Most of today’s leaders in the industry of cryptocurrency in one form or another, are faced with a bad experience to use traditional banking services. For some this experience was so negative that they are now actively promoting the idea of decentralization and deal with the shortcomings of the financial system of the world.
Banks — the last century
For example , the General Director of the exchange Binance Chanpen Zhao shared negative experiences from the interaction with the Royal Bank of Canada.
As a teenager I had a Bank account. Imagine, I am proud to contribute $ 10, only to find out that they charge me 3.99 dollar per month. After a couple of months I owed them a lot of money. My first banking experience. Don’t know what it is now the policy of this Bank.
I had a RBC account as a teenager. I proudly deposit $10, only to find out they charge me $3.99 monthly. A couple months later, I owe them a bunch of money. My first banking experience. Don’t know if they still do that.
Regardless, not a small bank.https://t.co/CTv3CCnwdE
— CZ Binance (@cz_binance) November 15, 2019
The head of the team of decentralized wallet Monarch Robert Bills also shared his story of cooperation with the Bank in an interview with reporters CCN.
At least three times the Bank lost more than 100 thousand dollars from my account. The Bank froze the money when I considered my own fraudulent transactions.
Thanks to negative experiences Bills came into the industry of decentralized technologies.
Countless times I went out of town only to have my Bank shut down my Bank card, as I tried to get a few hundred dollars to another state or country. These are some of the reasons why we have created a Monarch — to give people the opportunity to dispose of their hard-earned money.
The head of the operations Department OKEx Andy Chung called the main negative aspects of traditional financial institutions.
The negative aspect of a traditional Bank is that they do not work 24 hours a day, seven days a week. They use complex algorithms, transaction processing, so the whole process takes a lot of time. Companies are forced to conduct business in other countries and to carry out urgent payments, but traditional banks often delay remittances or very difficult to transfer money to certain countries.
Another negative opinion from General Director of the exchange CoinCorner Danny Scott.
Once my Bank account was closed without explanation in 30 days. I was told that the headquarters in London was asked to freeze my funds without any reasonable explanation.
At the same time as said Professor graduate school of business Stanford University Darrell Daffis, Bitcoin will seriously affect the banking sector, and it will happen for ten years. Cryptocurrencies offer users the ability to send money to any country for relatively little money, and the growth usually brings more interest on the Bank Deposit. Therefore, banks will have to adapt to BTC for the sake of survival.
And you have a negative experience with bankers? Share it in our cryptodata millionaires. We also invite you to visit Yandex Zen.
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