Cryptocurrency and the unbanked
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Cryptocurrency and the unbanked
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Re: Cryptocurrency and the unbanked
#2Eh, probably, but so can mobile banking solutions[1] that are popular in Africa. Unlike in, for example, Europe where mobile payments requires a (relatively fancy) phone, M-Pesa works even on basic phones, which you can't say about cryptocurrencies in general. This is not to dismiss them, of course, but "conventional" currency already has a solution for this, so unless you're advocating for decentralisation (which is a different issue altogether), I don't think that cryptocurrency can serve the unbanked without radical changes that will also benefit conventional banking.
P.S. If you instead measure unbanked/underbanked by percentages (and exclude mobile banks like M-Pesa), you can see Japan and Korea on top 25[2], which isn't to say that they're poor (which also includes China which was mentioned in the article), but because of cultural differences. If you include the likes of M-Pesa, the graph slides slightly so that it shows that Asians (in general) tend to be the underbanked, which is technically true but doesn't automatically mean that they're poor.
[1] For example, M-Pesa (https://en.wikipedia.org/wiki/M-Pesa)
[2] Last data I read about this is on 2017, so this might have changed? But my point still stands out.
Re: Cryptocurrency and the unbanked
#3Eh, probably, but so can mobile banking solutions[1] that are popular in Africa. Unlike in, for example, Europe where mobile payments requires a (relatively fancy) phone, M-Pesa works even on basic phones, which you can't say about cryptocurrencies in general. This is not to dismiss them, of course, but "conventional" currency already has a solution for this, so unless you're advocating for decentralisation (which is…
I thought the same thing when reading the article. Crypto for this particular problem seems like the proverbial sledgehammer to crack open the walnut.
Re: Cryptocurrency and the unbanked
#4Towards the end, the author claims that the benefit of crypto will be to teach people financial literacy. Not only is that a little bit like teaching people responsible drinking by bringing them to the Oktoberfest, I'm also not sure all the people who do not have bank accounts are really going to use their late-model iPads to watch CryptoBroTube to learn about stablecoins and NFTs...
Nominating this post for the "hand-waving argument of the year" awards.
Re: Cryptocurrency and the unbanked
#5Crypto is for the ultra banked. To make profit via speculation. And insider trading. Gross conflicts everywhere.
Hope it all burns down.
Re: Cryptocurrency and the unbanked
#6Eh, probably, but so can mobile banking solutions[1] that are popular in Africa. Unlike in, for example, Europe where mobile payments requires a (relatively fancy) phone, M-Pesa works even on basic phones, which you can't say about cryptocurrencies in general. This is not to dismiss them, of course, but "conventional" currency already has a solution for this, so unless you're advocating for decentralisation (which is…
I thought the same thing when reading the article. Crypto for this particular problem seems like the proverbial sledgehammer to crack open the walnut.
More like using a flotilla of Kuka industrial robotic arms to open a walnut. If financial literacy is hard, what's crypto-financial literacy?
Re: Cryptocurrency and the unbanked
#7[dead]
Re: Cryptocurrency and the unbanked
#8Towards the end, the author claims that the benefit of crypto will be to teach people financial literacy. Not only is that a little bit like teaching people responsible drinking by bringing them to the Oktoberfest, I'm also not sure all the people who do not have bank accounts are really going to use their late-model iPads to watch CryptoBroTube to learn about stablecoins and NFTs... Nominating this post for the "han…
I don't think this is what the author meant.
I think the key here is that it's easier for people to obtain financial literacy because crypto is more accessible than the current financial system.
Re: Cryptocurrency and the unbanked
#9Eh, probably, but so can mobile banking solutions[1] that are popular in Africa. Unlike in, for example, Europe where mobile payments requires a (relatively fancy) phone, M-Pesa works even on basic phones, which you can't say about cryptocurrencies in general. This is not to dismiss them, of course, but "conventional" currency already has a solution for this, so unless you're advocating for decentralisation (which is…
I thought the same thing when reading the article. Crypto for this particular problem seems like the proverbial sledgehammer to crack open the walnut.
Cryptocurrency really feels like a solution desperately in need of a problem.
Re: Cryptocurrency and the unbanked
#10Earlier quoted context omitted.
I thought the same thing when reading the article. Crypto for this particular problem seems like the proverbial sledgehammer to crack open the walnut.
Cryptocurrency really feels like a solution desperately in need of a problem.
> a solution desperately in need of a problem.
Or a pyramid scheme in need of an excuse / justification.