Cryptocurrency fans are just loving the Wells Fargo banking outage

By Steven Melendez

With Wells Fargo customers unable to access their accounts Thursday after a “power shutdown” at a bank facility, cryptocurrency advocates on social media quickly argued that their coins’ decentralized networks can better withstand such problems.

Still, as many pointed out, the cryptocurrency world hasn’t been without its own issues, including exchanges suddenly shutting down and leaving customer funds inaccessible. One called QuadrigaCX recently said its founder died with the only credentials to access some $190 million in funds.

And while some crypto users store the bulk of their digital money in offline wallets rather than in accounts at exchanges, that also doesn’t offer the convenience of a traditional bank for regular spending and paycheck deposits.

Wells Fargo has apologized numerous times for the disruption. Earlier today, it urged customers to reach out with questions and warned that wait times could be longer than usual.

 
 

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