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Topic: Can bitcoin help the world's unbanked? - page 2. (Read 2454 times)

hero member
Activity: 714
Merit: 500
July 09, 2015, 02:27:03 AM
#27
Bitcoin is the easiest form of currency to accept, so clearly it's going to be good for those who want to avoid the whole process of verification with bank, specifically criminals for that matter. If banking isn't in stable conditions (for example Greece), then Bitcoin is absolutely dire. Bitcoin helps those unbanked, and those with "corrupt banks".

I think the association with criminals and bitcoins has really affected the image of bitcoins. I wish there was something which could be done to stop access of bitcoins to people being involved in criminal activity. With all the advanced technology, all the tracking systems and algorithms, is there something which could be done to stop such malicious activity or we let it go just because it brings in more trade? :/

Bitcoin combines cryptography and a peer-to-peer architecture to avoid a central authority rather than how digital currencies such as eGold and WebMoney operated, law enforcement agencies have more difficulty identifying suspicious users and obtaining transaction records and getting criminals under their handcuffs. This has definitely screwed up the scene for bitcoin a little.

There have been so many hacks and attacks with the involvement of bitcoin as either theft or asked as ransom. A recent attack happened recently. The attacks took place in two stages. An initial DDoS attack was followed by threats of further and more severe attacks if the targeted websites did not complete bitcoin payments. If you want to read more bitcoin crimes, here's a link: http://www.coindesk.com/bitcoin-crime/
sr. member
Activity: 350
Merit: 250
July 09, 2015, 02:07:30 AM
#26
Bitcoin is the easiest form of currency to accept, so clearly it's going to be good for those who want to avoid the whole process of verification with bank, specifically criminals for that matter. If banking isn't in stable conditions (for example Greece), then Bitcoin is absolutely dire. Bitcoin helps those unbanked, and those with "corrupt banks".

I think the association with criminals and bitcoins has really affected the image of bitcoins. I wish there was something which could be done to stop access of bitcoins to people being involved in criminal activity. With all the advanced technology, all the tracking systems and algorithms, is there something which could be done to stop such malicious activity or we let it go just because it brings in more trade? :/

Bitcoin combines cryptography and a peer-to-peer architecture to avoid a central authority rather than how digital currencies such as eGold and WebMoney operated, law enforcement agencies have more difficulty identifying suspicious users and obtaining transaction records and getting criminals under their handcuffs. This has definitely screwed up the scene for bitcoin a little.
hero member
Activity: 994
Merit: 1000
July 09, 2015, 12:43:56 AM
#25
Bitcoin is the easiest form of currency to accept, so clearly it's going to be good for those who want to avoid the whole process of verification with bank, specifically criminals for that matter. If banking isn't in stable conditions (for example Greece), then Bitcoin is absolutely dire. Bitcoin helps those unbanked, and those with "corrupt banks".

I think the association with criminals and bitcoins has really affected the image of bitcoins. I wish there was something which could be done to stop access of bitcoins to people being involved in criminal activity. With all the advanced technology, all the tracking systems and algorithms, is there something which could be done to stop such malicious activity or we let it go just because it brings in more trade? :/
legendary
Activity: 2828
Merit: 1514
July 08, 2015, 11:49:50 PM
#24
Bitcoin is the easiest form of currency to accept, so clearly it's going to be good for those who want to avoid the whole process of verification with bank, specifically criminals for that matter. If banking isn't in stable conditions (for example Greece), then Bitcoin is absolutely dire. Bitcoin helps those unbanked, and those with "corrupt banks".
legendary
Activity: 2562
Merit: 1414
July 08, 2015, 06:22:15 PM
#23
-snip-
like u say for working he says illegally.

I dont stated anything that I am agree with this, in fact I am against things that are illegal because BTC isnt suppose to be a tool for people to launder their money. This will only hinder BTC growth as bad publicity will make more people have the wrong perception about BTC that it is related to criminal. In fact this issue has been here alot and the nature of BTC as well as its anonimity is what makes people use it to launder money.

I use BTC like a "investment" and I think (i do not have numbers for taste) most part the people use BTC for this in this way but this fact making it much more difficult for the market stay stable because of speculation.

