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Bitcoiners tell their worst experiences with traditional banks

Important characters of the cryptoecosystem commented the social network Twitter their negative experiences with traditional banking.

The initiative began when Morgan Creek Digital CEO Anthony Pompliano posted a tweet asking his readers what was the worst experience they had with a bank. Pompliano, popularly known as Pomp, was followed by the response of Kraken co-founder Jesse Powell, who commented on two bad experiences with the Paypal digital payments service and the American banks Bank Of America and Chase.

Some opinions on this matter

Powell said banks Chase and Bank Of America closed the payroll accounts of the Kraken exchange, with a short notice. And PayPal blocked his account for six months, an action that almost cost him his business, so he confesses he had to “use the arts of those who wash money to survive”.

PayPal kept all the money I had for 6 months, I almost lost my business / apartment. BofA killed the payroll account of @ Krakenfx 30 days in advance. Chase killed him 5 days in advance, by mail, which arrived after the account was closed. He discovered when employee checks bounced. Jesse Powell, co-founder of Kraken.

In addition to Powell, bitcoiner Charlie Shrem commented that he has received notifications of account closures multiple times. In fact, Shrem said that since 2011 he has not kept a bank account for more than eight months, since all are suspended, as well as Taylor Monahan, CEO of MyCrypto, without apparent justification.

The issue with City Bank

On the other hand Ari Paul published that he was a client of the bank City Bank for a long period, until one day he obtained a generic message announcing that he should contact the bank. Paul states that after going to a physical agency informed him that his account had been closed, without explaining the reasons behind the closure and without any prior notice.

I received a letter by mail 10 days later. You would think that if you went to @Citibank to close a client account, at least they would have the courtesy to inform the client in a timely manner instead of forcing the person to lose 1/4 of a day by visiting a branch. But apparently @Citibank does not trust enough in its own secure messaging system to communicate with its customers. To be fair – this kind of heinous behavior is standard for large American banks. Ari Paul

Samson Mow, Executive Director of Strategy at Blockstream, participated in the Pompliano interactive initiative, asserting that traditional banking caused the closure of his house of change.

Shutdown my exchange. – Samson Mow (@Excellion) January 9, 2019

Some users reported unusual situations that blocked their bank accounts

Like, for example, donating money to charity in Brazil from a bank in Australia.

However, the most common situations also showed why a growing group of people continues to adopt cryptocurrencies every year. As evidenced by the case of a cryptosus user who complained about having to pay $ 3.5 each time he wants cash through an ATM.

The reasons exposed by the crypto community on Twitter are an important part of the reasons that opened the way for the creation of Bitcoin, a financial alternative that was born with the aim of returning users power over their money.

Published inCryptocurrencies

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