Cryptocurrency can help improve the access to financial services.

[joniboini]

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.

Depends on your definition of decentralization, I suppose. It is hard to imagine them allowing anonymous users to register their service and access their fiat gateway without doing any KYC check or something similar. They'll get flagged by the governments if they do that. So yeah, hard to see them adopt or encourage users to manage their wallet properly. Even crypto-based lending will ask for some personal information unless you can provide collateral, which is probably not the case for unbanked people. CMIIW.

[shield132]

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.

Cryptocurrencies can definitely improve access to financial services but not in the way you describe. Cryptocurrencies can make payment easier. For example, there are websites where I can't order with my visa/master cards because the store doesn't accept cards from my country because of their payment provider but Bitcoin helps me in this situation because Bitcoin doesn't have any similar barriers and I can pay smoothly. I think that this is the major thing where Bitcoin and other cryptocurrencies can help people, and what you describe is completely different. If people don't have access to banking, then be assured that they won't have access to Bitcoin because today, banks exist in every country, and it's still the most polished financial service. If you want to withdraw your Bitcoins and convert them to real money, you have to do it through banks, so if this isn't developed somewhere, then Bitcoin will be very limited too.

[aylabadia05]

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.

Everything is easy with this technology. Currently, the function of paper money is not too the same as in the past. Wherever people go, they already enjoy the convenience of digital transactions. In addition to being easy, transactions are faster, and can provide security because they no longer carry hundreds of banknotes tied in a wallet or bag.

[boyptc]

That is why we all crypto. The cross border payments dont have to be complicated and expensive. Although for starters, they might get confused with it.

Because how the wallet characters are composed of but sooner or later, they will realize how cheap and easy it is.

It has been noticed already that crypto has been a great deal to serve people for financial services and asset management.

[Darker45]

Of the four that you mentioned, I think it's the last that Bitcoin is most useful. Cross-border transactions especially involving large amounts aren't quick, easy, and cheap most of the time. Bitcoin is indeed a big help when it comes to this.

As far as having no access to banking services is concerned, it isn't really that much of a problem, except perhaps if one has a lot of cash. That's a magnet for danger, but if one lives an ordinary life, one can easily get by even without banks.

[Synchronice]

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.

Bitcoin was created with the aim to allow peer to peer payments without going through a financial institution like banks. This is the way how Bitcoin helps its users but beyond this, there isn't much that Bitcoin can do, especially those that you mention. Bitcoin can't improve access to financial services because first of all, there are only a tiny number of stores/cafes or services that affect Bitcoin payments, which means that it's very hard to live by making yourself dependent on Bitcoin.

Also, if someone lives in an area with a limited infrastructure and without bank accounts, I think that Bitcoin is already far from them. I mean, you reach Bitcoin after going through banks and other financial institutes, you discover it later.

By the way, cross border transactions are really a thing as it was mentioned above. As I said, Bitcoin makes P2P payments possible and very easy to do.

[DPHOR]

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.

All you mentioned are the attributes of cryptocurrency and Bitcoin at large, and of course it is the core benefits of Bitcoin and Bitcoin.
Though it's wasn't as a competitor but as elevator to assist man in terms of easier payments where fiat couldn't be able to scale through it goes without any limitations and restrictions, and it's another thing so important than has changed our financial system as people find values in it as a means of investment and than usual purposes it is originally created for.

[jaberwock]

Of the four that you mentioned, I think it's the last that Bitcoin is most useful. Cross-border transactions especially involving large amounts aren't quick, easy, and cheap most of the time. Bitcoin is indeed a big help when it comes to this.

I think he made that order because he believe on the saying ' last but not the least ' . Finally we have a counter to those who said that BTC is not great for microtransaction, that it is slow and cost huge in terms of fees. Big transactions is what matters the most anyways. They have a big contribution on the space, so it is okay if those small users who criticize BTC won't use BTC as a currency. They are not a big loss to us.

