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I'm 100% onboard with the enabling underbanked people argument for crypto. There's countless people all over the world who can't get a bank account, or if they
by bedobi 4y ago
I'm 100% onboard with the enabling underbanked people argument for crypto. There's countless people all over the world who can't get a bank account, or if they could, can't get one that is reliable or useful enough for their needs. Eg, maybe the currency is too unstable, or maybe there's too many restrictions on international transfers and commerce etc etc. These people are left with cash and predatory "businesses" like Western Union as their only options. It's not fair and can and should change, but sadly, crypto has spectacularly failed to deliver on its potential here.
- greybox 4y agoI agree here, it would be nice if this was the case. Like you I also worry that in it's current form a crypto banking implementation for the underbanked people of the world would be a worse solution for everyone. - No human being that's able to reverse fraudulent or mistaken transactions - Currency that's hardly more stable (probably less so) than the world's the least stable currencies - A digital environment that's rife with fraud and a completely fresh and unknown attack surface due to the nature of smart contracts - Sky high transaction costs. Meaning the poor (the unbanked) will may more for banking than the rich do. (like they do for furniture https://www.washingtonpost.com/news/storyline/wp/2014/10/16/she-bought-a-sofa-on-installment-payments-now-its-straining-her-life/ https://www.washingtonpost.com/news/storyline/wp/2014/10/16/...)