Topic: How cryptocurrencies could allow financial inclusion ? (Read 201 times)
Just a few notes though, crypto is not like a magic bean that will solved our financial problems, it might be a tool, but there are not shortcuts, we all need to work hard in order to attain our financial freedom. Second, banks are not going away, they have been in existence of hundreds if not thousands of years. Crypto will not simply make them obsolete. Cryptos like Bitcoin and Ethereum might disrupt the current financial systems, but it won't be the single answer for everyone's economic woes.
I don't think crypto would outright reduce the gap between the rich and the poor as rich people are more involved in crypto buying and holding than a poor one. The people below the poverty line have many other priorities than cryptocurrency and a lot of them might not even have heard about it.
But adopting crypto would make finance more efficient making cash flow easier and financial opportunities and loans accessible to most people.
But adopting crypto would make finance more efficient making cash flow easier and financial opportunities and loans accessible to most people.
There will be cases like that. But in terms of investing, cryptocurrencies will open a new door. Since financial transactions will be easier and have lower fees, there will be a lot of advantages. For example when stock markets start allowing account funding through cryptocurrencies, then stock investing will be a lot easier, faster, and more secure. This I think is the meaning of financial inclusion which will give more investing opportunities not just for the rich but for everyone.
Government operate a centralized system which means if they are going to adopt crypto, it is not going to be anonymous. They will want to know everyone that own crypto and how much they have for them to institute the right amount of tax to be paid by holders. I do not think massive adoption of crypto currency by the government is possible to massive usage of the underlying technology is what I think is possible especially for better and robust financial services
I think its possible in the next century like OP described. That's way beyond and we may all be dust when it happens. But I think the more you have today the more your kins will have to live with financial freedom. When you have nothing today to invest in crypto, you will be less fortunate as well when the adoption comes.
The pandemic however is making us sell what we have in order for us not to be rich in the future. Very unfortunate
Government operate a centralized system which means if they are going to adopt crypto, it is not going to be anonymous. They will want to know everyone that own crypto and how much they have for them to institute the right amount of tax to be paid by holders. I do not think massive adoption of crypto currency by the government is possible to massive usage of the underlying technology is what I think is possible especially for better and robust financial services
Its right that the present banking systems are entrenched in such a way that those at the top will continue to be there aided by corrupt governments and dishonest businessmen. This is not just in developing countries but even in developed countries. Adopting cryptocurrencies isn't necessarily a way to change this system. Yet, anonymously earning and keeping part of saving in cryptocurrencies can help people to partake in the opportunities available not just in their own country but everywhere in the world. This creates a system where more people have the opportunity to earn and contribute as per their capabilities.
This can be uplifting and empowering for individuals and communities. Just today someone shared an article about how filipinos earned income from a blockchain game during the pandemic. That shows the potential of blockchain to bring opportunities to people and allow them to earn without going through the hoops that banking infrastructure otherwise creates.
This can be uplifting and empowering for individuals and communities. Just today someone shared an article about how filipinos earned income from a blockchain game during the pandemic. That shows the potential of blockchain to bring opportunities to people and allow them to earn without going through the hoops that banking infrastructure otherwise creates.
As mentioned by @bitbollo, not everyone has an access to banks and this is where the decentralized system can provide opportunities for those people who are having a hard time getting access to the banking system. You will see this kind of claim mostly in Defi projects that it will help to give financial inclusion to those who are unbanked. But for now, I don't think we can already see significant changes in giving them financial inclusion since the adoption of cryptocurrency especially for those in the developing countries are still not enough.
I don't think crypto would outright reduce the gap between the rich and the poor as rich people are more involved in crypto buying and holding than a poor one. The people below the poverty line have many other priorities than cryptocurrency and a lot of them might not even have heard about it.
But adopting crypto would make finance more efficient making cash flow easier and financial opportunities and loans accessible to most people.
But adopting crypto would make finance more efficient making cash flow easier and financial opportunities and loans accessible to most people.
I was discussing with some friends about how cryptocurrencies could change the human relationship in the next centuries. We were all agree that the banking system was increasing the gaps between poor and rich people. the richest hard becoming more rich and the poor more poor, specially in developing countries.
Some of them Think that we should need to adopt the anonymous currencies for the disruption, other think that we need more involvement of the government for mass adoption.
I will really appreciate to have your opinion.
Some of them Think that we should need to adopt the anonymous currencies for the disruption, other think that we need more involvement of the government for mass adoption.
I will really appreciate to have your opinion.
Not all people can't access to classic financial system. If you take a third world country it's surprising to see how people are struggling from access into classic bank system.
