The topic of the unbanked reminds me of a thread made in this section back in april 2018:
People argue about bitcoin. Is it a currency, or an investment? Is it a speculative bubble, or is it here for the long run? What about Blockchain technology? One thing is certain. Bitcoin is plugging the holes of the archaic financial system and providing real solutions for current problems. One problem it solves is the banking of the unbanked.
Global leaders everywhere call for the pursuit of sustainable growth. Financial inclusion is critical to any effort raise people out of poverty. The poorest countries in world are severely underbanked. However, we are now seeing 90 percent digital mobile penetration in these unbanked areas. While these spots may not be able to access traditional banks, they can access the blockchain from their phones. We see the decentralized dawning of a new era in financial systems.
You don’t have to look halfway around the world to see the effects of under-inclusion. In the United States, the FDIC recently found that 27 percent of US households were unbanked or underbanked. After the 2008 recession, banks closed the least profitable branches across the country. This left gaps for rural Americans without access. Online banking was supposed to fill some of these gaps, but the high number of unbanked families persists. Internet connectivity in rural homes in difficult.
The unbanked both in the U.S. and globally face high fees that destroy their ability to save money. Have you ever tried to cash a check at these so called “Check Cashing” businesses? It is legalized highway robbery. Additionally, these poor folks often face insurmountable obstacles to obtain the credit that is needed to buy a home or start a business.
Bitcoin and other cryptocurrencies are the solution! Because of distributed ledger technology known as the blockchain, digital currencies require no trust between parties. They cannot be counterfeited. The entire transaction history is completely transparent and mathematically proven. Bitcoin and other cryptocurrencies are a way for people and businesses to bypass the traditional banks and engage in direct commerce. Any unbanked person with a computer or a smartphone now has the opportunity for greater financial inclusion!
Compared with the old archaic financial system, there are numerous advantages in cost and security. There are no fees to store wealth via bitcoin. It takes very little time for funds to clear. The already low transfer fees for crypto continue to drop as the network protocols become more efficient, and the flat fees are the same regardless of the amount transacted or location of the recipient. Instead of waiting days for transferred money or paying high fees to cash checks, blockchain allow for the seamless flow of payments. This creates tremendous opportunities for people to access micro-lending.
The internet is a $4.2 trillion global economy. If it were a country, it would be one of the five largest economies in the world. Doesn’t it make sense that the digital economy would have its own currency? Shouldn’t we remove physical barriers of exchange? Companies like Walmart, Amazon, Kodak and Starbucks are set to explore blockchain payment systems. It seems that no company in the world want to be left out of this growing opportunity.
America is at the crossroads, and hopefully the world stands with us. Some feel that we must regulate cryptocurrency, this could stifle innovation and slow growth. Many regulatory bureaucracies are products of the existing archaic system and fear they will be replaced by the new blockchain technology. The U.S. guides the financial markets. Regulatory harmony is extremely important.
Archaic banking systems have served us for decades, but they fail to include many people. We must stand for innovation and freedom! Bitcoin must work without excessive government interference! We are obligated to help the unbanked and the poor around the world. They should be allowed the inclusion Bitcoin and crypto provide.
There could be a fine line separating centralized regulation from kyc the author of that medium piece is missing. Crypto currency loan platforms of the past utilized kyc checks in the form of picture ID requirements without imposing the significant and overbearing restrictions some claim kyc represents. In theory, kyc is limited to $10,000 (usd) sums of money and mainly affects the bigger players who deal in larger sums of crypto currency.
The idea that only criminals can thrive in regulated financial or economic markets would seem to imply that regulated banks and investment markets are places where only criminals can thrive. That appears to be the argument of medium OP.
There could be a case made for that. I won't go into details as the last time I said something negative about fool.com they actaully IP banned me for 24-48 hours. And as a result, I'm going to try not to criticize anyone even if its an infringement on freedom of speech and typical consumer feedback. Let's just say there could be evidence for it.
, but it's the overall picture. 
