FAQs
Busting Crypto Myths (Banking)
This section cuts through the noise to bust common banking myths about crypto. Understand how traditional institutions use fear and misinformation to maintain control — and why crypto is safer, fairer, and freer than they want you to believe.
1. Is crypto really just a hotspot for scams?
No — that’s a common myth pushed by banks to discredit a system they can’t control. According to UK Finance’s 2023 fraud report, £1.2 billion was stolen through fraud via traditional banks in just one year. That’s far more than what’s linked to crypto platforms.
Banks label anything as a “scam risk” not because it’s inherently unsafe, but because they have no authority over it. In reality, most major crypto platforms enforce stricter KYC (Know Your Customer) and AML (Anti-Money Laundering) checks than high-street banks. They’re outdated, and only care about making more money from the money you hold with them.
2. Why are banks so against crypto payments?
Because they lose power and profit when customers have financial freedom. Crypto removes the middleman — banks — and allows direct, peer-to-peer transactions. When customers use crypto, banks can’t collect fees, freeze payments, or profile transactions.
Banks often cloak this with vague “security” warnings, but their real concern is control, not your safety.
As they’ve already tried, if this domain was owned by Nominet, it would’ve already have been taken offline due to the truth we inform, but, unfortunate for them, it’s a .org domain not owned by someone they can influence or control to take it offline.
3. If crypto is so secure, why do banks warn people not to use it?
The same institutions that closed our bank accounts, refused card payments, and blocked clients from getting the help they needed, now preach about “security”. This is about control, not protection.
Crypto is built on decentralised, transparent blockchain technology, meaning every transaction is traceable and tamper-proof. Banks don’t want you to know that — because if you understood how much safer crypto actually is, you’d start asking why they kept you tied to an outdated system.
4. Did clients actually face consequences for paying us via traditional methods of payment?
Unfortunately, yes — and this is a key reason we moved away from traditional payment methods. Several clients reported that after paying us via a traditional method of payment (mainly bank transfer), their accounts were flagged, frozen, or permanently closed following a rejection of their payment and banking interrogation. Some even had their funds seized by their banks with no proper justification.
With crypto, banks can’t track or interfere with who you’re paying, so you don’t have to fear your account being interrogated just for seeking legitimate help.
5. Isn’t crypto volatile and risky for payments?
Crypto prices can fluctuate — but that’s irrelevant when used for short-term transactions. Just like when you travel abroad and use foreign currency, volatility only matters if you’re holding it long term.
We use Stable Coins like USDT or USDC that are pegged to the value of real-world currency, removing most volatility concerns. In short: you get the benefit of bank-free freedom without unstable pricing.
6. Are you just using crypto because you were “kicked out” of the banking system?
Yes — and we’re proud of how we responded.
We were pushed into this position by corrupt financial institutions who refused to support our mission, shut down our accounts, and blocked clients from reaching us. But we didn’t back down — we adapted. And since adopting crypto, our operations have been more secure, faster, and uninterrupted.
It’s one of the best changes we’ve ever made.
Our Wallet Recommendation
Our Recommendation
Wirex Crypto Wallet
+ Debit Card.
With Wirex, you gain access only to a powerful suite of Cryptocurrency tools and assets, but also to a Crypto-enabled Debit Card—bridging the gap between digital currencies and everyday spending. With the Wirex debit card, you can:
- Spend Crypto like traditional currency at millions of locations worldwide, both online and in-store;
- Convert Crypto to fiat instantly, enabling seamless transactions without manual exchanges;
- Earn Crypto rewards and Cashback on every purchase through Wirex's Cryptoback™ programme; and
- Top up your card easily using Crypto, bank transfers, or other supported methods.
We are not partnered nor affiliated with Wirex and this is a genuine recommendation from experience.
