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.
“Do not have a Bank Fetish!!” This situation with Wells Fargo System being shut down should wake up the American public. Guess what!! #Litecoin network does not close!! Wells blamed this system shutdown on smoke in one of their offices lol!! pic.twitter.com/5E1FGm5Wku
— Jon Moore (@jonnylitecoin) February 8, 2019
Outage leaves Wells Fargo customers unable to access their financial accounts https://t.co/cBKQjJhqoY
— Preston Miller (@SouthernBlock) February 8, 2019
— HODLer???????? (@Hodlit) February 7, 2019
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.
As a Wells Fargo customer, it was a little knuts today; but I didn’t feel that bad as I had other options to get through. Crypto sounds nice right about now, but no one really takes it; and that dude just died with everyone’s pass key. Soooo……
— Kevin Jones ⚡️???? (@kevbojones) February 8, 2019
Hey! Come to #crypto! We are used to this, but at least it is our private keys! Not a paper printed out of thin air.
— Trade2fund (@AdayFive) February 7, 2019
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.
We sincerely apologize for any inconvenience. We know this has created difficulty for our customers, and we are sorry to have let you down. Please reach out if you have concerns or need help today, and ask for your understanding as our phone wait times may be longer than usual.
— Wells Fargo (@WellsFargo) February 8, 2019