Problem at Itaú: Bank is down and demonstrates why we need cryptocurrencies

Charlie Taylor

Users report a problem at Itaú this Thursday (03/03/22), with services down and money missing. Find out how I managed to protect part of my salary during this new “isolated case”. poor lasts a short time”? Well, mine didn’t even last a day and I’m going to tell you what happened to this poor cryptocurrency enthusiast (me) who has been constantly reminded of the importance of technology for his (my) life – and for the whole world.

A job, a salary and a problem at Itaú

For those who haven’t figured it out yet, I work at Thegarret. It’s a job like any other (only better). Waking up early, working part time, having lunch, working the other half of the time, praising the bosses and the other amazing professionals who work alongside me! Produce a lot, with a smile on your face and sweat on your forehead, present positive results, collaborate to the growth of this sensational company and watch the positive impact we bring to the market and, why not, to the world. And, of course, while money is not everything, it is almost everything. Because we work hard (but happy) in the expectation of starting the month with the bank account lined with money to pay the bills, have a cold one with friends and make that monthly crypto contribution following an average price strategy (also known as DCA – dollar cost average).As Scarface used to say: “Money makes the world go round”. finance department, I love you! <3) and the happiness was contagious. But as I said at the beginning of the text, it's that old story that this happiness lasts a short time, especially when we depend on intermediaries to carry out the custody of our sweat - I say – happiness – I say – money.Error message in the application with the problem in itaúIt was with this message that I came across today, less than 24 hours after receiving the money in the account, when I tried to access my funds at Banco Itaú.

“Oops! Sorry. We are improving our services. Try again later”.


More reports of problems at Itaú

I wasn’t the only one hit. The problem at Banco Itaú became trending topics on twitter and several users reported that they were experiencing the same problem as the poor writer who writes you.user reports with problems in itaúThe website downdetector, which measures offline systems, identified a peak of complaints about problems at Itaú as of noon this Thursday, and the reports continue on the platform.Graph showing reports of problems at Itaú

Cryptocurrencies fix this

There is no shortage of examples that increasingly strengthen the idea that financial sovereignty is indispensable to guarantee, once and for all, our patrimonial protection. crypto medium, but really to protect our money and our ability to use that money whenever we want. It is ours, after all.“Not your keys, not your coins”; or in a free translation, without sovereignty over your money, the money is not really yours.

Here are other examples that reinforce this argument:

Bitcoin continues to work

The network of Bitcoin (BTC) has continued to work very well since its inception, having been “down” only twice in history. Value overflow incident (Value overflow incident) when 184 billion bitcoins for 3 different accounts were registered in block 74638 Andresen.
Despite these two events that can be considered as true isolated cases, the Bitcoin network remained active 99.98% of the time, as recorded on this website.Bitcoin Uptime Tracker 99.9871874%

I managed to protect part of my money received yesterday

Fortunately, I have the habit of dollarizing and “cryptonizing” my salary the same day I receive it, applying a mid-price build strategy where I buy a small amount of money. dollar (stablecoin) and some cryptocurrency projects – usually nano (XNO) and one or two more interesting ones that I’m studying. It’s not much and it’s not always with the objective of holding, but with the intention non-custodial protection (that talk of sovereignty above in the text), where I can have more liquid alternatives in the case of problems like the one that happened at Itaú and, definitely, it is not an isolated case, nor exclusive to the bank, but of an entire financial system that is changing little by little.Read more:Buy and Sell Bitcoin and Other Cryptocurrencies on Coinext
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