True, not anyone can open a bank account where I live, at least the poor can't. Aside from the requirements, the initial deposit and maintaining deposit would be hard to save up for people who barely have food to eat anyway. If only the government would demand the banks accept smaller deposits, then people would be able to keep their money in the bank.
Bitcoin would be somewhat easier since here we can cash in at a 7-11 where anything under $50 have no fees. People would have to pay a fee though if they are to cash out their bitcoin and they don't have a bank account. (With my bank at least, the fee is waived.)
The widespread use of informal-savings mechanisms suggests a missed opportunity for the market to provide safe, affordable financial products to the unbanked. For example, adults who don’t use banks or other formal financial institutions often turn to fairly sophisticated methods to manage their finances, such as rotating-savings clubs or credit associations. Each week, those clubs pool deposits from members and give the entire collection to a designated member. The practice is particularly popular in Sub-Saharan Africa, where 48% of savers use an informal savings club or person outside the family to save. In Nigeria, 69% of adults who save use the clubs, also known there as esusu, ajo, cha, or adashi.
These clubs sort of remind me of the "paluwagans" here in the Philippines. I actually never tried that, I find it risky. It's all well if you are the first person to get the money but the farther you are in line, the riskier, since other member who already got their "pay" could end up making excuses why they can't give money. I find it basically the same as saving your money in a box, just with more risk. It's probably only suggested for people who can't keep money at home because of a family member who might steal the money.
