Bank vs Bitcoin  in India

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BANK vs BITCOIN

Comparative Analysis

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System Type:

Bank is a centralized system while Bitcoin is a decentralized system.

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Bitcoin doesn't need third party to perform the transaction.

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Legal Tender:

Bank generates legal tender i.e currency like Rupee,USD etc. with global acceptance

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Bitcoin is yet to receive global acceptance and it's not a legal tender

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Security:

Banks are always susceptible to hacking that includes physical theft in the bank offices.

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Bitcoin is based on blockchain network which makes it impossible to hack.

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Internet Dependency:

Banks are semi dependent on the internet.

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Bitcoin or any other cryptocurrency is 100% internet dependent.

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Govt. Manipulation:

Banks can be manipulated by the authority like demonetization in India.

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Bitcoin cannot be manipulated by any governing authority once it reach a high adoption rate.

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