Cryptocurrency can help improve the access to financial services.

[Joy- maker]

I was thinking about the possibility on how cryptocurrency can help improve the access to financial services.
After giving it some thoughts I carried out some few research on how cryptocurrency can improve the access to financial services, and I came to understand that cryptocurrency and blockchain technology has the potential to improve access to financial services especially for those group of people facing significant barriers in accessing essential, opportunities and resources.
Please take note am not referring to a country, but to group of people facing significant barriers in accessing financial services.

Here are some ways cryptocurrency can help improve access to financial services.

Cryptocurrency can help in providing access to financial services for those living in area with limited infrastructure or for those without bank accounts.

Cryptocurrency can be access through mobile phones and devices, provided you have internet connection, making it possible for those group of people facing significant barriers to access financial services using their mobile devices.

Cryptocurrency can also allow for microtransaction, which can benefit individuals and small business owners who need to receive small payments or make small payments.

Cryptocurrency also enable secure, fast and low cast - cross border transactions, making it comfortable and easier for people to send and receive money across international borders.

[Maslate]

Cryptocurrency also enable secure, fast and low cast - cross border transactions, making it comfortable and easier for people to send and receive money across international borders.

Definitely, the cost is very cheap, and as long as there are crypto exchanges operating in different countries, converting bitcoin to fiat will be much easier. I think that example perfectly explains why bitcoin adoption will continue to grow over time. And, transactions are decentralized, so no one can freeze them unlike when using banks, where transactions can be restricted or controlled.

However, it still depends on the government, as they are the ones who approve applications for crypto exchanges to operate in a country. If they choose not to approve it, that becomes a major hindrance to global adoption.

[avikz]

I doubt! Cryptocurrency is fairly complex for the common population. If cryptocurrency can help the unbanked people with financial services, why it has yet shown no significant growth? Also in many countries, banking services are much cheaper than using cryptocurrency. In many countries, banks facilitate transactions at zero cost.

Cryptocurrency surely has the potential but with its technical approach, it is difficult for common people to understand its usage. People who are living in an extreme remote areas, they do not have access to reliable internet or education which can make them confident about using cryptos. Yes, the world has a lot of such spaces.

Cryptos are the currency system for the tech savy generation. Unbanked population from the remote areas, will never adopt cryptos due to the lack of basic infrastructure or technicalities associated with it.

[Dunamisx]

I was thinking about the possibility on how cryptocurrency can help improve the access to financial services.
After giving it some thoughts I carried out some few research on how cryptocurrency can improve the access to financial services, and I came to understand that cryptocurrency and blockchain technology has the potential to improve access to financial services especially for those group of people facing significant barriers in accessing essential, opportunities and resources.

Cryptocurrency has brought in many advantages for us to see in this modern and civilized era of development, even though that never thought of going for crypto eventually find out to discover they have once been wrong with their own kind of approach given to it from the start, that is why some couldn't hold it anymore the moment they discover that there's lot of opportunities in cryptocurrency, which we can see from the way of increasing bitcoin adoption from the people globally.

[Rruchi man]

After giving it some thoughts I carried out some few research on how cryptocurrency can improve the access to financial services, and I came to understand that cryptocurrency and blockchain technology has the potential to improve access to financial services especially for those group of people facing significant barriers in accessing essential, opportunities and resources.

Any significant barrier for those in critical areas will include problems accessing internet connections. If you have been to the most rural areas, you will know that quality access to electricity is a challenge, good drinking water, internet access, and roads, not to mention quality healthcare and educational facilities. Those are the major challenges.

Some rural areas are lucky enough to have reception for calling alone, but not browsing the internet, while others have nothing.

Someone facing such challenges in an area where they may have reception only for calling cannot be helped by cryptocurrency.

[moneystery]

it is still much easier for unbanked people to get financial services from banks compared to crypto services, that's what I think.. because like in my country, here there is a bank that has reached rural areas and empowered local communities to make it easier for unbanked people to open bank accounts and get financial services such as loans, savings, etc. can crypto services do something like that? I don't think so. because what unbanked people need is more diverse financial services, not just regular payments or cross-border transactions.

[Fiatless]

Cryptocurrency can help in providing access to financial services for those living in area with limited infrastructure or for those without bank accounts.

Cryptocurrency can be access through mobile phones and devices, provided you have internet connection, making it possible for those group of people facing significant barriers to access financial services using their mobile devices.

Cryptocurrency can also allow for microtransaction, which can benefit individuals and small business owners who need to receive small payments or make small payments.

