A Case For Crypto: Banks Could Share Your Info With Facebook In The Future

Cryptocurrencies were born to bypass centralization of transactions by banks, institutions that in the current economic system hold the power to all your assets and money, and whose intermediation is deemed necessary to certify movements of funds. But, there is a great risk of having these institutions hold your personal information because one way or another it could be shared with unwanted third parties. That is the case presented by an article published today by The Wall Street Journal, that declares that a partnership between certain banks and the social media giant Facebook could be in the works to gain access to your personal information.
Facebook, the most prolific social media platform, has been no strange to controversy lately in regards to privacy issues. While having more than 2.2 billion active users monthly, the platform has not been characterized by being secure and trustable with their users’ information and sensitive data. Earlier this year, it was revealed that the information of more than 80 million users was breached to a company through the use of an app of a political group called Cambridge Analytica, that took advantage of the weak system of permits that Facebook had.
Facebook supposedly has declared that their only interest is to integrate their platform with the platform banks to achieve efficient banking from the same Facebook site, but given the history of Facebook reckless performance treating users info, to give them the chance of having your personal banking records is itself a risk. While the answer of banks has been negative to this, with a spokesperson from Wells Fargo saying that they won’t share their users’ info with Facebook, just having the chance of doing so its daunting.
That is why cryptocurrencies are so important: they present users the opportunity to be the real owner of their money, and to be the sole custodian of his financial data to a certain extent. Banks’ info is already being treated as a commodity for social platforms, and we might see very terrible things in the future regarding this.

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