Bitcoin as an opportunity for the unbanked.

[hatshepsut93]

There are many types of unbanked people, those who distrust banks are only one group among them. Globally, there are other groups - people who simply don't have access to banks where they live, people who are too poor. How would they adopt Bitcoin if they don't have computers or phones, don't have Internet connection, don't have education to use Bitcoin safely? How would they obtain Bitcoin if they have no money?

And returning to the first group of people who don't trust banks - why would they trust Bitcoin? They might believe in conspiracy theories that Bitcoin was made by CIA or lizard people in order to control the masses.

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[ajiz138]

BTC is permissionless and so anyone can use it, but it is still a second choice currency and you cannot live on only it. To spend your BTC you need to convert it to fiat and receive it through your bank account. Op your theory is only possible if there is mass adoption and you can spend BTC on anything at all. Transaction fees on the network is not even cheap these days, but that's another story!

Until now BTC doesn't have mass adoption so won't be able to use bitcoin for shopping unless converting to fiat first I think every country has its own rules so we can't just spend with bitcoin and currently bitcoin is more of an investment asset and other alternatives in certain areas that already accept bitcoin.
So if someone is in a country where bitcoin is prohibited then they must have a bank account to receive fiat.

I know people can be unbanked for different reasons, but as far as i know, a large percentage of the unbanked in any society are people who are poor, don't have a job or do not have any money to keep in a bank, if that is the case BTC cannot help this category of people who are just looking for what to eat and make ends meet.

Well, that reason would be very appropriate, because some poor people don't have a bank account and they can only earn directly without transactions using a bank, there are also other reasons that every individual doesn't have a bank account and they believe more in putting money in a safe, I think people with there are reasons like this.

[romero121]

What is the reason behind a huge population staying unbanked, major reason is the lack of access and the knowledge that makes the people go with practice of saving fiat in hands. When the unbanked number stands high due to the lack of awareness about banking how come it is possible to make those people use bitcoin. It is a difficult task and this is all about how the government gets involved in educating people about bitcoin as well as its stand on legalizing and adopting bitcoin.

[BenCodie]

There are many types of unbanked people, those who distrust banks are only one group among them. Globally, there are other groups - people who simply don't have access to banks where they live, people who are too poor. How would they adopt Bitcoin if they don't have computers or phones, don't have Internet connection, don't have education to use Bitcoin safely? How would they obtain Bitcoin if they have no money?

A good question is to whether basic internet and mobile access is more common than access to a bank. I believe it would be the former, as some places may struggle with identity, though have internet access.

Those areas to which the population have no money, or no economy, may probably self sustaining and better off without anyway?

And returning to the first group of people who don't trust banks - why would they trust Bitcoin? They might believe in conspiracy theories that Bitcoin was made by CIA or lizard people in order to control the masses.

They'd trust it because they have control over what they hold. Additionally, they can acquire it anonymously with cash (which these kinds of people most likely hold, as it's unlikely to assume they use banks). In fact, Bitcoin is trustless in terms of usage. In terms of its founding and motives, that's in the past. There's not much to trust there that effects usage today.

[Wimex]

Banks are regulated and supervised by government entities, which provides certain protections and guarantees to depositors, however, as many of us know, these have other problems such as privacy and centralization, I think both have their advantages and disadvantages because as you say that Blockchain technology ensures protection... there have been cases of bitcoin theft in the past due to vulnerabilities in the exchange platforms or security errors in digital wallets.

I personally prefer to keep my money in Bitcoin, but only to see it more as a long term investment, the real approach that we should implement to the bankers would be that, to make them see that Bitcoin is an excellent investment method, since as some commented not in all countries this Bitcoin as legal tender and that brings difficulties for countries that do not have this benefit.

[Minor Miner]

There are many types of unbanked people, those who distrust banks are only one group among them. Globally, there are other groups - people who simply don't have access to banks where they live, people who are too poor. How would they adopt Bitcoin if they don't have computers or phones, don't have Internet connection, don't have education to use Bitcoin safely? How would they obtain Bitcoin if they have no money?

And returning to the first group of people who don't trust banks - why would they trust Bitcoin? They might believe in conspiracy theories that Bitcoin was made by CIA or lizard people in order to control the masses.