As far as having no access to banking services is concerned, it isn't really that much of a problem, except perhaps if one has a lot of cash. That's a magnet for danger, but if one lives an ordinary life, one can easily get by even without banks.

Actually banks also had some horror stories, so it is dangerous too if we have lots of amounts stored on them. If we have lots of money, we can easily buy a hardware wallet and store our crypto much safely. Cryptos are still like a bank as they say, so why still need the bank that we used to know?

[Cryptomultiplier]

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.

To be frank, I love and enjoy using cryptocurrency as a mode of payment or for purchases or trade or for savings to achieve a goal and ultimately due to the ease at which it can help one conclude a transaction, mostly that it would be private between just buyer and seller, that is the beauty of the P2p system that helped solved the issues of bank interference and ATM machine queues.

If governments of countries currently having a hard time with providing jobs or some poverty allievation schemes could introduce cryptocurrencies, probably regulate it to some extent and organize seminars and workshops on the use and adoption of cryptocurrency, am sure they would have gone a long way to improve the financial services of the country.

[el kaka22]

This is what it was created for. The slogan "bank the unbanked" came from this, there were a ton of places in Africa where people couldn't have access to a bank, and bitcoin was used for those people, there were even few companies that tried to make Bitcoin SMS a possibility so if they do not have access to internet, they could use SMS, which technically is online, so you get it a bit later but you still get it.

I am sure that they didn't work because online was possible in almost everywhere, and eventually we reached to a point where people even with banks do not prefer banks over bitcoin. Financial services are great if you need them, but if you do not, and if you could have alternative if you want, then bitcoin is by far the better option.

[AmaGold70]

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.

Indeed cryptocurrency can help improve access to financial services and with a smart phone it could be more useful for the unbanked people but then our traditional financial system have improved too as even people without bank account can have one at the comfort of their home while using a smart phone and with our traditional financial system money can be sent around the world, however, the only way I know crypto currency can help improve access to financial services is the fact your assets in cryptocurrency can not be monitored by anyone not even the government can access it or know your net worth unlike the traditional financial system that anyone's can have access to your net worth.

[r_victory]

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.

Many people talk about how cryptocurrencies will help people who are “unbanked” or how they are cheaper and more accessible. Unfortunately, this is not true. You mentioned that bank fees are lower. Here in Brazil, we have Pix to transfer money, pay bills, and make purchases. We don’t pay any fees (yet, they’re already thinking about taxing us) to use it, and the transfer is practically instantaneous. This is a financial service that has reached the majority of our population, regardless of social class or technological knowledge. Today, almost everyone uses Pix.

I also believe in the potential of cryptocurrencies as a financial resource, but it will take more time, knowledge, and maturity for people to start succeeding with this purpose.

[AmoreJaz]

This is what it was created for. The slogan "bank the unbanked" came from this, there were a ton of places in Africa where people couldn't have access to a bank, and bitcoin was used for those people, there were even few companies that tried to make Bitcoin SMS a possibility so if they do not have access to internet, they could use SMS, which technically is online, so you get it a bit later but you still get it.

I am sure that they didn't work because online was possible in almost everywhere, and eventually we reached to a point where people even with banks do not prefer banks over bitcoin. Financial services are great if you need them, but if you do not, and if you could have alternative if you want, then bitcoin is by far the better option.

Traditional financial services won't disappear because there are still so many financial transactions that we need price stability. Also, up until now, a lot of people are still hesitant in touching this digital market. However, for some who found this market, they will surely find a way how to take advantage of this financial industry. The ease of transacting alone will give them an appreciation for this currency. Cross-border payments are quite easy and cheap. That is, if you are also sending funds to the other part of the world who by chance know how to deal with crypto as well.

[Dailyscript]

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.

Old news.
The financial services has been improved a long time ago. Decentralization has propelled everyone with internet access to store, send, and receive money globally.
Big senders can send any huge amount without being bothered. Fast transaction with no third party. What more?
What should be focused is on how to make good use of the opportunity that is available to us to prepare a brighter future.

