Bitcoin as an opportunity for the unbanked.

[Nrcewker]

If we see it practically, then banks don’t commit fraud. They just quote you many laws and rules and block your account if you break those laws. Yes, bitcoin can really be a lifesaver for the person who is holding money in their house. For this type of person, bitcoin can be a safe investment, as they will have the complete freedom to control their finances independently. So yes, we can see that Bitcoin is really an opportunity for the unbanked. The decentralised nature of the coin has really made the work easier.

[Mauser]

I want to categorically tell this set of people that Bitcoin is the way forward for you, bitcoin works for everyone, and the system was designed in a way that every interested person can participate.
Bitcoin allows you to be your bank and be in charge of your money with no interference from anyone. Participation is dependent on your interest, not your identity, that's to say that everyone can be involved without their identity known. Note that blockchain technology guarantees your Bitcoin security, so don't be afraid just give it a trial but with a little money I believe you won't regret it.

In case you are one of the persons that store all their money at home in a big vault, you might be reluctant to transfer all your money into bitcoin. The upside of having fiat money at home is that you can see it, touch it and even when the whole world breaks down you will probably find other people that are willing to trade with you for that money. Making now the switch to a fully crypto wallet can be a hard step for people that are so used to using cash in their daily lives. I would recommend to not move too fast and rather slowly ease into the crypto community. Why not start with building a crypto portfolio with 10-15% of your wealth and slowly build it up over time. Bitcoins are a good currency to store value online, and its also a great opportunity to make some money longterm. But I wouldn't recommend to put all our money into one single asset class, better to spread it out and diversify in multiple different assets.

[Truthlovecoins]

If we see it practically, then banks don’t commit fraud. They just quote you many laws and rules and block your account if you break those laws. Yes, bitcoin can really be a lifesaver for the person who is holding money in their house. For this type of person, bitcoin can be a safe investment, as they will have the complete freedom to control their finances independently. So yes, we can see that Bitcoin is really an opportunity for the unbanked. The decentralised nature of the coin has really made the work easier.

It can hardly be disputed anywhere, on how the brilliance of the decentralized system didn't work. It did, and it has been a savior for many unbanked that have digital I.Q and if not, have friends who do and they trust to help be their broker.

The only issue I fear now is, it may soon become tough for the unbanked due to the new regulations that might be imposed should BTC get accepted in one's region/country of residence.
The crypto exchanges might have to work with the banks and thus crypto will be taxed. So anonymity become visibility and transparency.
I think BTC as an option for the unbanked might soon serve as a way to become banked.

[dzungmobile]

I wonder, for the poor/third world, why don't they have access to the banking system? Is it because they are too poor to have a bank deposit? If so, how can they get access to bitcoin? Because to use bitcoin, we need to have a bank account to buy and sell, without a bank, we will not be able to buy bitcoins, which is not an advantage or opportunity of bitcoin. One thing we must remember is that bitcoin is not free, and anyone who wants to get it has to buy it, so banking and fiat will always be necessary for those who want to own bitcoin.

Besides reasons like they are poor and can not have enough money to use bank accounts like annual fee for a bank card and fee for bank transfer, they will have more problems with Bitcoin and Bitcoin transactions.

Transaction fee on chain is sometimes very expensive and it is more expensive if they don't use non custodial wallet and don't use times when fee is cheap to consolidate small inputs. Like if they make a Bitcoin transaction with fee like $1 or $2, it is very costly in their nation and especially with their bad finance condition. With bank transfer, they will have less bank transfer fee compares to Bitcoin transaction fee.

Bitcoin blockchain does not care what nation you are from, what is average income in your nation, Bitcoin transaction fee must be paid in bitcoin and the cost will depend on price of Bitcoin at time of transaction.

If they have such problems, use cash is best, no bank transfer fee, no Bitcoin transaction fee.

[GigaBit]

I want to categorically tell this set of people that Bitcoin is the way forward for you, bitcoin works for everyone, and the system was designed in a way that every interested person can participate.
Bitcoin allows you to be your bank and be in charge of your money with no interference from anyone. Participation is dependent on your interest, not your identity, that's to say that everyone can be involved without their identity known. Note that blockchain technology guarantees your Bitcoin security, so don't be afraid just give it a trial but with a little money I believe you won't regret it.

