The need for non-failing decentralized digital currency networks like Bitcoin (BTC) has once again been validated following an unannounced downtime experienced by Bank of America, the eighth largest bank in the world by assets.
According to thousands of complaints on Twitter and an inflated interest chart on Google, customers for several hours were unable to access the bank’s login portal and ATMs located across the country.
The US Banking system is fine — you should only worry about systemic risks if you live in Lebanon, Chile, Hong Kong, Turkey, Greece, etc.
— Jeff Dorman, CFA (@jdorman81) October 30, 2019
Additionally, data from DownDetector reportedly showed that the problem was prevalent in densely populated U.S jurisdictions including Los Angeles, Seattle, Austin, New York, and Chicago with 9330 reports.
While the problems at Bank of America admittedly appeared to be resolved at press time, the downtime is significant to Bitcoin and cryptocurrency proponents for a number of reasons.
Why Bitcoin and Crypto?
As we noted earlier, the Bank of America downtime was not reported either on Twitter or other social media channels, and arguably transparent update system that the crypto community has become used to enjoying from crypto exchange operators.
Secondly, the downtime which lasted for at least two hours means that Bank of America has failed to beat Bitcoin’s uptime which at the time of writing stands at 99.98 percent since the network’s inception in 2009.
Interestingly, given that the last Bitcoin downtime was back in 2013, the network has suffered no glitches for more than six years, a stat that arguably no large scale financial institution can match.
Putting that into perspective, it may be safe to argue that digital currencies like Bitcoin (BTC) have a role to play in the future financial system and deserves more than a backlash from banks who have in the past stopped customers from getting their hands on it.