The market is indeed full of speculation however the price of BTC isnt a sole indicator to determine thing about BTC. BTC has its own value, if you actually value the ability to secure your money in a top notch security than BTC is the tool for that (security is a value for some people). Stable market will most likely be achieved once the whole supply is in the market and thats takes around 100+ years or atleast until there are alot more "demands" on it rather than manipulation on the demands
sr. member
Activity: 366
Merit: 250
July 08, 2015, 10:22:48 AM
#22
I don't think volatility will become an issue in the near future. We can see that price are stabilizing and that goes to show when adoption increases with more people using bitcoin and the market size getting huge, whales will find it harder to manipulate the markets.

I think volatility is always going to be an issue, though I hope I'm wrong. However, an ideal scenario would be bitcoin to keep rising as more and more people get involved. I think this is how money should work. Money should grow over time and not devalue like fiat.
newbie
Activity: 22
Merit: 0
July 08, 2015, 09:33:38 AM
#21
I 100% Agree whith u but for this happen is very important that a micro economy  base BTC to be created but I see some problems in this:

1. The number of people who know about biticoins is not very big and it is important people undestand BTC for Start aceptin and using.

I don't understand this point - Bitcoin started with zero acceptance. If something is useful it will be adopted.

If something is useful it will be adopted. This is a very good point the  only problem it is people need Know about for use.

2. BTC is a currency that has a lot of volatility and this for a Micro economy is not a good factor.

It's still better than many national currencies in the developing nations which suffer from high inflation that is guaranteed to happen. Also, volatility would be much less a problem in a Bitcoin-only economy.

Ok Ok I'll study better about this. Thank you!

3. Accept BTC is very simple however as to pay merchants suppliers would have to sell BTC which would generate a great demand for sale which can cause prices suffer a devaluation.

That makes no sense at all. For every seller there's a buyer. Why would there be more selling? All coins that are sold have been bought before. If more people use Bitcoin, it will rise in value regardless how it's used, because a limited number of Bitcoin is distributed among a rising number of people.

ya.ya.yo!

We talk here about a Microeconomic (small city, Small Community ...) and my point it is how u pay for example The Coca-Cola Company if they don't accept BTC.

Q7
sr. member
Activity: 448
Merit: 250
July 08, 2015, 09:31:56 AM
#20
I don't think volatility will become an issue in the near future. We can see that price are stabilizing and that goes to show when adoption increases with more people using bitcoin and the market size getting huge, whales will find it harder to manipulate the markets.
hero member
Activity: 994
Merit: 1000
July 08, 2015, 07:32:47 AM
#19
Bitcoin is gaining interest of unbanked gradually. But the growth of Bitcoin is still on a hold ,because it is all about getting digital. People are still coping with the basics of internet itself. So the population needs to be more mod , to enjoy the technological luxuries.

Yes, a lot of people who are apparently 'unbanked' status, have gained quite an interest in bitcoin. The reason why the growth of bitcoin is on hold is because inadequate or accurate media attention is lacking, heavy adoption by the masses seems to be delayed and  ofcourse, digital literacy is a need of the time. After such basic requirements have been accomplished, maybe bitcoin grows to achieve bigger milestones.

Bitcoin is much much more than a risky investment, much more than a payment gateway and much more than just a currency, its special super powers and tweaks and improvisations from the usual are exactly what make it one of the best at what it is. I have never seen such a fine investment, such a secure payment gateway and such a comfortable currency in my life yet Smiley

Bitcoin might be a risky investment but considering other investments, I think I will find much more returns through bitcoin. It is not such a developed payment gateway and bad hacking incidents and money laundering issues have made bitcoin an evil currency for a few people. However, it is much developed and mature now. Yes, it seems just as an investment right now to me. Nothing more, I don't really expect much, call me cynical (:

I agree that bitcoin might be one of the greatest currency of all time and I love trading in the bitcoin currency. However, I feel that as an investment is how its treated, and as an investment, it will never replace gold for obvious reasons. Yes, Gold might lose the power it has if bitcoins becomes powerful, but gold is scarce and limited, it will always have a great value, it can't collapse like that.
legendary
Activity: 896
Merit: 1000
July 08, 2015, 07:13:39 AM
#18
not for everyone, many cannot buy bitcoin locally with their csh, and because of this they rely on a bank account at the end, bitcoin is more suitable with digial platform and everything that is online

we are moving in that way after all, technology is aiming to make everything digital, cash will be annihilated one day i'm sure


