Topic: Bitcoin as an opportunity for the unbanked. (Read 444 times)

Besides reasons like they are poor and can not have enough money to use bank accounts like annual fee for a bank card and fee for bank transfer, they will have more problems with Bitcoin and Bitcoin transactions.

Transaction fee on chain is sometimes very expensive and it is more expensive if they don't use non custodial wallet and don't use times when fee is cheap to consolidate small inputs. Like if they make a Bitcoin transaction with fee like $1 or $2, it is very costly in their nation and especially with their bad finance condition. With bank transfer, they will have less bank transfer fee compares to Bitcoin transaction fee.

Bitcoin blockchain does not care what nation you are from, what is average income in your nation, Bitcoin transaction fee must be paid in bitcoin and the cost will depend on price of Bitcoin at time of transaction.

If they have such problems, use cash is best, no bank transfer fee, no Bitcoin transaction fee.

Yeah, bitcoin is an opportunity for the unbanked people. There are lots of people from the 3rd world/poor country where they don't have access to the banking system. But the problem is, is bitcoin the best option for the unfortunate people? Can you afford to lose their money due to volatility? How many merchants or people are willing to accept bitcoin as a payment. How safely do you think they can keep their money? Bitcoin does allow people to be their own bank, but it is not the perfect solution for those people. Maybe there are other altcoins out there that are more stable, cheaper and faster to use, they can try those. But yeah, those aren't bitcoin, so the risk is equally high here.

If you keep money (fiat) in your house, you can easily spend it, you will only noticed you spend it very fast. If you do not spend it, someone can know and invite thieves to steal your money. If thieves do not steal the money, the banks are still robbing you by decreasing the value of your money during inflation in a way that what you can use it to buy today, you can no more use it to buy the same amount of thing next year.

See what that happened in the El Salvador, that IMF and US government did not like. Bitcoin is now available to the unbank people in El Salvador and their economy has not collapsed but life made easier for the El Salvadorans.

But one problem is bitcoin can not help the unbank people in countries that do not adopt bitcoin like El Salvador and also in countries that prefer to spend fiat. Most people prefer to spend fiat and use bitcoin for investment.

I wonder, for the poor/third world, why don't they have access to the banking system? Is it because they are too poor to have a bank deposit? If so, how can they get access to bitcoin? Because to use bitcoin, we need to have a bank account to buy and sell, without a bank, we will not be able to buy bitcoins, which is not an advantage or opportunity of bitcoin. One thing we must remember is that bitcoin is not free, and anyone who wants to get it has to buy it, so banking and fiat will always be necessary for those who want to own bitcoin.

As the rate of those using smartphone are increasing so will the use of Bitcoin also increase. Among the countries in the world only some few counties in Asia and many countries in Africa still have a problem with Internet and Smartphones. Nothing can be done for those in those situations cause even when you plan charity program to give them smartphones, some might sell them in future to generate income for them to be able to feed.

Bitcoin gives an opportunity for everyone both the banks and the unbanked. Bitcoin is an alternative to the current banking system that's censored, you can't do anything with you money without been monitored, bitcoin gives you the opportunity to be in control of your money.

That's right that through Bitcoin it is possible to make transactions without the current banking system. It has taken us out of so called banking services. But to use Bitcoin you need to have at least a smart mobile and internet. We know that many communities in today's world are still without smartphone and internet service. Moreover, to trade bitcoins you must have knowledge about bitcoins. So I think that in order for Bitcoin to be more successful in the future, it is necessary to spread the knowledge about Bitcoin among people at a higher rate.

In the world today, many people prefer to keep their money in their house save because of the perceived fraud by our traditional banking system that has decided to rip the populace off their hard-earned money without remorse, through different unexplainable charges, this has changed the mindset of the un-banked because of the complaints coming from the individuals involved in that process, this individual, both the ones that are already banked and the unbanked are looking for alternative other alternative means that they will use to safeguard their wealth.

I am sure that in the future there will be many people who store their assets in bitcoin because many banking investments are currently disrupted, and we can manage bitcoin assets ourselves without having to be handled by a third party, and we will be more profitable if later the bitcoin assets that we have have a price that can increase and the value will exceed interest in banking institutions that are present at this time, especially now that blockchain technology is increasingly sophisticated and security is also getting maximum.