[Republikcoin.com]

...

Everything is easy with this technology. Currently, the function of paper money is not too the same as in the past. Wherever people go, they already enjoy the convenience of digital transactions. In addition to being easy, transactions are faster, and can provide security because they no longer carry hundreds of banknotes tied in a wallet or bag.

What you said is what everyone in the current generation has felt, including me personally, because when I travel for the purpose of shopping for daily necessities, I only need to bring a smartphone to be able to make transactions without having to carry more money in my handbag. So it is clear that such things will develop more and be more popular in the future because now paper money is starting to be less used in the community, although if we check as a whole, it may still be used often in more remote places or places far from urban areas.

[Gozie51]

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.

Please what do you mean by areas with limited infrastructure? That should mean local areas. So will it help such areas that will lack internet services amidst limited infrastructure because internet is important to use of cryptocurrency. When you do not have access then you will not have nothing to do with cryptocurrency and all other services that it could provide like investing and hodling, or trading cryptocurrency . So maybe you have to think it over again, even when someone sent a transaction to their wallet, it won't because of lack of internet.

[iv4n]

As some members have written, crypto can help a lot and in many ways. We have talked about it many times, crypto is the tool of the future, and the real question is whether we will be able to use the full potential of this tool. Of course, there are institutions and groups of people who do not like changes to the system, they keep this system because it makes them a lot of money and keeps them powerful.

But, but... People are waking up, it's a slow process, and it will take time for big changes.

[Y3shot]

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.

Despite the disadvantage in the banking system, they still have there own role they play in the life of individuals. So I don't think it will be possible t eliminate the banking system totally.  But the important is thst people needs to get understanding of knowing what to do with the banking system and also know the important of cryptocurrency too. One of the advantage of the banking system is to take loan which can be used to start business that will generate income but it won't make sense if one decides to save money for longterm in the bank, this will be more profitable if it is invested in Bitcoin. It is important people know when they really need bank and cryptocurrency.

[Marvell1]

This is what it was created for. The slogan "bank the unbanked" came from this, there were a ton of places in Africa where people couldn't have access to a bank, and bitcoin was used for those people, there were even few companies that tried to make Bitcoin SMS a possibility so if they do not have access to internet, they could use SMS, which technically is online, so you get it a bit later but you still get it.

I am sure that they didn't work because online was possible in almost everywhere, and eventually we reached to a point where people even with banks do not prefer banks over bitcoin. Financial services are great if you need them, but if you do not, and if you could have alternative if you want, then bitcoin is by far the better option.

But as far as I know, no country in Africa has legalized bitcoin as a legal currency, nor are there many businesses that accept bitcoin payments or pay salaries in bitcoin. That means at the end of the day, bitcoin users will need to go to the bank to convert it into fiat or cash to use for their lives. So I want to ask those who don't have a bank account, how they can use bitcoin in their daily life?

It is true that crypto bring many improvements and financial solutions, but as long as they are not legal tender or a payment method, we still need and depend on banks and fiat.

[Webetcoins]

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.

Despite the disadvantage in the banking system, they still have there own role they play in the life of individuals. So I don't think it will be possible t eliminate the banking system totally.  But the important is thst people needs to get understanding of knowing what to do with the banking system and also know the important of cryptocurrency too. One of the advantage of the banking system is to take loan which can be used to start business that will generate income but it won't make sense if one decides to save money for longterm in the bank, this will be more profitable if it is invested in Bitcoin. It is important people know when they really need bank and cryptocurrency.

Here I agree about few points with due to significant importance of banking system it's never been easy to eliminate this from system because it's importance is nontraceable. Cryptocurrency is having own advantages but still never been able to replace current system which is having deep impact in lives with many regions are having their structure depended on banking system which not going to replace through cryptocurrency.

Bitcoin and cryptocurrency are having their own ways of investment and trade but no one expecting them to have changes like banks now it's good time to guide peoples how to use banking and how to use crypto which is also spreading in last few years with many good features for peoples.