Bank services through mobile banking can offer the same services to people. Without physical banks, customers can easily use mobile banking to engage in any form of financial transactions. I would summarize by saying that cryptocurrencies are a worthy alternative to fiat transactions.

Cryptocurrency also enable secure, fast and low cast - cross border transactions, making it comfortable and easier for people to send and receive money across international borders.

This point is a big advantage because crypto transactions are not controlled by any central body, hence there are no restrictions. Transborder transactions can be carried out without any middleman using cryptocurrencies.

[JoyMarsha]

The reason why crypto stands out from the rest of other financial services is that it doesn't have any age limit before accessing or investing in it. It doesn't require third-party involvement or have a headquarters for complaints like the way other financial services have. You can create and access your crypto wallet from any part of the world with your seed phrase with you. Even no one would know your worth except you tell them, which is not always advisable because you don't who your enemy is.

[Btcdeybodi]

Saying ''cryptocurrency'' makes it look difficult, if you had said Bitcoin, it could have been considered but however, i think what we can do for now is to HODL, the financial services you are talking about can be sorted out through online banking platforms and some financial institutions that basically makes payment using online mediums of transactions. Bitcoin and other cryptocurrencies has not been generally adopted so it'll sound some how when you say that they can offer access to financial services. Do not be deceived, cryptocurrency has not gotten to the era where it is common in the society, many people don't even know about bitcoin not to talk of cryptocurrency.

[Su-asa]

Cryptocurrency also enable secure, fast and low cast - cross border transactions, making it comfortable and easier for people to send and receive money across international borders.

However, it still depends on the government, as they are the ones who approve applications for crypto exchanges to operate in a country. If they choose not to approve it, that becomes a major hindrance to global adoption.

It's true though that it depends on the government if they could allow them operate in their country, but I still think there's always a way to by pass those restrictions from any country because there's a lot of free or paid VPN which investors can use to navigate most of the crypto exchange they want.
IMO any government that is not supporting crypto currency in their country will be the ones to lose. Currently some citizens from most developing countries are adopting Bitcoin.

[Oshio-man]

When you know how to hold cryptocurrency for long term before you can improve financially through cryptocurrency, when you hear some people saying that they made huge amount of funds from cryptocurrency, just know that they hold cryptocurrency more than five years to enable them to achieve the funds, you can make it through cryptocurrency if you have the idea and capital because through idea you have, you can use it to invest the capital wisely to create more financial opportunity for you

[slapper]

You're right, but not right enough. Crypto doesn’t just “help” improve access but it also obliterates the inherited barriers that legacy finance pretends are normal. You want inclusion? Then remove gatekeepers. Banks were never designed for the unbanked. They were designed to protect wealth, not distribute it. You think the underbanked want access to services? No. They want access to choice. Crypto gives that

Mobile access, microtransactions, peer-to-peer finance, borderless movement of value. All of them are real. But the deeper value is permissionlessness, no paperwork, no ID shaming, no hierarchy of financial worth. Just access. The irony? Crypto does in 10 lines of code what institutions couldn’t achieve in 100 years of promises

The problem isn’t whether crypto can help. It’s whether society has the psychological readiness to stop worshipping institutions and start trusting protocols

[Swordsoffreedom]

It's true though that it depends on the government if they could allow them operate in their country, but I still think there's always a way to by pass those restrictions from any country because there's a lot of free or paid VPN which investors can use to navigate most of the crypto exchange they want.
IMO any government that is not supporting crypto currency in their country will be the ones to lose. Currently some citizens from most developing countries are adopting Bitcoin.

The government won't be able to ban us completely, we always have ways to circumvent the law to use cryptocurrencies but that's also the risk we face if the government finds out. Especially if large amounts of money are involved, we need to think carefully before making any transaction that is considered illegal because we will have to pay a very high price.

Do you think the Chinese government is losing by not legalizing and recognizing cryptocurrencies? I don't know the exact reason why they banned crypto but I believe they also researched crypto and considered very carefully the pros and cons of adopting crypto. And I don't think they are stupid enough to ignore the huge benefits if cryptocurrency adoption actually benefits their governments.

[Coyster]

Cryptocurrency can help in providing access to financial services for those living in area with limited infrastructure or for those without bank accounts.

People living in areas with very limited infrastructure might also not have internet connection, and that makes it impossible to use crypto, there are many rural areas in third world countries that still struggle with internet connectivity, crypto is the last thing such people think about.

Cryptocurrency can also allow for microtransaction, which can benefit individuals and small business owners who need to receive small payments or make small payments.

Depending on the cryptocurrency in use, you have to consider transaction fees, if you are going to pay too much for a small transaction, it might be better to use paper money for it.

