> For the complete documentation index, see [llms.txt](https://hub.bsvblockchain.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://hub.bsvblockchain.org/higher-learning/bsv-academy/bitcoin-whitepaper-series/section-10-privacy-bitcoin-whitepaper/privacy-in-traditional-banking.md).
# Privacy in Traditional Banking
The traditional banking model achieves a level of privacy by limiting access to information to the parties involved and the trusted third party.
\- Satoshi Nakamoto, Bitcoin Whitepaper
The traditional banking model relies on the bank acting as a **guardian** of personal and financial data, ensuring that account holders' information remains confidential. The bank maintains secure systems that store data about each account holder, which are **exclusively accessible to the institution**.
However, this model is not without its flaws. Many traditional banking systems are built on **legacy frameworks** that have been **adapted for online use, leading to vulnerabilities** that can be exploited by malicious actors. Instances of customer data breaches have resulted in **theft and fraud**, highlighting the risks associated with centralized data storage.
In contrast to the traditional model, the **Bitcoin network** operates on a **distributed framework where transactions are publicly recorded on a blockchain**. This shift necessitates a different approach to privacy, as the public nature of the blockchain means that **while transaction details are visible, the identities of the parties involved can remain private** if proper measures are taken.
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