In case you are one of the persons that store all their money at home in a big vault, you might be reluctant to transfer all your money into bitcoin. The upside of having fiat money at home is that you can see it, touch it and even when the whole world breaks down you will probably find other people that are willing to trade with you for that money. Making now the switch to a fully crypto wallet can be a hard step for people that are so used to using cash in their daily lives. I would recommend to not move too fast and rather slowly ease into the crypto community. Why not start with building a crypto portfolio with 10-15% of your wealth and slowly build it up over time. Bitcoins are a good currency to store value online, and its also a great opportunity to make some money longterm. But I wouldn't recommend to put all our money into one single asset class, better to spread it out and diversify in multiple different assets.

Is it safe for those who have a lot of fiat money and keep it in a vault at home instead of depositing it in the bank? Of course not. But if fiat money can be converted and transferred to bitcoins then it can certainly be safe if he can store the bitcoins properly. A person using a vault at home worries about the safety of their money when they go out, but a Bitcoin investor can be completely safe from such worries. For a new investor I would agree with you that he can keep 10-15% of his wealth in Bitcoin. After that if he feels, it can bring benefits to him then he can increase his portfolio as per his wish.

[Games.Bitcoin]

That's right that through Bitcoin it is possible to make transactions without the current banking system. It has taken us out of so called banking services. But to use Bitcoin you need to have at least a smart mobile and internet. We know that many communities in today's world are still without smartphone and internet service. Moreover, to trade bitcoins you must have knowledge about bitcoins. So I think that in order for Bitcoin to be more successful in the future, it is necessary to spread the knowledge about Bitcoin among people at a higher rate.

[jeraldskie11]

We all know that it's safe to bank your money than unbanked it because if there's someone who see your bunch of money with their eyes, there's a high possibility that they will steal it even though it's your friend. Well, there's always a reason why you unbanked it, so to make it safe and earn profit in the future I recommend to invest in Bitcoin or diversify to other top altcoins. I believe that the annual ROI is so big, and with Bitcoin possibly you can make this in months.

[justdimin]

Bitcoin presents a transformative opportunity for unbanked populations that have traditionally been excluded from the formal financial system. But one thing works here, only those who have access to internet and knowledge about bitcoins are getting the opportunity to use unbanked bitcoins. Unbanked individuals who use smartphones and have an internet connection can securely send and receive funds via Bitcoin. Where there is no need for intermediaries and can reduce transaction costs somewhat. However, lack of access and lack of knowledge is the main reason why a large population is unbanked in today's world. On the other hand there is also a need to be educated to use Bitcoin and it has to do with a government decision on what is legal and illegal in the country in which to use it and how the government sees it.

I think banks are welcoming. They will only terminate you if you are violating their rules but we shall not worry as there is still Bitcoin that is willing to accept us. Bitcoin has no restriction because there are no people behind who operate it and it also offer benefits better than the banks like the interest rate here for our invested money is thrice or more higher than the banks. Internet is so common and Bitcoin isn't that hard to use.

The only real thing that matters is if it's already legal in our country or not. Another reason why many people are unbanked is due to financial problems. Banks might have a minimum and some processing fee but these are not available in bitcoin.

[robattfield]

In the world today, many people prefer to keep their money in their house save because of the perceived fraud by our traditional banking system that has decided to rip the populace off their hard-earned money without remorse, through different unexplainable charges, this has changed the mindset of the un-banked because of the complaints coming from the individuals involved in that process, this individual, both the ones that are already banked and the unbanked are looking for alternative other alternative means that they will use to safeguard their wealth.

Financial institutions put up these outrageous charges and unacceptable taxing methods and lend individual money to other people without their consent and unknowingly to them, in return give them interest below what is expected yearly, taking back the interest through taxation and so making their money always depreciate in their bank account.

I want to categorically tell this set of people that Bitcoin is the way forward for you, bitcoin works for everyone, and the system was designed in a way that every interested person can participate.
Bitcoin allows you to be your bank and be in charge of your money with no interference from anyone. Participation is dependent on your interest, not your identity, that's to say that everyone can be involved without their identity known. Note that blockchain technology guarantees your Bitcoin security, so don't be afraid just give it a trial but with a little money I believe you won't regret it.