In case you are one of the persons that store all their money at home in a big vault, you might be reluctant to transfer all your money into bitcoin. The upside of having fiat money at home is that you can see it, touch it and even when the whole world breaks down you will probably find other people that are willing to trade with you for that money. Making now the switch to a fully crypto wallet can be a hard step for people that are so used to using cash in their daily lives. I would recommend to not move too fast and rather slowly ease into the crypto community. Why not start with building a crypto portfolio with 10-15% of your wealth and slowly build it up over time. Bitcoins are a good currency to store value online, and its also a great opportunity to make some money longterm. But I wouldn't recommend to put all our money into one single asset class, better to spread it out and diversify in multiple different assets.

In the world today, many people prefer to keep their money in their house save because of the perceived fraud by our traditional banking system that has decided to rip the populace off their hard-earned money without remorse, through different unexplainable charges, this has changed the mindset of the un-banked because of the complaints coming from the individuals involved in that process, this individual, both the ones that are already banked and the unbanked are looking for alternative other alternative means that they will use to safeguard their wealth.

Financial institutions put up these outrageous charges and unacceptable taxing methods and lend individual money to other people without their consent and unknowingly to them, in return give them interest below what is expected yearly, taking back the interest through taxation and so making their money always depreciate in their bank account.

I want to categorically tell this set of people that Bitcoin is the way forward for you, bitcoin works for everyone, and the system was designed in a way that every interested person can participate.
Bitcoin allows you to be your bank and be in charge of your money with no interference from anyone. Participation is dependent on your interest, not your identity, that's to say that everyone can be involved without their identity known. Note that blockchain technology guarantees your Bitcoin security, so don't be afraid just give it a trial but with a little money I believe you won't regret it.

Bitcoin presents a transformative opportunity for unbanked populations that have traditionally been excluded from the formal financial system. But one thing works here, only those who have access to internet and knowledge about bitcoins are getting the opportunity to use unbanked bitcoins. Unbanked individuals who use smartphones and have an internet connection can securely send and receive funds via Bitcoin. Where there is no need for intermediaries and can reduce transaction costs somewhat. However, lack of access and lack of knowledge is the main reason why a large population is unbanked in today's world. On the other hand there is also a need to be educated to use Bitcoin and it has to do with a government decision on what is legal and illegal in the country in which to use it and how the government sees it.

In case you are one of the persons that store all their money at home in a big vault, you might be reluctant to transfer all your money into bitcoin. The upside of having fiat money at home is that you can see it, touch it and even when the whole world breaks down you will probably find other people that are willing to trade with you for that money. Making now the switch to a fully crypto wallet can be a hard step for people that are so used to using cash in their daily lives. I would recommend to not move too fast and rather slowly ease into the crypto community. Why not start with building a crypto portfolio with 10-15% of your wealth and slowly build it up over time. Bitcoins are a good currency to store value online, and its also a great opportunity to make some money longterm. But I wouldn't recommend to put all our money into one single asset class, better to spread it out and diversify in multiple different assets.

I wonder, for the poor/third world, why don't they have access to the banking system? Is it because they are too poor to have a bank deposit? If so, how can they get access to bitcoin? Because to use bitcoin, we need to have a bank account to buy and sell, without a bank, we will not be able to buy bitcoins, which is not an advantage or opportunity of bitcoin. One thing we must remember is that bitcoin is not free, and anyone who wants to get it has to buy it, so banking and fiat will always be necessary for those who want to own bitcoin.

If we see it practically, then banks don’t commit fraud. They just quote you many laws and rules and block your account if you break those laws. Yes, bitcoin can really be a lifesaver for the person who is holding money in their house. For this type of person, bitcoin can be a safe investment, as they will have the complete freedom to control their finances independently. So yes, we can see that Bitcoin is really an opportunity for the unbanked. The decentralised nature of the coin has really made the work easier.

I want to categorically tell this set of people that Bitcoin is the way forward for you, bitcoin works for everyone, and the system was designed in a way that every interested person can participate.
Bitcoin allows you to be your bank and be in charge of your money with no interference from anyone. Participation is dependent on your interest, not your identity, that's to say that everyone can be involved without their identity known. Note that blockchain technology guarantees your Bitcoin security, so don't be afraid just give it a trial but with a little money I believe you won't regret it.