The recent news of Wells Fargo being down rattled the entire corporate financial system as Wells Fargo is the multinational financial services company responsible for a shocking amount of the wealth transfer and handling. The company, based in San Fransisco, USA, has incredibly sound and decent system as of yet which did go under the rocks and went down. The chief information officer for the Divi Project, Nick Saponaro, is of the view that people should invest and deposit their money at a place where the power to access their funds anytime and anywhere stays intact. As with the case with Fargo, the system crashing means the funds are inaccessible by the people who actually own it. The money or the assets that you have stored in the banks remain theirs as long as you have it personally. Saponaro explains who people can turn to the cryptos which cater for this situation the best and does not have any central server or entity holding all the cards an is the sole responsible for keeping the system intact. BlockPublisher was able to procure some relevant remarks from the CIO himself discussing the very situation.
The recent demise of Wells Fargo, them being crashed means that we should go ahead and claim the ownership for the money that we own, not some bank trying to halt your access to it. This case can never arise with the cryptos as the cryptos manage the issue appropriately.
The crypto industry has always flaunted the features which rightly deserve the appreciation, these being the direct access to the funds for the person who really owns these funds to begin with. Nick believes that only a decentralized environment can cater for this situation the best and can bring the peace within the financial system as each person would be responsible for every transaction and handling the funds that he/she owns.
As far as the exchanges are concerned, Saponaro suggests to keep away as these are mere clouds of decentralization, masking the inner centralized circle.
Exchanges are not blockchain based, and as such present the same centralized single point of failure risks as other services. It’s always recommended that you only store crypto in a wallet where you hold the keys and use decentralized exchanges.