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SOURCES:
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https://procoinnews.com/bitcoin-might-blow-up-africas-86-billion-banking-system/
Why #bitcoin is better then #banks
Bitcoin is a decentralized digital currency that is not controlled by any government or financial institution. It operates on a blockchain technology that enables secure and anonymous transactions. Bitcoin transactions can be made without the need for intermediaries such as banks.
Banks, on the other hand, are financial institutions that provide services such as lending, savings, and transaction processing. Banks are regulated by government authorities and are responsible for ensuring the stability of the financial system.
One of the main differences between Bitcoin and banks is the level of control. Banks have oversight over your money, while you are in control of your Bitcoin. Bitcoin allows for greater privacy and anonymity in transactions, while banks require personal information to open an account and conduct transactions.
Another difference is the speed and cost of transactions. Bitcoin transactions are generally faster and cheaper than those made through a bank. However, Bitcoin may not be widely accepted as a means of payment and there may be fees associated with using Bitcoin exchanges or wallets.
Overall, Bitcoin represents a new era of digital currency and offers an alternative to traditional banking. However, it is important to understand the risks and limitations of Bitcoin and to weigh them against the benefits.