How do traditional transactions take place (paypal, banks, etc) in comparison to Bitcoin transactions? Here we talk about bitcoins and blockchain. It is said they are more secured, and people ask questions about how they are implemented.

Since I am a complete newbie to blockchain, and I don't know neither how traditional transactions platform works, I would like to know if there is a comparison between blockchain and, for instance, paypal's transactions system.
A traditional payment with PayPal or a bank works like this:  


You find the identifier of the intended recipient.
You request a payment being made in your name to the intended recipient.
The central entity checks your balance in their books.
The central entity deducts the payment's value and fees from your balance.
The value is then added to the recipient's balance (possibly by a cooperating third party).


→ The central entity is in control of your funds and transacts on your request.
→ The central entity has full information on your payments.

A transaction in Bitcoin works like this:


You find the identifier of the intended recipient
You signal your intention of signing over some of your funds to the intended recipient, you add a transaction fee to incentivize confirmation
The transaction's validity gets vetted by all other participants of the network
When the transaction is confirmed the recipient is in sole control of the assigned balance.


→ The users transact on their own behalf.
→ Only recipient and sender are aware of their involvement, the payment is private.