With more and more awareness spreading about cryptocurrencies and with the increasing use of bitcoin, one question is circulating among people who have recently learned about the concept. Many ask why blockchain should be preferred more than a bank. Today we would discuss such concerns here.
The first reason to go with blockchain fund transactions, instead of local banking is the trust factor. The knowledge that your transactions are highly secured through encryption and that in no way you can be a victim of security breach is the reason you should go for this.
Bank on the other hand have their own security system, and still has are guided and controlled by government bodies of security for higher protection. This is done so that the end user does not suffer from unauthorized transactions of his funds, bad behaviors, or delays in orders, and can get safe banking facilities. Despite that, many errors are reported frequently, and most banks don’t have a clean record of error free and problem free working. The sufferer is always the end user, and yet they feel they are kind of compelled to use the bank services, as alternatives really don’t exist much. But that is only until you know about blockchain.
Advantages of blockchain accounting
The two main reason blockchain accounts are non-hackable are:
- A hacker will have to hack every single node involved in the blockchain account so that the entities in a ledger can be changed, and yet encrypted blocks cannot be changed once they are encrypted. There are millions of computers in the block making it practically the safest finance system in the world of ecommerce and networking.
- The next reason is that, hackers will not be able to shut down all the computers in the blockchain, as they are distributed throughout the world.
- The highly encrypted blocks are not decipherable in an instant. Rather it takes time for the nodes to read and verify the blocks with much calculations and time. This demands for a transaction fee for the nodes too, which they are rewarded for each such verification.
The transactions in a blockchain are not regulated and controlled by the governments of any of the countries in the world, and the totally independent system can be trusted for the extreme secure model of functionality. For these reasons, the accounts with blockchain can be totally trusted for security and safety.