Cryptocurrency also enable secure, fast and low cast - cross border transactions, making it comfortable and easier for people to send and receive money across international borders.

Cryptocurrency is a general term, there are so many crypto that people would be unwilling to receive in a transaction. That said, you are correct that people are using some cryptocurrencies like bitcoin, USDT and others to make payments across borders, employers hire a bunch of staff online and send their remuneration through crypto, it is wonderful.

[Renampun]

It is true that cryptocurrency can help all people who have difficulty in making transactions, both in cities and in villages, but educating everyone about cryptocurrency is not easy, especially in rural areas where educational literacy is lacking, it can take up to tens of years.

I agree more with letting cryptocurrency be an alternative for now, still in line with the fiat currencies that are already circulating in each country so that all changes occur naturally, without coercion.

[knowngunman]

After giving it some thoughts I carried out some few research on how cryptocurrency can improve the access to financial services, and I came to understand that cryptocurrency and blockchain technology has the potential to improve access to financial services especially for those group of people facing significant barriers in accessing essential, opportunities and resources.

Any significant barrier for those in critical areas will include problems accessing internet connections. If you have been to the most rural areas, you will know that quality access to electricity is a challenge, good drinking water, internet access, and roads, not to mention quality healthcare and educational facilities. Those are the major challenges.

Some rural areas are lucky enough to have reception for calling alone, but not browsing the internet, while others have nothing.

Someone facing such challenges in an area where they may have reception only for calling cannot be helped by cryptocurrency.

I'm still wondering which other barriers Op is referring to apart from the ones mentioned in his post. Unless there is a government order restricting people from doing anything that has to do with cryptocurrency, I see no barriers aside good Internet access. As long as a community has access to Internet connections and their authority is not against the use of cryptocurrency, there is absolutely no barriers.

The only take home point in Op is the cross border transaction with low cost. Cryptocurrency has actually made it easy for people to transact across borders instantly with low fees and attached eliminating the stress of using wire transfer which are very expensive and take longer time to process.

If there is significant barriers anywhere, don't even think of cryptocurrency as the option.

[EluguHcman]

Yes crypto currencies can help to improve financial service in the basis of it decentralization and digitalization whereas it is security enhancement and also easy to navigate in on-chain transaction method without a third party intervention.

That is tactically unique from the central banking system where the banks have to make decisions of when to get your money in their approval.

Cryptocurrency can also allow for microtransaction, which can benefit individuals and small business owners who need to receive small payments or make small payments.

Note: It is hard for a small business individual to improve on their businesses when accepts Bitcoins or any other crypto currencies regarding the fact that it is volatile.

It could lead to battling of income in a growing business as the case maybe that cryptocurrency is volatile which is benefitable on hodling  and in similar challenges, it fells loose when making small amount of transaction when there is an increase of transaction fees, so bigger amount is more benefitable when making transaction for service payments.

[Nanga Parbat]

Cryptocurrency is important in financial point of view but everyone should have knowledge about cryptocurrency because many of the people have no or little knowledge about cryptocurrency and they think, cryptocurrency is just like beting but in reality,it is not beting and it is based on blockchains and many people are educated about that and new comers should learn first and then they should participate in the games and financial things which we want yo improve in our society. Cryptocurrency has future but people will take time to understand because huge amount of people are coming to understand cryptocurrency in future and there will be high impact by cryptocurrency on the economy of World.

[shinratensei_]

the fact that there are so many projects doing this already.

the stablecoin projects backed with t-bills or purely backed by USD already giving easy access to dollar, world wide. literally anyone can hold USD right now.
added with other services such as lending, staking, and so on.

I think we're already pretty much on the right path here if you're talking about helping the unbanked to access financial services.
it's only matter of time until these traditional finance, realize the potential of crypto and also trying to expand.
but I hope they don't erase decentralization from crypto space.

[Dailyscript]

When you know how to hold cryptocurrency for long term before you can improve financially through cryptocurrency, when you hear some people saying that they made huge amount of funds from cryptocurrency, just know that they hold cryptocurrency more than five years to enable them to achieve the funds, you can make it through cryptocurrency if you have the idea and capital because through idea you have, you can use it to invest the capital wisely to create more financial opportunity for you

I agree with your statement. All the time i have heard people boast about big win in cryptocurrency is either they were lucky to join a pump and dump coins which they profited in. Or they held on to one coin for a long period of time till the bull season come and they became filthy rich because they luckily invested in an asset that exploded in the bull season. What we can take from this is that, nothing good comes easy. For us to be successful in crypto we must invest our money and key in to patience for the right time to rip profit.