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TSB Bank failure in the UK … or why everyone should hold crypto.

TSB Banking in the UK failed after migrating data from a platform rented from Lloyds bank. Customers are reporting seeing access to incorrect customer data, having problems using online banking and much more. This is a prefect demonstration of the problems of a centralised monetary system. Holding your money with one bank basically means you are reliant on pretty much nothing more than their technology. Holding crypto means you are reliant on your own technology for the wallet (which can be backed up) and reliant on the blockchain which is held all over the world.

As crypto becomes more widely used and people start exchanging bitcoin and other currencies for goods and services we’ll find less and less of a need for our current debt ridden banking system.

This will only increase the value of crypto against fiat currency. (that is, currency that has nothing backing it).

 

One Comment

  1. Anne | UnblockAnne | Unblock April 25, 2018

    Everyone should have at least a small portfolio containing Bitcoin and other altcoins (at least 10). I wouldn’t invest more than 10% of the money I can afford to lose in this because you never know. But with just this small investment, you could be making lots of money in a few years, investing in a start-up altcoin that has the potential of great growth. No one knows for sure which ones will grow and which ones will be dead in a few years and that’s why we should invest in 10-50 of them to increase the odds.

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