Anyone can start accepting payments with Bitcoin anywhere, this is very important and would have been impossible for tens of people out there in a pre-Bitcoin world.
The ones that don't have any internet tho, they are pretty much trapped on their own countries. Without internet there isnt much hope.

usually those without internet do not need bitcoin or any tech for that matter, they are people living in farm and they can produce everything for their living

bitcoin can not accomodate everyone, especially those that are not using even fiat

people with a simple mobile phone can send money or bitcoin if they so wish via sms. internet isn't necessarily needed. but i believe at some point all people world wide will be able to access the net. no matter where they are. bitcoin then has way more chances of being the best option then.
legendary
Activity: 1218
Merit: 1000
July 08, 2015, 06:16:35 AM
#17
I think its harder to introduce bitcoin to unbanked people than people who have account in the bank, since they have known economical system in the bank, like transaction, how to save money, exchange their fiat to other nation currency. So, bitcoin can help the unbanked, but unbanked are hard to understand about it.
For unbanked ppl, they are either banned by the banks or living in undeveloped contries. It is difficult for them to get into bitcoin. Coz they cannot  access the exchange to buy bitcoin through bank deposit. Probably they can go through localbitcoin.com. For ppl living in undeveloped country, they have no facility to access internet. Besides that, they may lack the knowledge to understand bitcoin. And their bitcoin ecosystem may be very weak! 
legendary
Activity: 3248
Merit: 1070
July 08, 2015, 03:58:42 AM
#16
not for everyone, many cannot buy bitcoin locally with their csh, and because of this they rely on a bank account at the end, bitcoin is more suitable with digial platform and everything that is online

we are moving in that way after all, technology is aiming to make everything digital, cash will be annihilated one day i'm sure


Anyone can start accepting payments with Bitcoin anywhere, this is very important and would have been impossible for tens of people out there in a pre-Bitcoin world.
The ones that don't have any internet tho, they are pretty much trapped on their own countries. Without internet there isnt much hope.

usually those without internet do not need bitcoin or any tech for that matter, they are people living in farm and they can produce everything for their living

bitcoin can not accomodate everyone, especially those that are not using even fiat
legendary
Activity: 1806
Merit: 1024
July 07, 2015, 06:46:47 PM
#15
I 100% Agree whith u but for this happen is very important that a micro economy  base BTC to be created but I see some problems in this:

1. The number of people who know about biticoins is not very big and it is important people undestand BTC for Start aceptin and using.

I don't understand this point - Bitcoin started with zero acceptance. If something is useful it will be adopted.

2. BTC is a currency that has a lot of volatility and this for a Micro economy is not a good factor.

It's still better than many national currencies in the developing nations which suffer from high inflation that is guaranteed to happen. Also, volatility would be much less a problem in a Bitcoin-only economy.

3. Accept BTC is very simple however as to pay merchants suppliers would have to sell BTC which would generate a great demand for sale which can cause prices suffer a devaluation.

That makes no sense at all. For every seller there's a buyer. Why would there be more selling? All coins that are sold have been bought before. If more people use Bitcoin, it will rise in value regardless how it's used, because a limited number of Bitcoin is distributed among a rising number of people.

ya.ya.yo!
hero member
Activity: 714
Merit: 500
July 07, 2015, 01:21:58 PM
#14
Bitcoin is gaining interest of unbanked gradually. But the growth of Bitcoin is still on a hold ,because it is all about getting digital. People are still coping with the basics of internet itself. So the population needs to be more mod , to enjoy the technological luxuries.

Yes, a lot of people who are apparently 'unbanked' status, have gained quite an interest in bitcoin. The reason why the growth of bitcoin is on hold is because inadequate or accurate media attention is lacking, heavy adoption by the masses seems to be delayed and  ofcourse, digital literacy is a need of the time. After such basic requirements have been accomplished, maybe bitcoin grows to achieve bigger milestones.