For those who don't have much understanding of economic operation or management, this story is really not for the majority, just some people like OP feel the problem, I see in Here as different regions they have different standards and measures of quality of life. If you have ever visited countries in Southeast Asia and went to experience some countryside, do they think about having to manage money, I want you to understand that even if the money is not much they are still happy. Or go to places with large developed economies like Japan and Korea, whether they really care about how safe their money will be, I like that some people give a good view of money or about how we don't always see material things as the essentials of life.

[Ultegra134]

I want to categorically tell this set of people that Bitcoin is the way forward for you, bitcoin works for everyone, and the system was designed in a way that every interested person can participate.
Bitcoin allows you to be your bank and be in charge of your money with no interference from anyone. Participation is dependent on your interest, not your identity, that's to say that everyone can be involved without their identity known. Note that blockchain technology guarantees your Bitcoin security, so don't be afraid just give it a trial but with a little money I believe you won't regret it.

In case you are one of the persons that store all their money at home in a big vault, you might be reluctant to transfer all your money into bitcoin. The upside of having fiat money at home is that you can see it, touch it and even when the whole world breaks down you will probably find other people that are willing to trade with you for that money. Making now the switch to a fully crypto wallet can be a hard step for people that are so used to using cash in their daily lives. I would recommend to not move too fast and rather slowly ease into the crypto community. Why not start with building a crypto portfolio with 10-15% of your wealth and slowly build it up over time. Bitcoins are a good currency to store value online, and its also a great opportunity to make some money longterm. But I wouldn't recommend to put all our money into one single asset class, better to spread it out and diversify in multiple different assets.

There's no way in hell that I'd store money inside my house; that's a huge hazard and an extremely unsafe practice. Hiding money beneath the mattress isn't up to today's standards. As much as I don't prefer the banking system, it's necessary for the economy to function, and it's probably the safest option to store fiat and be able to use it at any time.

You're mentioning that fiat currency is tangible; I understand your point; however, cryptocurrencies can be converted at any time through an exchange, centralized or not, without too much hassle. Thus, I don't see any significant inconvenience regarding cryptocurrency usage. It's mostly because we prefer not to use cryptocurrencies due to their being deemed valuable investments rather than a means of payment.

[CageMabok]

I am sure that in the future there will be many people who store their assets in bitcoin because many banking investments are currently disrupted, and we can manage bitcoin assets ourselves without having to be handled by a third party, and we will be more profitable if later the bitcoin assets that we have have a price that can increase and the value will exceed interest in banking institutions that are present at this time, especially now that blockchain technology is increasingly sophisticated and security is also getting maximum.

Bitcoin is always good to save and invest for the future with several advantages that Bitcoin already has. But as long as you continue to use fiat in your personal life and cannot stay away from fiat in any way, you still really need the bank in your life even if you try to save as much Bitcoin as possible for future investment reasons. Because I really feel this way in life where I can't stay away from the bank when I still rely on fiat in my life even though on the one hand I also like to keep Bitcoin until now.

[Fuso.hp]

Once upon a time people used to trust banks a lot but due to the increasing number of bank frauds many people lost their hard earned money due to which people now have less trust in banks. Even if there is no faith in the bank, most of the people keep their money in the bank by compulsion but there are some people who do not like to keep the money in the bank so they keep their money at home or they invest in something else with that money. Before we need to know whether people who don't keep money in the bank have any idea about bitcoin, if they don't have any idea about bitcoin then how they can change their money through bitcoin. We may talk about these things easily but it is difficult to show them. Because those who don't have any idea about Bitcoin will find it very difficult to explain it. And those who have an idea about Bitcoin will never leave money at home, they will invest.

[Lida93]

In the world today, many people prefer to keep their money in their house save because of the perceived fraud by our traditional banking system that has decided to rip the populace off their hard-earned money without remorse, through different unexplainable charges, this has changed the mindset of the un-banked because of the complaints coming from the individuals involved in that process, this individual, both the ones that are already banked and the unbanked are looking for alternative other alternative means that they will use to safeguard their wealth.

