One of Satoshi Nakamoto’s fundamental goals while making Bitcoin was the system’s autonomy from any administering authorities. It is outlined with an objective that each individual, business, as well as every machine engaged with mining and transaction confirmation, turns out to be a piece of a huge system. Additionally, regardless of whether some piece of the system goes down, the money will still continue moving.
Nowadays banks know for all intents and purposes everything about their clients: financial record, addresses, telephone numbers, ways of managing money and so on. It is all altogether different with Bitcoin, as the wallet doesn’t need to be connected to any personally identifying data. And keeping in mind that a few people basically don’t need their funds to be governed and traced by any sort of an authority, others may contend that drug trade, psychological warfare and other illicit and unsafe exercises will flourish in this relative secrecy.
The obscurity of Bitcoin is just relative, as each and every BTC exchange that at any point happened is stored in the Blockchain. In principle, if your wallet address was openly used, anybody can tell how much money is in it via precisely studying the blockchain public ledger. Notwithstanding, tracking a specific Bitcoin deliver to a person is still almost impossible.
The Bitcoin payments momentarily, it ordinarily takes only a couple of minutes for somebody on the opposite side of the world to get the money, while a typical bank exchanges can take few days.