http://www.cnbc.com/id/102720768I've following Bitcoin for fews year now... I remember there was time when it was called anonymous currency. I never believed it. Now, you know its pseudonymous and within few years it would be ...Hehehe! There are been various stages/phases of gimmick to boost adaption. And now claim is panacea for 'remittance' and 'unbanked population.'
Bear me blabbering again...
Unbanked are unbanked because they do not understand importance of financial inclusion and advantages associated with it. Even if they understand, they don't have access to financial infrastructure. Even if they've access to financial infrastructure then, they do not have identity and other basic document requirements complete. Even if they have documents, they're afraid of banking activity.. deposit, withdrawal, passbook, signature, queue and other headaches because of obvious reason. So unbanked is not just about providing infrastructure in place. Its more about state of population which is directly related with educational inclusion and India is not ready for it. No matter how hard you try.
Mpesa. That's what you're think right now. MPesa is success because of various other reasons, not just unbanked population and mobile penetration. I'll be dedicating an individual thread for this. They say, Bitcoin is for unbanked and there are several issues.
1. High Volatility. (Not an issue)
2. Complexity of use. (Not an issue because wallets are there hold their Bitcoin)
What is Bitcoin?Answer: Depends on who is user. Its shifts towards currency free from government for highly intellectual people, a currency of Blockchain technology for geeks, a deflationary currency for economist, limited supply for hoarders and speculators etc.
What Bitcoin for unbanked?
Mere number in wallet. A number that cannot be copied. A number that does not require centralized back-end infrastructure. A number that can be send anywhere without censorship. A number that can be easily accessed. A number that can be used as medium of exchange.Which value proposition actually matter them? 'Unbanked Proposition' is pure gimmick.
Bitcoin is internet.org of unbanked.
Do not support. I repeat do not support.
