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Customers of Wells Fargo, the world's 13th largest bank, were unable to access online banking, ATMs or, in some cases, credit cards, demonstrating badet value. digital devices such as Bitcoin.
My card is funny, I do not have access to the application and the customer service does not seem to answer the phone. What is going on #Wells Fargo?? It's too early for this nonsense!
– Austin⚡️ (@ austin3000__) February 7, 2019
On February 7, Wells Fargo officially confirmed the breakdown of its mobile application and ATM machines, apologizing to its customers.
The failure would have occurred early in the morning and Wells Fargo is recovering its services throughout the country.
We are experiencing a system problem that causes intermittent failures and we are working to restore services as soon as possible. We apologize for the inconvenience.
– Wells Fargo (@WellsFargo) February 7, 2019
Customers are not happy, the investor stresses the importance of bitcoin
While Wells Fargo responded quickly to complaints from its customers, the services concerned remain inaccessible more than two hours later, the bank confirmed a failure.
A Fox Business report revealed that some customers were already struggling to access the bank's system as early as Wednesday.
A growing number of customers have started to request reimbursement for the period during which individual users have not been able to use the Wells Fargo mobile application and the online banking platform.
The bank was not able to accurately identify the number of customers affected by the outage, which would have been caused by a system problem from its main infrastructure.
Hilary O'Byrne of Wells Fargo confirmed to NBC that the bank recognized the problem and was implementing a solution.
As a result of this incident, Anthony Pompliano, partner at Morgan Creek Digital, reaffirmed the advantage Bitcoin has over the existing banking infrastructure.
The Wells Fargo system is currently shut down.
Bitcoin never stops. pic.twitter.com/bJss6667MC
– Pomp (@APompliano) February 7, 2019
Any server, platform, or application that is connected to the Internet and hosted from a central infrastructure is vulnerable to outages, failures, and security breaches.
According to BitcoinUptime.com, the Bitcoin blockchain network is up more than 99.983% since it went online more than a decade ago.
If it is possible that switches and third-party service providers supporting the Bitcoin network to blockchain suffer from downtime, the network itself does not face any downtime.
In 2010, less than a year after the launch of the Bitcoin network, a vulnerability called "CVE-2010-5139" was created, which created many BTCs in two different addresses.
The community, which includes the open source community of developers, miners, and node operators, has performed a fork or network upgrade to fix the problem.
Source: BitcoinUptime.com
Aside from the CVE-2010-5139 vulnerability, Bitcoin has experienced virtually no downtime, as indicated by the percentage of 99.9832961843 presented by BitcoinUptime.com.
Nick Saponaro, executive in a blockchain project, m said:
The weakening of Wells Fargo is a perfect example of why appropriating your funds should be a priority. When it is in their bank, it is their money. If their system goes down, you will not be able to access the funds, as we have seen today. This can not happen with crypto.
Second failure in 1 week
On February 1, the San Francisco Chronicle newspaper reported that Wells Fargo was facing a system problem, a technical problem similar to that caused by the Feb. 7 outage.
"We are currently facing a system problem, which is preventing some customers from connecting to mobile and online banking. The members of our agency and our contact center are able to help customers as we solve this problem as quickly as possible. We apologize for any inconvenience, "said the bank last week.
Source: BusinessInsider.com
In a large scale infrastructure, when a system problem occurs and affects the entire platform, it is usually difficult to immediately solve the problem and find a permanent solution.
A similar system problem may have triggered the last outage and if the company had already addressed the same problem, a major system update might be needed to resolve it.
In recent hours, some users have suggested that the problem is not limited to the bank's online banking platform and mobile application.
"Direct deposits have been denied, people say, and on social media, people can not use their cards. Wells Fargo has a message to call for help or visit an ATM, but these two are down. Branches can not access accounts either. It's not just the online / mobile banking application, "said a user.
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