How does crypto help the unbankable when to have crypto, you need a bank account?
This has been bugging me for a while now. In almost all articles that mention crypto's benefits, bringing financial services to the unbankable is on top of the list. But the fact of the matter is in order to get any crypto, you:
1. still need to have a bank account, then you buy it credit cards or transfer money to an exchange and buy crypto on spot;
2. buy it with a BTC ATMs, which are only available in specific places and also charge a premium for your purchase.
Am I missing something here? The only way this works is probably to have more crypto ATMs, but that is not an easy scalable solution.
There are over 1.7 billions people without a bank account globally, like illegal immigrants without proper IDs, or small scale and street vendors in developing countries. And if crypto truly can support them, then that's the true marvel. This is especially true for Cardano, which is pivoting heavily into Africa and developing nations. Otherwise it's a false promise to say that the technology can help the unbankable.
Charles Hoskinson, the founder of Cardano, recently discussed the merits of his proof-of-stake blockchain platform Cardano in an interview with Lex Fridman, a Youtuber and AI Scientist. According to C...
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