But I believe even people who don't trust banks are using banks in their lives, and using the bank is not a like or a dislike, but it is almost mandatory because we don't have a second choice. As you said, how can someone invest in bitcoin if they don't have the money? Bitcoin is not and never will be the currency of the world, and to get it, we need to use fiat to buy it. So it is not correct to say that people without a bank account are an advantage for bitcoin. I am not pessimistic about the future of bitcoin, but to say that it will replace or surpass fiat is unlikely, fiat will always be the backbone of our economy.

[Die_empty]

I know people can be unbanked for different reasons, but as far as i know, a large percentage of the unbanked in any society are people who are poor, don't have a job or do not have any money to keep in a bank, if that is the case BTC cannot help this category of people who are just looking for what to eat and make ends meet.

Another reason why people are unbanked is illiteracy and lack of access to banking facilities. An example is the rural areas of my country where we have some rich farmers that prefer to keep cash at home than keep it in banks because they don't know how to read or write. The process of account opening which include filling out forms and other documentation scares them away from banks. Banks concentrate in urban areas making many people in these rural areas unbanked.

BTC is permissionless and so anyone can use it, but it is still a second choice currency and you cannot live on only it. To spend your BTC you need to convert it to fiat and receive it through your bank account. Op your theory is only possible if there is mass adoption and you can spend BTC on anything at all. Transaction fees on the network is not even cheap these days, but that's another story!

For now, bitcoin is not a good option, especially for these rural dwellers. Illiteracy will limit them from using the bitcoin network because they still need the basic skill of reading and use of the internet. Bitcoin adoption will be slow in developing nations that have high illiteracy rates. The unbanked that can benefit from bitcoin are those that are enlightened and want to use bitcoin as a hedge against inflation or investment. This is because using bitcoin for daily transactions is not cheap.

[rybako]

In today's financial landscape, the distrust towards traditional banks is understandable due to perceived fraud and unjust charges that erode hard-earned money. This has prompted both banked and unbanked individuals to seek alternative methods to safeguard their wealth.

One solution that stands out is Bitcoin. It offers financial empowerment by allowing you to be your own bank, ensuring full control over your money without any interference. Bitcoin's inclusive nature enables participation based on interest, irrespective of identity.

With blockchain technology providing robust security, Bitcoin presents a compelling opportunity to protect and grow your wealth.

[Blitzboy]

Banks are regulated and supervised by government entities, which provides certain protections and guarantees to depositors, however, as many of us know, these have other problems such as privacy and centralization, I think both have their advantages and disadvantages because as you say that Blockchain technology ensures protection... there have been cases of bitcoin theft in the past due to vulnerabilities in the exchange platforms or security errors in digital wallets.

I personally prefer to keep my money in Bitcoin, but only to see it more as a long term investment, the real approach that we should implement to the bankers would be that, to make them see that Bitcoin is an excellent investment method, since as some commented not in all countries this Bitcoin as legal tender and that brings difficulties for countries that do not have this benefit.

The banking industry, under government 'protection' and regulation, resembles something out of a play, with the banks playing the roles of actors and the government playing the role of the director, while the rest of us can do nothing but watch. Centralization and privacy concerns are really a subplot in this carefully staged show. Bitcoin, on the other hand, is a welcome change of pace, even if there are occasional security flaws. At least it's not an act; at least it's real.

While I agree that Bitcoin can be used as a long-term investment, I believe it has far more potential than that. Motivating financial institutions to see Bitcoin as an investment option is only part of the problem. Getting people to see the flaws in their own system is the goal. That Bitcoin's rise isn't random, but rather a reflection of their own shortcomings.

Its true that Bitcoin isnt recognised as currency in all countries. However, thats just Scene Two, right? The lagging nations will inevitably suffer the effects of this. Bitcoin's popularity isnt going away anytime soon.

[Gallar]

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

You think that nowadays many people keep their money at home, rather than in the bank. In my opinion, all of this has not really happened completely, and currently there are still many people who still use banks (the majority).

In fact, currently the bank is making too many profits from its customers, and all of this has been going on for a long time and nothing can make the bank's system change.
But what I experienced where I live, many people around me are not aware of it. So even though the current banking system is quite draining of money for its customers. But what I know from real events, customers in my area, don't really care about that. So maybe the incident is different from what you mentioned, or what you experienced around where you live.

So in conclusion, the current bank users, especially those in my country, are still in the majority and maybe in other countries the users are still in the majority.

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.

It's true, bitcoin might be a light for a very dark banking system. But even so, it still takes a long time to convince people or tell someone about bitcoin. Because most of the minds are familiar with what existed before bitcoin existed.
So even though bitcoin can be good for them, if they are hard to get involved in, it's still useless.

