The following article is quite persuasive that digital currency can be the answer to those whom the banks have not been able to service, (the unbanked). According to this article, there could be as many as 3.5 billion people worldwide that the banks have not been able to serve directly. I have not spent time to verify that number but I am totally convinced that the potential is massive. There is a strong tie to cross border currency transfer and DNotes will position itself to be a significant player in this niche.
There are more things happening in the digital currency space every day than anyone can keep up with. The growth of the ecosystem evolving around Bitcoin and the blockchain has been explosive with very large investment pouring in. The success of Bitcoin is very important to everyone currently invested in our industry. A “rising tide lifts all boats.” What is good for Bitcoin is also good for DNotes.
By all measures, Bitcoin has done extremely well and we are appreciative of everything they have been doing. They have been doing a good job in many different areas, including building widespread awareness worldwide. What they have not been able to do is making the value of Bitcoin stable to truly take advantage of Bitcoin low transaction cost. The need for a stable digital currency is a prerequisite for mass consumer and merchant adoption of digital currency. DNotes is totally focused to be that currency.
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From
Virgin Entrepreneur:
Why Bitcoin will do to banking what the cell phone did to communication By: Dominic Frisby
5 November, 2014
Let me tell you a little story about the telephone. Once upon a time – as late as 2008, in fact - the world had almost 1.3 billion landlines...
People love to communicate, if they can. Telecoms companies love to profit from people communicating, if they can. They’ll lay cables anywhere in the world, if they think they can make money out of it.
So, with some seven billion people on the planet, the vast majority of whom, one assumes, are not hermits and like communicating, you might expect that 1.3 billion figure to have been higher. Along comes the mobile phone and the point is proved. There are now 6.3 billion users in a global population of 6.9 billion people. More people have a mobile phone than have a toilet, a recent UN study showed.
Of course, the superior technology of the cell phone is such that broader coverage is considerably cheaper than it is with the landline. But there is something else, something that enabled the cell phone to succeed where the landline failed.
It is what economists call ‘financial inclusion’.Quite simply, many people couldn’t get access to the basic financial services needed to get a landline. Landlines were, except for pay-phones, credit-based. You needed a bank account. Many people might have liked a landline, but couldn’t. The financial system actually prevented them. The telecoms companies concluded that the demand was not there, they did not put in the infrastructure and people were held back by their inability to communicate.
But with the cell phone, you don’t need a bank account. You can buy the credit you need with cash. There are not the same barriers to entry. Anyone can get one – and they have.
How Bitcoin could enable 3.5 billion financially excluded people to participate in world trade:It is estimated that half of all adults worldwide do not have access to basic financial services. According to the World Bank, the reasons for this are "poverty, the cost, the travel distance and the necessary paperwork to open an account."
Only two billion people are ‘banked’ and participate in ecommerce. Yet about 5.5 billion have at least some access to the internet. That’s a potential 3.5 billion people who could participate in ecommerce but don’t, because they don’t have access to the necessary financial infrastructure.
Thanks to Bitcoin and other forms of mobile money, this lack of basic financial services is no longer a barrier to entry. You don’t need a bank account or any of that stuff. That’s history. All you need to participate in ecommerce is some internet access. Most of the world’s population will have that long before they have proper sanitation, education or healthcare.
It is estimated that half of all adults worldwide do not have access to basic financial services.
And the developed world will have a potential 3.5 billion new people to outsource jobs to, to sell products to and to receive products from. That is a lot of new trade. In fact, the money that the unbanked 3.5 billion make from ecommerce might enable them to buy the sanitation, education and healthcare they have been so deprived of and escape the poverty that has so blighted them. It’s rather like the Industrial Revolution enabling workers to escape rural poverty, and, within a generation, become part of a new, emerging educated middle class. We can already see this process happening in Africa.
Read more:
http://www.virgin.com/entrepreneur/why-bitcoin-will-do-to-banking-what-the-cell-phone-did-to-communication