Private banks are financial institutions that provide services to individuals and businesses. Cryptocurrencies are digital or virtual currencies that use cryptography to secure their transactions and control new units. There are several similarities between private banks and cryptocurrencies. Both private banks and cryptocurrencies provide a means of storing and exchanging value. They also both offer a degree of privacy and security. However, there are also some key differences. Private banks are regulated by governments, and cryptocurrencies are not. Private banks are backed by physical assets, such as gold, while cryptocurrencies are not. Private banks are typically centralized, while cryptocurrencies are decentralized. So they can co-exist because their area of application doesn't completely overlap.