Banks and decentralized blockchains are very different from each other. To see how different a bank is from blockchain, let's compare its banking system with Bitcoin's blockchain implementation. Property Bank Bitcoin Work Hours Typical physically operating banks are open from 09:00 to 17:00 on weekdays. Some banks are only open on weekends during limited hours. All banks are closed on public holidays. There is no set time; Open 24/7, 365 days a year. Transaction Costs Card payments: This fee depends on the card and is not paid directly by the user. These fees to payment processors are paid by stores and are generally charged per transaction. The effect of this fee can sometimes increase the cost of goods and services. Checks: Depending on your bank, it can be between 5 and 222 TL. EFT: EFT transfers used to send money to external accounts can cost up to 15 TL. Bank Transfer: Outgoing domestic wire transfers can cost up to 185 TL. Outgoing international bank transfers may cost 333 TL. Bitcoin has variable transaction fees set by miners and users. This fee can range from 0 to 370 TL, but users have the ability to specify how much of a fee they want to pay. If the user sets his fee too low, there may be an open market where transactions may not occur. Transaction Speed Card payments: 24-48 hours Checks: 24-72 hours ACH: 24-48 hours Wire transfer: Within 24 hours unless international * Bank transfers are generally not processed on weekends and public holidays Bitcoin transactions can take as little as 15 minutes or more than an hour, depending on network congestion. Know Your Customer Rule Bank accounts and other banking products require "Know Your Customer" procedures. This procedure legally means that banks must record a customer's identity before opening an account. Any person, any identity to the Bitcoin network You can participate without submitting. In theory, even an AI-equipped entity can join the Bitcoin network. Ease of Transfers The minimum requirements for digital transfers include government-issued identification, bank account, and mobile phone. Internet connection and mobile phone are minimum requirements. Privacy Bank account information is stored on special servers of the bank and maintained by the customer. Bank account privacy; it is limited by how secure the bank's servers are and how well the individual user is protecting their information. If the bank's servers are compromised, individuals' accounts are also in jeopardy. Bitcoin can be as private as the user wants. All Bitcoins can be tracked, but if a Bitcoin was purchased anonymously, it is impossible to determine who owns the Bitcoin. If Bitcoin is purchased on a KYC exchange, Bitcoin is linked directly to the owner of the KYC exchange account. Security Even under the condition that we assume that the customer is implementing robust internet security measures such as secure passwords and two-factor authentication; a bank account's information is just as secure as the bank's server, which contains customer account information. As the Bitcoin network grows, it becomes more secure. The level of security a Bitcoin owner has with their Bitcoins is entirely up to him. Therefore, it is recommended that people use cold storage for their Bitcoins that will be held in large amounts or for a long time. Approved Transactions Banks reserve the right to refuse a transaction for various reasons. If your bank notices unusual locations or purchases for unusual products; operation can be denied. The Bitcoin network itself does not determine how Bitcoin will be used in any way or form. Users can trade Bitcoin as they see fit, but the rules of their country or region must also be followed. Account Takeover Due to KYC laws, governments can easily track people's bank accounts and seize assets within the accounts for various reasons. If Bitcoin is used anonymously, governments are forced to take over the identity of its owner.