The traditional fiat banking system is so discouraging now with the procedural policies involved in depositing and in withdrawal of your own money. As an alternative it's worthy of note to say bitcoin arrived at the right time to salvage people from the restrictions and challenges they face using the traditional banking system. For years now, the Lebanon banking system is being bedeviled with systemic failure and this has led to many customers/citizens unable to have access to their funds since 2019, a situation that has created an untold hardship on the people and discouraged any form of trust on the country's banking system as controlled by the government. https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://en.m.wikipedia.org/wiki/Lebanese_liquidity_crisis%23:~:text%3DThe%2520Lebanese%2520liquidity%2520crisis%2520is,the%2520Russian%2520invasion%2520of%2520Ukraine.&ved=2ahUKEwjNzM-k0___AhVSVsAKHTmvBwYQFnoECAMQBQ&usg=AOvVaw2tNy6opS67LgVy6R3VGSGU

[irhact]

That's right that through Bitcoin it is possible to make transactions without the current banking system. It has taken us out of so called banking services. But to use Bitcoin you need to have at least a smart mobile and internet. We know that many communities in today's world are still without smartphone and internet service. Moreover, to trade bitcoins you must have knowledge about bitcoins. So I think that in order for Bitcoin to be more successful in the future, it is necessary to spread the knowledge about Bitcoin among people at a higher rate.

As the rate of those using smartphone are increasing so will the use of Bitcoin also increase. Among the countries in the world only some few counties in Asia and many countries in Africa still have a problem with Internet and Smartphones. Nothing can be done for those in those situations cause even when you plan charity program to give them smartphones, some might sell them in future to generate income for them to be able to feed.

Bitcoin gives an opportunity for everyone both the banks and the unbanked. Bitcoin is an alternative to the current banking system that's censored, you can't do anything with you money without been monitored, bitcoin gives you the opportunity to be in control of your money.

[isaac_clarke22]

I wonder, for the poor/third world, why don't they have access to the banking system? Is it because they are too poor to have a bank deposit? If so, how can they get access to bitcoin? Because to use bitcoin, we need to have a bank account to buy and sell, without a bank, we will not be able to buy bitcoins, which is not an advantage or opportunity of bitcoin. One thing we must remember is that bitcoin is not free, and anyone who wants to get it has to buy it, so banking and fiat will always be necessary for those who want to own bitcoin.

That's pretty much the reason for some people here in my country though and both even happens wherein they would be lacking in access to Bitcoin. You don't necessarily need bank account though. There are apps used in here that can be used by sellers in order to send Bitcoin easily such as Coins PH which is one of our local apps used for cryptos.You could just send any amounts of Bitcoin to any other addresses in no time without any hassle. If it was for the situation of the poor, just pay personally then the seller would send the ordered amount to a certain address.

Scammers are different discussion though.

As the rate of those using smartphone are increasing so will the use of Bitcoin also increase. Among the countries in the world only some few counties in Asia and many countries in Africa still have a problem with Internet and Smartphones. Nothing can be done for those in those situations cause even when you plan charity program to give them smartphones, some might sell them in future to generate income for them to be able to feed.

Bitcoin gives an opportunity for everyone both the banks and the unbanked. Bitcoin is an alternative to the current banking system that's censored, you can't do anything with you money without been monitored, bitcoin gives you the opportunity to be in control of your money.

Well considering how there are tons of smartphones including the local ones being released in here, it should pretty much be almost moderately easy to get an access to smartphones though. I think even by just going to one's local government unit would be enough.

[hannahB4]

70% of people you talked about who keep their money at hand are illiterates that don't value banking roles, this set of people might have heard myths of how stressful it is to keep money in banks or be defrauded of their money. Apart from these, they might not have access to the internet or even have internet-enabled phones.

[serjent05]

In the world today, many people prefer to keep their money in their house save because of the perceived fraud by our traditional banking system that has decided to rip the populace off their hard-earned money without remorse, through different unexplainable charges, this has changed the mindset of the un-banked because of the complaints coming from the individuals involved in that process, this individual, both the ones that are already banked and the unbanked are looking for alternative other alternative means that they will use to safeguard their wealth.

