Pros of having a centralized bank
Description: Well, I hate to say it but there are some pros of having a centralized bank in some situations which being in a decentralized world may not help in the situation which I faced just not too long ago.
What happened was My credit cards were being used without my authorization on the 18th April 2020. Because it was issued out from the bank, I managed to call the banks and dispute the transaction almost immediately. Now if this was in a decentralized payment, if my account was accessed and managed to make payments, there is absolutely no one I could call nor was there a way to reverse back the transaction.
So this video is just sharing my thoughts and experience even though there were many issues pertaining to getting the dispute done, I finally managed to get the amount removed from my credit cards. This is because its controlled by banks and they were capable to reverse the transaction.
If it was paid in BTC ... then I guess it would have been lost forever. So thats the only benefit of having banks at this point. I wonder once cryptos is now mainstream as a payment system, would there be such methods of securing our wallets ??
What do you think ? Just curious.... if you suddenly had your crypto wallet compromised, what would you do ?
Cheers and have a great weekend