[hugeblack]

We cannot generalize what you say, and I think that the reason for your claim is that inflation in your country has reached record levels or there are financial problems in your country such as random printing of money, exorbitant customs and taxes, lack of wages and other economic problems that differ according to the country.

Bitcoin is a good solution for anyone who wants a long-term investment, not because the currency will increase in value and you will be rich, but because you can get multiple options that are not provided by banking systems, where you can transfer 24/7 with very low fees and to every place in the world.
This transaction would have cost a lot of time and fees had it been done through the traditional methods.

[posi]

In today's financial landscape, the distrust towards traditional banks is understandable due to perceived fraud and unjust charges that erode hard-earned money. This has prompted both banked and unbanked individuals to seek alternative methods to safeguard their wealth.

One solution that stands out is Bitcoin. It offers financial empowerment by allowing you to be your own bank, ensuring full control over your money without any interference. Bitcoin's inclusive nature enables participation based on interest, irrespective of identity.

With blockchain technology providing robust security, Bitcoin presents a compelling opportunity to protect and grow your wealth.

But then you will also need a bank account or fiat if you want to continue to exist in this world. Yes, bitcoin is an alternative to banking in some cases but unfortunately, it cannot wholly replace the banking sector, there are too many limitations to say that it will replace all that banking is providing us. Bitcoin is only an alternative, it cannot replace fiat or banking.
I believe that no matter if people lose faith in the bank, people hate it or not, but as long as the government controls the world, we cannot stop using it.

[wtsimis]

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.

[Sayeds56]

I think bitcoin can help the unbanked only if their country accepts bitcoin and people can spend and receive bitcoin wherever they want.

Certainly, Bitcoin holds potential to provide significant benefits for unbaked population around the world. However, in order to fully tap into this potential, there are several major issues that need to be addressed. These include achieving widespread adoption, developing infrastructure, ensuring easy access to Bitcoin network and establishing regulation and acceptance of the crypto currencies.

Adoption of Bitcoin is an evolutionary process and it is making satisfactory progress. One promising aspect is that youngsters all over the world are seeking to understand this emerging technology and participating in its trading and investment related activities.

[FinneysTrueVision]

I have never had a bank account and that is why I am such a strong supporter of Bitcoin. Coming from an immigrant background I have seen how frustrating it can be dealing with banks and traditional finance. In case of an emergency there is no guarantee that you will be able to provide assistance to a family member since there are many hoops to jump through whenever you want to send a substantial amount of money. There are also some banks where you cannot open an account due to not having the right kind of identification. With Bitcoin those kinds of issues don't exist. It is just a matter of gaining enough adoption so unbanked people don't have to continue living as second class citizens.

[Darker45]

Bitcoin is indeed a great alternative to the traditional banking system, but keeping your fiat savings in your own house because you don't like the way the banks operate? I don't think that's any safer. I know there are people who do that, but when it comes to keeping a considerable amount of money, it's pretty risky. At least with banks, your money is insured and is kept safe, notwithstanding whatever they do with it.

Also, Bitcoin may not actually work for everyone. And I'm afraid it's wrong to say that "blockchain technology guarantees your Bitcoin security." The blockchain secures the transactions in the network but your Bitcoin is your sole responsibility. You and you alone own and control it. While your coins cannot be removed from the blockchain, they can be stolen from you.

[imamusma]

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.

Even if bitcoin is a viable solution for anyone who doesn't believe in centralized banking and financial systems, are you sure they really can consider the risks involved in bitcoin?

I don't fully believe you can convince them that bitcoin will be a safer store of value than gold or other investment assets. I think bitcoin is only suitable for those who are able to understand risks and manage risks well. While they tend to prefer to keep their fiat at home, it's clear they wouldn't trust anything more currency that doesn't have a physical form includ bitcoin.

[adzino]

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.

[Iranus]

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.

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.

[kryptqnick]

If we're talking about storing savings, Bitcoin can be a good opportunity not just for the unbanked but also for those who aren't satisfied with fiat inflation rate and the bank's oversight. But if it's about a more general matter of banking, then there are big disadvantages when it comes to choosing Bitcoin over a bank account. People often need a bank account to receive a scholarship or a salary, and a bank account statement is a common visa requirement. In all these cases, you can't just get by using Bitcoin, unless you happen to live in a country where at least some of that is possible, but that's very uncommon.
My point is that even if we're pro-Bitcoin, we should be transparent and realistic about the choice between banks and cryptos.