bitcoin bankensystem intermediär vergleich
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Bitcoin and Banking System – A Comparison

As a rule, a transaction cannot be made anonymously through a bank. Banks and other payment providers (such as Mastercard, Paypal, Visa, or Western Union) may refuse to handle the payment processing. Bitcoin transactions are anonymous, they do not require any identification (ID) of the sender or recipient, only a private and a public key. They are internationally possible without authoritative approval.

Constant Access To Your Own Account

Bank accounts can be frozen or partially or completely confiscated. Bitcoin payments are censorship-resistant, meaning nobody can block a transaction, regardless of the amount to be transferred. A particular bitcoin balance or “account” can only be owned by anyone who owns the private key (an access code that is initially only known to the bitcoin owner), no one else. With the private key, access to your own bitcoin balance is possible anytime, anywhere.

Transactions 24/7, 365 Day a Year

Transactions in the banking system are time consuming and depend on various factors. In order to carry out SEPA payments (Single Euro Payment Area) and transfers, legal deadlines of one to four days are set. However, if a payment leaves the SEPA area, there are no legal deadlines. Then a referral can take several weeks. In contrast, bitcoin transactions are transferred within a few seconds and can become irreversible within an hour. They are online 24 hours a day, 365 days a year.

Voluntary Transaction Fees

Transactions are also costly for bank customers. An EFT (electronic funds transfer) outside of Europe is usually between 5 Euros and 12.5 Euros, as long as the transfer amount is less than 12,500 Euros. If it exceeds this amount, fees of up to 0.15 percent of the transfer amount will be charged. For bitcoin transactions the amount of the transaction fee can be chosen individually. The higher the voluntary fee is, the higher the priority given to the transaction in the Bitcoin network. The fee goes to the miners who facilitate the transactions by creating new blocks in the blockchain.

Toll-Free Account (Wallet) Guidance

An account at the bank usually costs fees. Other ways to securely store assets and properties, such as a safe deposit box or a vault, are also charged. Because bitcoins only exist virtually, they do not occupy any physical space except for the private key in the wallet, which consists of a code. Bitcoins can be backed up digitally or on paper at any time. As long as the private key of a wallet (digital purse) is known only to the owner, nobody can steal these bitcoins or Satoshis (the smallest unit of bitcoin). The owner of a wallet can change his private key at any time in case of doubt.

No Registration Requirement

Throughout Europe and beyond, there is a reporting requirement to the respective central bank, if foreign transfers exceed a certain amount. In Germany, this reporting requirement applies to the Bundesbank from an amount of 12,500 Euros. Failure to comply may result in fines of up to 30,000 Euros. There is no obligation to register in the Bitcoin system. International transactions can be made anytime as they are only documented by the miners in the blockchain. An actual transaction therefore does not take place. Merely the fee levels in the wallets of senders and receivers change.

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Zentralbank, E. (2009). Der Einheitliche Euro-Zahlungsverkehrsraum (SEPA): Ein integrierter Markt für Massenzahlungen. Frankfurt am Main.