Outage of Wells Fargo Proves Superiority of Decentralized Nature of Bitcoin (BTC) and Digital Currency

The electronic services of Wells Fargo have been down over the past day, and the outage is now spilling into the second day. Over the past twenty-four hours, the customers of the banks have little or no access to the electronic services of the bank. A lot of customers that rely on the bank’s convenient services such as mobile and online banking, basic ATM services, and direct deposits from wages, have had to go for more than a day without knowing the fate of their accounts.

The Electronic Services of Wells Fargo Shutdown Due to Smoke

The bank recently issued a statement saying that they are working on the issued that caused the outage. The systems of the bank shut down due to smoke. According to the tweet of the bank, a detected smoke is what led to the shutdown of the systems.

The tweet of the bank states: “We are experiencing system issue due to a power shutdown at one of our facilities, initiated after smoke was detected following routine maintenance. We are working to restore services as soon as possible. We apologize for the inconvenience.”

Well Fargo Outage Leaves Customers Frustrated

The users of the electronic services of the bank are highly frustrated with the shutdown of the bank’s services. Some of the users even took to Twitter to voice their frustrations as they can’t view their account balances and confirm if their paychecks had reflected on their accounts.

A Twitter user with handle @sarahkendzior said: “Wells Fargo is down for the second day. Millions of people that use direct deposit didn’t get paid today. Millions can’t access their funds, buy food, and run businesses.”

The Decentralized Nature of Bitcoin (BTC) and Digital Currency Creates No Room for Such Outage

The fundamental reason for the outage was that one of the bank’s facilities shut down after internal systems detected smoke. An event like this would never cause the transactions of Bitcoin to halt or shut down any of the popular digital currency networks.

These digital currency networks often have validators and miners scattered all over the world with support for continuity of payment services. If one mining facility suffers a power shutdown, it will not have an impact on the entire network.

A clear scenario is the unfortunate floods that wiped out digital currency mining firms in China last year. The network of Bitcoin (BTC) was still up and running irrespective of the numerous mining rigs that were offline.

The outage of the American Bank has thoroughly inconvenienced the majority of their customers. Due to the outage, most of the customers have not had their paychecks processed, they also don’t have funds to run their day to day activities such as buying petrol and food.If the network were on the blockchain and decentralized, customers would still be able to carry out their normal transactions despite one data facility suffering a power shutdown.

Bitcoin (BTC) Price Today – BTC / USD

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At the time of writing, Bitcoin (BTC) is changing hands at $3,656 after an increase of about 7 percent over the past twenty-four hours. The world’s largest digital currency by market cap currently boasts of a market cap of $64.12 billion with a trading volume of $5.82 billion over the past twenty-four hours.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.


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