Reaching Out To Those Abandoned By Traditional Banking

[Hodor7777]

Blog Location: https://xrpcommunity.blog/reaching-out-to-those-abandoned-by-traditional-banking/

Billions of adults are considered un-banked. I discuss ILP's role in solving this problem & cover the latest XRP news in today's blog:

𝗪𝗵𝗼 𝘁𝗼 𝗙𝗼𝗹𝗹𝗼𝘄:  To keep up to date on how fintech innovations are connecting the un-banked, I recommend following Chris Larsen and Mojaloop. 

𝐑𝐢𝐩𝐩𝐥𝐞 𝐍𝐞𝐰𝐬: Modern Consensus interviews Forte's Kent Wakeford, the former COO of Kabam, about the new collaboration with Ripple.

𝐗𝐑𝐏 𝐍𝐞𝐰𝐬: Wietse Wind publishes a handy tool for composing multi-sign transactions; @baltazar223's Weekend Project inspires donations to the XRP Community Fund; @SchlaubiD makes a program available for download that enables sending XRP through MS Outlook; Bithomp adds a form to enable users to report suspicious or known scam/fraud XRP wallet information; DigitalNomadInvestor offers new XRP designs available for sale through his swag store;  Two new exchanges indicate they will list XRP; and the "XRP Torch" was just passed from the US to Japan!

I hope you enjoy the read!

Thanks & Sincerely,
-Hodor


On Twitter: https://twitter.com/Hodor/status/1110882794538975233

[jaanwr]

Will definitely have a read into this!

It's actually surprising the number of adults in what is considered the '1st world' or the 'MEDC's who are effected by this.

There's almost a stigma, or a wrongly formed association of bad credit and '3rd world' / 'LEDC's, which is totally inaccurate.

In the UK, which is considered (well) an MEDC, there is nothing but trouble within this industry. Sniffing around the credit scores, payday loan companies and monthly banking interest rates for those who are financially worse off results in more often than not, a downward spiral which negatively effects society as a whole.

I hear of more and more people in the UK who are using cryptocurrencies to transact between themselves due to the fact that they are unable to obtain a bank account due to prior credit history.

[taratorly]

I hear of more and more people in the UK who are using cryptocurrencies to transact between themselves due to the fact that they are unable to obtain a bank account due to prior credit history.

I am working a financial firm. And I've just started to hear from some people that can't we send send money with cryptocurrencies?

When I first heard, I was completely shocked. But people still keep asking. I guess not only UK but everywhere people started to realize that they can use cryptocurrencies.

[NeuroticFish]

I guess not only UK but everywhere people started to realize that they can use cryptocurrencies.

The problem is that in many countries transferring the cryptocurrencies back to fiat may not be smooth and easy. And not because crypto would be illegal, instead because of the banks trying to block crypto related transactions, because the banks asking for extensive KYC documents or because of scammers disguised into buyers (which will try to get the crypto and keep their fiat too).

So if a startup wants to use cypto in order to become a real competitor for Western Union for example, it should take very seriously into consideration to also act as crypto <-> fiat exchange.

[CryptoLogo]

It looks very interesting, but not everything is so simple. I want cryptocurrency to become the main means of payment, but for now these are only dreams.

[avikz]

Blog Location: https://xrpcommunity.blog/reaching-out-to-those-abandoned-by-traditional-banking/

Billions of adults are considered un-banked. I discuss ILP's role in solving this problem & cover the latest XRP news in today's blog:

𝗪𝗵𝗼 𝘁𝗼 𝗙𝗼𝗹𝗹𝗼𝘄:  To keep up to date on how fintech innovations are connecting the un-banked, I recommend following Chris Larsen and Mojaloop. 

𝐑𝐢𝐩𝐩𝐥𝐞 𝐍𝐞𝐰𝐬: Modern Consensus interviews Forte's Kent Wakeford, the former COO of Kabam, about the new collaboration with Ripple.

𝐗𝐑𝐏 𝐍𝐞𝐰𝐬: Wietse Wind publishes a handy tool for composing multi-sign transactions; @baltazar223's Weekend Project inspires donations to the XRP Community Fund; @SchlaubiD makes a program available for download that enables sending XRP through MS Outlook; Bithomp adds a form to enable users to report suspicious or known scam/fraud XRP wallet information; DigitalNomadInvestor offers new XRP designs available for sale through his swag store;  Two new exchanges indicate they will list XRP; and the "XRP Torch" was just passed from the US to Japan!

I hope you enjoy the read!

Thanks & Sincerely,
-Hodor


On Twitter: https://twitter.com/Hodor/status/1110882794538975233

It is a long read but I failed to understand the conclusion that author wants to draw on how to solve the problem of the un-banked community! The article mainly looks like a promotional material for Ripple which a lot of people don't consider as a cryptocurrency.

Where banking services are not available due to "Geographical Remoteness", how Ripple is going to solve that problem from the perspective of a third world country?

[upsidedown75]

We really need to reach out to those who are still blinded by the traditional method of carrying out financial transaction because the bank this days are trying to fight against crypto and it's high time we also fight against them by taking all of their users to the crypto space and showing them the wonders of using crypto and why they should stop making use of the traditional method of banking and start embracing the crypto and free method.

Moreover, when common people start realizing the importance of having decentralized and deflated way of economy then I believe almost all the people will be switching over to cryptos like how rapidly we are adopting new technology like internet and mobile phones.

[Supercrypt]

It looks very interesting, but not everything is so simple. I want cryptocurrency to become the main means of payment, but for now these are only dreams.

I do believe that in near future that cryptocurrency will be the first option to choose when it comes to finances, although it is absolutely impossible for traditional banking to go into extinction, it has always been in the times of old and will always be but traditional banking as done more damage to its users than it looks.

Once these number of people quoted in the article can understand and see the solution that the blockchain has brought, at least 60% of them will have no choice than to adopt cryptocurrency and this will divert the attention of the rest part of the world that are yet into the system into it, causing it to be the sole option.

[Hodor7777]

...  for Ripple which a lot of people don't consider as a cryptocurrency.

Where banking services are not available due to "Geographical Remoteness", how Ripple is going to solve that problem from the perspective of a third world country?

One:  Ripple is not a cryptocurrency: It's a company.

XRP is a cryptocurrency.  And the "lot of people" you mention have a group label, typically - Bitcoin Maximalists that invested early in Bitcoin. 
These individuals will go after ANY NEW TECHNOLOGY that threatens Bitcoin's current (and fading) market leadership.  If you don't believe me, look at some of the twitter feeds from that community - they go after Ethereum, XRP, EOS and others like they are rabid. 

The reason they go after XRP is because of the raw performance statistics - it is more decentralized, more scalable, faster, and settles in four seconds.  These are facts that they've shown a willingness to lie about directly even when repeatedly corrected. 

Sources: https://fudbingo.com/



Two: If you actually read the blog, you'd see that Ripple, Coil and others in the XRP ecosystem are working on the Mojaloop project to publish open-source code available for extending financial services to the unbanked via mobile technology:

Sources: http://mojaloop.io/     https://docs.mojaloop.live/    https://twitter.com/copernicc/status/1090235140742279168    https://twitter.com/Coil/status/1067620041959428097

[Viceroy]

I agree with you. We just need to wait for the world to change in this direction. I hope this happens soon.