfers are government-issued identification, a bank account, and a mobile phone. Whereas, for a blockchain transaction, The bare minimum is an internet connection and a mobile phone.