If you keep money (fiat) in your house, you can easily spend it, you will only noticed you spend it very fast. If you do not spend it, someone can know and invite thieves to steal your money. If thieves do not steal the money, the banks are still robbing you by decreasing the value of your money during inflation in a way that what you can use it to buy today, you can no more use it to buy the same amount of thing next year.

Keeping your money in the form of BTC does not guarantee that you wouldn't be spending it as fast as fiat currency.  At the end of the day it depends on the person who is saving the currency.  I believe at this time, fiat currency and cryptocurrency is in the same footing on how it can be spent since there are now many merchants that accept Bitcoin though not as many as fiat currency but it can be easily accessed now.

See what that happened in the El Salvador, that IMF and US government did not like. Bitcoin is now available to the unbank people in El Salvador and their economy has not collapsed but life made easier for the El Salvadorans.

Ever since the creation of Bitcoin, it has been its major feature, since its core plan is to remove third parties, and works as true P2P, with Bitcoin creation financial inclusion is now an easy access for the unbanked.

But one problem is bitcoin can not help the unbank people in countries that do not adopt bitcoin like El Salvador and also in countries that prefer to spend fiat. Most people prefer to spend fiat and use bitcoin for investment.

As long as Bitcoin is not banned and the country stays neutral about Bitcoin usage, I do not think that it will be a problem and I believe it still can help the unbanked even with this kind of country.  It will be a problem if the country banned Bitcoin.

[FinneysTrueVision]

Yeah, bitcoin is an opportunity for the unbanked people. There are lots of people from the 3rd world/poor country where they don't have access to the banking system. But the problem is, is bitcoin the best option for the unfortunate people? Can you afford to lose their money due to volatility? How many merchants or people are willing to accept bitcoin as a payment. How safely do you think they can keep their money? Bitcoin does allow people to be their own bank, but it is not the perfect solution for those people. Maybe there are other altcoins out there that are more stable, cheaper and faster to use, they can try those. But yeah, those aren't bitcoin, so the risk is equally high here.

Most USDT is issued on Tron so a cheaper, faster, and more stable option already exists and it has gotten meaningful adoption in some third world countries. Stablecoins might be more convenient but they come with certain tradeoffs. They are centralized and your funds can be frozen at any time. For everyday payments stablecoins might be fine but for long time holding I would still prefer Bitcoin where I don't have to worry about inflation devaluing my savings over time.

[Iranus]

I wonder, for the poor/third world, why don't they have access to the banking system? Is it because they are too poor to have a bank deposit? If so, how can they get access to bitcoin? Because to use bitcoin, we need to have a bank account to buy and sell, without a bank, we will not be able to buy bitcoins, which is not an advantage or opportunity of bitcoin. One thing we must remember is that bitcoin is not free, and anyone who wants to get it has to buy it, so banking and fiat will always be necessary for those who want to own bitcoin.

Besides reasons like they are poor and can not have enough money to use bank accounts like annual fee for a bank card and fee for bank transfer, they will have more problems with Bitcoin and Bitcoin transactions.

Transaction fee on chain is sometimes very expensive and it is more expensive if they don't use non custodial wallet and don't use times when fee is cheap to consolidate small inputs. Like if they make a Bitcoin transaction with fee like $1 or $2, it is very costly in their nation and especially with their bad finance condition. With bank transfer, they will have less bank transfer fee compares to Bitcoin transaction fee.

Bitcoin blockchain does not care what nation you are from, what is average income in your nation, Bitcoin transaction fee must be paid in bitcoin and the cost will depend on price of Bitcoin at time of transaction.

If they have such problems, use cash is best, no bank transfer fee, no Bitcoin transaction fee.

Many people always say that bank cards have an annual or fee for bank transfer, that's why many people can't use the bank. Is that the cause? I don't know how the banks are in your country and other countries but the banks in my country. It'll only cost you $2 for the annual fee, and it's entirely free to transfer money between banks in the country. How can many people say that bank fees are a barrier to people not using the bank? Meanwhile, in times like these, completing a bitcoin transaction can cost $2 to $3 per transaction. Bitcoin transaction fees will only really outperform fiat when it comes to cross-border transactions, it couldn't be cheaper to use for domestic day-to-day transactions.