The largest insurer in the world, that insures both retired military and active military is USAA. What people don't talk about is the reality that USAA created a "cryptocurrency wallet" for all their customers. Once the bitcoin comes into the account, it may be converted to fiat then transferred over to the customer's checking account where FDIC is obliged to protect it with its insurance.
And APPLE accepts credit cards, echecks, PayPal, Square and six (6) different cryptocurrencies and they'll accept more as time goes by.
Goes to prove that the established "banking world" cannot continue fighting innovation. When the electric car came on the scene, Detroit bought it and shelved it for 50 years. And the first "ChargaPlates" fought off credit cards competitors with a vengeance. When Paypal came on the scene, Western Union lost its footing and paid half a billion trying to take it down. It failed and now PayPal is part of our daily financial world. Banks, cards and sometimes PayPal fought off "Square."
And if Wells Fargo had used cryptocurrency and blockchain throughout their banking systems, they could have avoided this travesty they're dealing with today.
Wells Fargo Execs smugly paid the $185 Million dollar fine because they were keenly aware that when a customer opens an account, the fine print forbids customers from suing the bank for any reason. Bank Executives know the wording is in the fine print - but most customers did not notice.
5,300 bank employees were not fired "overnight." 5,300 employees is the number of employees fired from 2011 through 2016 for opening fake accounts using their customers DOB, Social Security numbers and all the other financial information in the customer files. The bank's brass wasn't satisfied with their current "6 products per customer" sales numbers. They wanted "8" products sold per customer.
That's why their hard line sales tactics with their staff was called "The GR-eight Sales." Supervisors that forced their underlings into creating fake accounts even won bonuses as a result since the fraudulent accounts helped them meet and beat their sales goals.
We must discuss the current day banking issues that affect us right now before we keep fighting about "if" cryptocurrency will be accepted by banks in the future. We should be preparing for "when" cryptocurrency is accepted because its acceptance is inevitable.
Cryptocurrency is needed RIGHT NOW... Wells Fargo bank employees had no fear of the law because they knew their customers had no options. California State and Federal Courts have been throwing out cases suing Wells Fargo for years and the bank execs make their decisions confident that their customers can't do anything to defend themselves.
Bank employees whom are not even bonded have way too much access to all our information (I am speaking as a banking customer). I wrote my observations on my blog and added the link to the article I wrote about this problem below.
NOTE: If it is unacceptable to post outside links here then I ask the moderators to feel free to remove the link so that I am in compliance with the terms of service of bitcointalk.org.
Cryptocurrency is the reason 30+ Iceland bankers are currently serving criminal sentences. Cryptocurrency could have identified the thefts immediately at Wells Fargo. The retroactive ability to identify theft and transactions is also the reason banks in general keep rejecting cryptocurrency. They realize it's similar to bringing a cop into an illegal poker game.
Cryptocurrency's very nature makes current transactions and future ones transparent. The fact that is also reveals quite a bit of banking activity retroactively is why banks keep rejecting it.
Who did Wells Fargo bank employees target anyway?
Our society's "weakest links." Poor and defenseless Blacks, Hispanics and Senior Citizens http://snn.bz/bank-employees-robbed-customers/