There are a lot of reason behind that but mostly depends from a general lack of freedom or late innovation.
Generally speaking, a lot of workers are payed illegally for their job or in some form that doesn't allow a bank account. Or legislative limits since they should have some documents or legal allowance.
Crypto currencies allow people to gain a kind of financial freedom that was never seen in the history of human kind.
I was discussing with some friends about how cryptocurrencies could change the human relationship in the next centuries. We were all agree that the banking system was increasing the gaps between poor and rich people. the richest hard becoming more rich and the poor more poor, specially in developing countries.
Some of them Think that we should need to adopt the anonymous currencies for the disruption, other think that we need more involvement of the government for mass adoption.
I will really appreciate to have your opinion.
Some of them Think that we should need to adopt the anonymous currencies for the disruption, other think that we need more involvement of the government for mass adoption.
I will really appreciate to have your opinion.
There are advantages and disadvantages to both sides. But it is true that cryptocurrency can bring equality for all people. The financial system will not be more convenient for the rich and less convenient for poor people. But I think govt involvement and law enforcement also needed to prevent scam activity. Maybe govt can build a better version of digital assets by funding more on blockchain technology.
I was discussing with some friends about how cryptocurrencies could change the human relationship in the next centuries. We were all agree that the banking system was increasing the gaps between poor and rich people. the richest hard becoming more rich and the poor more poor, specially in developing countries.
Some of them Think that we should need to adopt the anonymous currencies for the disruption, other think that we need more involvement of the government for mass adoption.
I will really appreciate to have your opinion.
Some of them Think that we should need to adopt the anonymous currencies for the disruption, other think that we need more involvement of the government for mass adoption.
I will really appreciate to have your opinion.
Cryptocurrencies gives the chance for the people to do but if people don't take the opportunities earlier stages then it will go into the hands of people who are already rich and the story remain the same for next few centuries.
I was discussing with some friends about how cryptocurrencies could change the human relationship in the next centuries. We were all agree that the banking system was increasing the gaps between poor and rich people. the richest hard becoming more rich and the poor more poor, specially in developing countries.
Some of them Think that we should need to adopt the anonymous currencies for the disruption, other think that we need more involvement of the government for mass adoption.
I will really appreciate to have your opinion.
Some of them Think that we should need to adopt the anonymous currencies for the disruption, other think that we need more involvement of the government for mass adoption.
I will really appreciate to have your opinion.
Cryptocurrencies gives the chance for the people to do but if people don't take the opportunities earlier stages then it will go into the hands of people who are already rich and the story remain the same for next few centuries.
Thank everyone for your deep insight I really appreciate your inputs to this thread.
One of the best Crypto role on any financial inclusions is the transparency and reliability.
This is why companies around the world are adapting Blockchain like Retailers, industrial companies, money remittances, even Banks etc.
The main goal is to deliver their transparent services to the public to avoid product and position abuse and corruptions.
This is why companies around the world are adapting Blockchain like Retailers, industrial companies, money remittances, even Banks etc.
The main goal is to deliver their transparent services to the public to avoid product and position abuse and corruptions.
In my opinion, the crypto currency is a new and surprising thing for economy. But I cannot tell if it's good or bad. Anonymous payments reduce the ability of the state to control and increase the possibilites of crime structures. This is a new society and we don't know how it will be.
I agree with you that the banking system was increasing the gaps between poor and rich people. They offer unreasonable and unfair return of investment unlike in cryptocurrency. It might take time for most of us to embrace cryptocurrency because not all of us have enough knowledge how it works and it is too complicated navigating or using different tools of each cryptos. Still, cryptocurrency have the key to your financial freedom. The only secrets are ideas, familiarization, patience and guts.
I am agree with you that banking system is increasing gaps between poor and rich people and I also think that cryptocurrencies will help us to decrease this gap between poor and rich people because it is a great earning source for any kind of people.
From my perspective I think banking system only connected with rich people and poor people are cant access the banking system. Thats why there are huge percentage of people they don’t benefited from bank. So I think crypto currency can allow financial inclusion.
I was discussing with some friends about how cryptocurrencies could change the human relationship in the next centuries. We were all agree that the banking system was increasing the gaps between poor and rich people. the richest hard becoming more rich and the poor more poor, specially in developing countries.
Some of them Think that we should need to adopt the anonymous currencies for the disruption, other think that we need more involvement of the government for mass adoption.
I will really appreciate to have your opinion.
Some of them Think that we should need to adopt the anonymous currencies for the disruption, other think that we need more involvement of the government for mass adoption.
I will really appreciate to have your opinion.
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