A Comparison Between BANKS (Bs) vs BITCOIN (BTC) - with a little more educative notes

in #bitcoin6 years ago

bitcoin-2999572_1280.jpg

(Bs) They control your account | (BTC) You control your "account" (a bitcoin wallet uses a private key required to make any transactions, basically nothing happens unless you permit so)

(Bs) They tell you what you can do. They can freeze your account | (BTC) You can do what you like, send $0.01-to millions of $ to anyone nearly instantly. Send $100 to help children in a sanctioned country without it being flagged or stopped

(Bs) Insure your money but probably up to $100K. They're subject to corruption, fraudulent operational activities and hacking | (BTC) Uses military grade cryptography thus a million more times secure than a bank (as long as you keep your private keys private)

..The bitcoin blockchain (which validates and automates the movement of bitcoins) is near impossible to hack or corrupt (it hasn't been hacked to-date). Bitcoin/crypto exchanges (which are centralized like banks) can be and some have been hacked.

Store your BTC in a Bitcoin wallet. A wallet that you have it's public AND private key. The likes of a bitcoin/crypto paper and hardware (eg. Trezor, Keepkey) wallet.

(Bs) They own your data (it's private) | (BTC) You own your data (and its public; transactions log)

(Bs) Charge numerous kinds of fees and 100x or more expensive to move money compared to BTC | (BTC) Near 0 (negligible) fees on transactions (“and free on #EOS & STEEM”)

(Bs) Takes days to move money across

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BTC is ticking all of my boxes.

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