January 28, 2023

Bitcoin is better than debt: crypto industry leaders complain about banking experience

Representatives of the cryptocurrency industry experienced personal problems when using it. traditional banking services. In the future, this formed them as supporters of the ideas of decentralization. It is reported by CCN.

Changin Zhao, CEO of Binance Bitcoin Exchange, as it turned out, had a negative experience in working with the Royal Bank of Canada.

“In my teens I had a bankingscore. Imagine, I am proud to contribute $ 10, only to find out that they charge me $ 3.99 per month. After a couple of months, I owed them a lot of money. My first banking experience. I don’t know what kind of policy this bank has right now, ” He wrote on Twitter.

Losses due to the banking system and suffered the head of the development team of the decentralized wallet Monarch Robert Beadles.

“At least three times the bank lost more than $ 100thousand from my account. Bank representatives froze money when they considered my own operations fraudulent. "I’ve left the city countless times just to close my bank card, as I tried to get a few hundred dollars to another state or country," He shared.

All this, according to Beadles, showed him the advantage of decentralized technology.

“Now I’m working to give people the opportunity to manage their hard-earned money,” - added Robert Beadles.

Sophisticated transaction processing algorithms and 24/7 unavailability are also a negative side of traditional financial institutions, said Andy Chung, the head of OKEx operations department:

“Companies have to do business in other countries and make urgent payments, but traditional banks often delay money transfers or make it very difficult to transfer money to certain countries.”

CoinCorner CEO Danny Scott's bank account was once closed for 30 days without any explanation.

“I was told that the headquarters in London asked me to freeze my funds without a clear explanation of the reasons.” He said

The traditional financial system is undergoingChanges and the advent of cryptocurrencies are a matter of time, experts say. The attitude of regulators towards digital assets is also changing. Recently it became known that an official from the European Central Bank, who called bitcoin “the devilish spawn,” will be responsible for the trends of the cryptocurrency market in Europe.