How Bitcoin can create true financial freedom for Rural Areas without bank

[Queen uloma]

Bitcoin brings a new system to financial freedom to those countries that doesn't have a strong banking system, it's help people to receive, send and save money, without having a bank account, with the help of just phone and data connection.
‎Since Bitcoin is now global, and no government intervention or any institution controlling it, this make people have full access to their money, and protect it from inflation or currency collapse, it helps the international transaction more easy, fast and cheaper,
‎When it comes to the unbanked countries, Bitcoin create doors to international financial inclusion, anyone can easily invest, trade or go into online businesses, it also help to promote innovation and digital investment, it can  lead to economic growth and new opportunities,
‎In all Bitcoin helps people to send,store grow financial wealth freely.

[Jawhead999]

When you talk about Bitcoin solve a problem from a country who don't have banks, I don't think it will work without any issue.

Let's imagine, you can buy, sell and hold Bitcoin, you will have a problem to find a merchant who accept Bitcoin as payment alternative. If the country not having banks, which can be said the country is old-fashioned, they won't know about Bitcoin which is a new thing for them.

Hence, banks is still important since most of merchants only accept fiat.

[ColdLava40]

Your title though might be a bit off, is there any nation without a banking system? Bitcoin was created to be a much better solution to the financial system, an alternative to the governments manipulated system.

The ability to bypass unstable banking systems and protect savings from hyperinflation is arguably Bitcoin's most transformative feature globally.

For long many governments fought against bitcoin because they feared it already beat them. Now they all fathom at what bitcoin can do.

[₿itcoin]

Yeah, Bitcoin is a lifeline for countries with weak or corrupt banking systems. It doesnt care about borders, banks or governments, you just need a phone & the internet &  you are instantly part of the global economy

People who never had the opportunity to save or transact internationally before are now able to store wealth in Bitcoin. This allows them to protect themselves from inflation &  the financial instability caused by erratic central banks. While price fluctuations are still a big problem for some, in the long run Bitcoin could become the most effective means of achieving true economic freedom. Especially in countries that don't have banking facilities, the more Bitcoin is adopted, the stronger &  more influential this network will become.

[PrivacyG]

I do not know about Bitcoin protecting from inflation in countries where inflation AND poverty is extremely high.  It protects me from inflation but I can still save Money and survive a Bitcoin drop.  In very poor countries where a lot of people are not even sure if tomorrow they will have any food to eat, it becomes harder to use Bitcoin to their help.  If a drop can hurt a Bitcoiner who does not rely on Bitcoin to survive, I can not even imagine how hard this hit would be for a poor family who already tries to survive the local inflation rates.  They can not wait years like we can for the Market to recover.

[Stalker22]

Yeah, its a cool idea, but right now, the bad stuff might be worse than the good for people who dont have much money.  Like, Bitcoins price jumps around like crazy.  That means the money people are trying to save from inflation could lose value fast, which sucks for those who cant afford to lose it.  And, needing the internet and a phone leaves out lots of folks who dont have bank accounts or those in the most remote areas.

[EL MOHA]

When you talk about Bitcoin solve a problem from a country who don't have banks, I don't think it will work without any issue.

Let's imagine, you can buy, sell and hold Bitcoin, you will have a problem to find a merchant who accept Bitcoin as payment alternative. If the country not having banks, which can be said the country is old-fashioned, they won't know about Bitcoin which is a new thing for them.

Hence, banks is still important since most of merchants only accept fiat.

In as much as I understand you perfectly and actually think that it’s that bitcoin isn’t much of a solution to the Rural areas because without banks there will be many problems like even if you manage to trade your bitcoin with fiat it will be hard to actually make use of the bitcoin because you still need to actually withdrawal from this banks to use in your areas, the only exception is if there are places to do transfer for payment and bitcoin isn’t going to be rejected as a payment option then it will be easier to use this option OP is talking about

[Maslate]

It's rare to see countries these days who don't have banks. Entrepreneurs are mostly trusting banks for their money, even if they've known bitcoin already. That's because for such people living in a country like banks do not exist, they are afraid to take risk most especially in a decentralized currency where the government does not even trust. So even if bitcoin may give them financial freedom, still I don't see the possibility that people will take advantage on it, though they may try to invest for a small amount but banking on their own bitcoin, it could bring a lot of confusion for them at first.

[Findingnemo]

I just remember another thread why bitcoin is not a great choice for a merchant and it is true to an extent due to the volatility factor. For a merchant or any kind of business they need to preserve the value in the short term and it should be used to restock the sold items but imagine if they are accepting only bitcoin and their margin is 5% but bitcoin is down already 20% so they lost 15% of their capital value, so it is necessary for them to have bank accounts or they should move to state the prices are based on sats and their purchase also based on sats.

[Miles2006]

Rural areas don’t support the use of digital currency bitcoin for example, funny enough bitcoin is embraced by advanced countries and society. I’m wondering how op expects rural areas to replace the old banking system used by so many, bitcoin is an alternative use for profitable reasons not to replace banks rather you can gain your freedom without a third party. Well, I see underdeveloped countries adopting bitcoin for their own personal gains commonly for the economy growth and financial breakthrough yet bitcoin investment needs time before anyone can benefit firstly will average citizens hold for long? While countries will invest for the long run.

[serjent05]

When you talk about Bitcoin solve a problem from a country who don't have banks, I don't think it will work without any issue.

Let's imagine, you can buy, sell and hold Bitcoin, you will have a problem to find a merchant who accept Bitcoin as payment alternative. If the country not having banks, which can be said the country is old-fashioned, they won't know about Bitcoin which is a new thing for them.

Hence, banks is still important since most of merchants only accept fiat.

There are digital financial services that does not need bank to cash out money.  So I do not think that having no bank will be an issue for cashing out Bitcoin.  Like if we look at Binance P2P there are lots of payment options in there, and buyer deposit the fiat currency to the designated payout by the user.  So even if there are no merchants available that accept Bitcoin, users can still cash out through Cashless payment system and can use it to pay for goods online or in a convenience store, or supermarket.

[Vaculin]

If the urban areas do not find it easy to achieve financial freedom with bitcoin, hence the same scenario with rural areas, or they may even find it harder compared to urban areas. Because most of the people living far from civilization, or let's say far from banks, would hardly understand how bitcoin works, so there are still high chances that they won't adopt bitcoin as their own bank, but will still wait for banks to be visible in their own country.

My point is, if people living in the heart of the city would hardly approve bitcoin as their own bank, the worst scenario will be seen from those living outside innovation and technology.

[passwordnow]

You'll rarely find people and merchants accepting Bitcoin in the rural areas. But if you happen to stumble one so, that's good. Don't expect that the adoption in those areas are quick but a little by little, people are going to catch up with that. One example is with El Salvador, not all knows Bitcoin but with the government declaring it as a legal tender and with their help to push adoption, everyone gets to learn about it. And I think it will be the same if the local governments are also going to be there to promote and help with massive adoption.