One of the things that confuse a lot of people is the relationship between bank accounts and Bitcoin services linked to this particular financial medium. If a Bitcoin company goes bust, the bank account in question will not be affected. But if a bank goes bust, how will it impact the Bitcoin service? Things are far simpler than most people would assume as there is no reason funds would be gone.
Bitcoin Services Are Not Limited To One Bank
Bitcoin exchanges will let customers add several bank accounts if they prefer to do so. In return, this gives consumers plenty of ways to cash out their Bitcoin balance, should something ever happen to one of their banks. With the financial crisis looming overhead, it is not unthinkable some banks might go out of business in the years to come.
Let’s assume somebody is using the Kraken Bitcoin exchange, and they have a particular bank account associated with that platform. This account has been used