Bitcoin is much much more than a risky investment, much more than a payment gateway and much more than just a currency, its special super powers and tweaks and improvisations from the usual are exactly what make it one of the best at what it is. I have never seen such a fine investment, such a secure payment gateway and such a comfortable currency in my life yet Smiley

Bitcoin might be a risky investment but considering other investments, I think I will find much more returns through bitcoin. It is not such a developed payment gateway and bad hacking incidents and money laundering issues have made bitcoin an evil currency for a few people. However, it is much developed and mature now. Yes, it seems just as an investment right now to me. Nothing more, I don't really expect much, call me cynical (:
sr. member
Activity: 350
Merit: 250
July 07, 2015, 12:54:47 PM
#13
Bitcoin is gaining interest of unbanked gradually. But the growth of Bitcoin is still on a hold ,because it is all about getting digital. People are still coping with the basics of internet itself. So the population needs to be more mod , to enjoy the technological luxuries.

Yes, a lot of people who are apparently 'unbanked' status, have gained quite an interest in bitcoin. The reason why the growth of bitcoin is on hold is because inadequate or accurate media attention is lacking, heavy adoption by the masses seems to be delayed and  ofcourse, digital literacy is a need of the time. After such basic requirements have been accomplished, maybe bitcoin grows to achieve bigger milestones.

Bitcoin is much much more than a risky investment, much more than a payment gateway and much more than just a currency, its special super powers and tweaks and improvisations from the usual are exactly what make it one of the best at what it is. I have never seen such a fine investment, such a secure payment gateway and such a comfortable currency in my life yet Smiley
hero member
Activity: 994
Merit: 1000
July 07, 2015, 12:24:14 PM
#12
Bitcoin is gaining interest of unbanked gradually. But the growth of Bitcoin is still on a hold ,because it is all about getting digital. People are still coping with the basics of internet itself. So the population needs to be more mod , to enjoy the technological luxuries.

Yes, a lot of people who are apparently 'unbanked' status, have gained quite an interest in bitcoin. The reason why the growth of bitcoin is on hold is because inadequate or accurate media attention is lacking, heavy adoption by the masses seems to be delayed and  ofcourse, digital literacy is a need of the time. After such basic requirements have been accomplished, maybe bitcoin grows to achieve bigger milestones.
full member
Activity: 196
Merit: 100
July 07, 2015, 11:34:03 AM
#11
Bitcoin is gaining interest of unbanked gradually. But the growth of Bitcoin is still on a hold ,because it is all about getting digital. People are still coping with the basics of internet itself. So the population needs to be more mod , to enjoy the technological luxuries.
hero member
Activity: 697
Merit: 503
July 07, 2015, 11:06:40 AM
#10
Bitcoin do have some flaws that need to be fixed, mainly security issues, otherwise everything else is fine. So when bitcoin enter a not yet developed country like Greece, people will immediately began using it because banks and PayPals are down. But it would take a long time for people to get to understand the ins and outs of bitcoin like we did. It will take time, on the other hand, because they all might be "newbies" in btc, this will allow hackers/scammers to invade their wallets. I believe bitcoin no question will help and is already helping with the World's unbanked. That is why bitcoin just hit a 4 month high. This is the chance for bitcoin to rise. 
legendary
Activity: 2506
Merit: 1125
July 07, 2015, 10:43:10 AM
#10
I think its harder to introduce bitcoin to unbanked people than people who have account in the bank, since they have known economical system in the bank, like transaction, how to save money, exchange their fiat to other nation currency. So, bitcoin can help the unbanked, but unbanked are hard to understand about it.
newbie
Activity: 22
Merit: 0
July 07, 2015, 10:28:49 AM
#9
not for everyone, many cannot buy bitcoin locally with their csh, and because of this they rely on a bank account at the end, bitcoin is more suitable with digial platform and everything that is online

we are moving in that way after all, technology is aiming to make everything digital, cash will be annihilated one day i'm sure


Anyone can start accepting payments with Bitcoin anywhere, this is very important and would have been impossible for tens of people out there in a pre-Bitcoin world.
The ones that don't have any internet tho, they are pretty much trapped on their own countries. Without internet there isnt much hope.

I 100% Agree whith u but for this happen is very important that a micro economy  base BTC to be created but I see some problems in this:

1. The number of people who know about biticoins is not very big and it is important people undestand BTC for Start aceptin and using.

2. BTC is a currency that has a lot of volatility and this for a Micro economy is not a good factor.

3. Accept BTC is very simple however as to pay merchants suppliers would have to sell BTC which would generate a great demand for sale which can cause prices suffer a devaluation.
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