The unbanked aren’t that way because they because they can’t get to a branch or website to open an account.
It’s because they don’t have something that the bank requires to open an account.
Could be a social security number, permanent address, credit rating, all kinds of things I’m not thinking of.
Just getting to a branch or online form to open an account isn’t going to help them solve that. (How does an online bank even work if you don’t have an existing bank to fund it from. Do you mail them cash in an envelope?)
Of course, bitcoin doesn’t solve any of those issues either. Since you need a way to get the first coin, and a way to convert it back into cash if you want to use it outside the bitcoin world. I don’t think the unbanked are flocking to bitcoin as the answer to their problems.
It’s actually far more transparent than cash as every transaction can be traced, and far more effectively so than present international banking will allow for, the OP tweet is just one example of that, and quite a few crooks who stole enough to draw enough attention have been captured because of that.
I agree with you. Banking is hard, and it is made harder by unregulated predators. But at the same time, it is not impossible to be responsible for yourself.
Cryptocurrency is almost as polarizing as professional sports, so I won’t wade into unproductive hypertension-inducing arguments over it. Asking people to “rationalize nonsense” demonstrates about as clearly as possible that one is interested in a rhetorical argument, not a good faith debate, so thank you to those who make their intentions so clear.
I’m a cryptocurrency skeptic mainly because the way in which proof-of-work is currently implemented is extraordinarily wasteful of energy.
The blockchain’s solution to distributed ledgers is quite innovative, but it’s too soon to tell how revolutionary the technology will be. Mathematically it’s basically an inversion of public-key cryptography with some added features, and the sort of idea that seems cryptographically obvious in hindsight to the extent that I’m skeptical Satoshi was the first to think of it rather than just the first to implement it.
That said, I refuse to cede the word crypto to cryptocurrency; that term is already short for the vastly wider field of practical cryptography. Others can obviously use it as they like, but as far as I’m concerned they should get their own word.
There are people both in the US and elsewhere who lack access to banking because of the work they do, sometimes even legal work. These folks aren’t exchanging a billion in bitcoin, but I promise you they are using the technology. Telling them to just get access to banks is privilege blind. Bitcoin-style cryptocurrencies are not a good solution, but blaming the disprivlaged for turning to it helps no one, and lumping them all in with predatory criminals is downright obtuse. Self-identifying as “left as hell” makes it no less so. That’s before we get to things like theocracies and authoritarian regimes even more undemocratic that the US (a narrowing gap to be sure).
So yeah, not a fan of Bitcoin? I’m with you on that. Trashing anyone who uses it, with a side of stoking moral panic over drugs, and telling the underbanked to “try harder”? Not so much. You do you though.
Finally, for the hebetudinous marketing cynics who slap blockchain on everything, I’m pretty proud of this meme…
Use an independent FX service. They’re operating in a competitive environment and will do much better deals than will banks (unless you’re totally minted, and the bank will talk-turkey to you).
That’s still a shitty attitude to direct at all poor people as an entire class.
It is “impossible” for some, and not in ways that being smart or hard-working can fix. That’s the point of pushing for systemic change, because “Everyone is able to take care of themselves” is the thinking of assholes who aren’t going to fix any problems.
Again, I agree with you: banks are not great. And there are barriers, inequities and problems. But also, at the end of the day, you figure it out or you don’t. I’m not saying poor = lazy. I never would. But the idea people are flocking to Bitcoin because they don’t have banks is one of the most foolish ideas I’ve ever heard, and I live in America.
I don’t think people are flocking to Bitcoin either, but at this point people are responding to how you’re characterising bank availability, not any claims about Bitcoin.
Are the independent services brick and mortar locations, or something fancier? In my case, I had used my walking around money while on vacation, and just needed a small amount of cash on hand as a backup, and an ATM was the nearest option.
No, I was talking about internet services to transfer money from an account in one country to an account in another country. They are very cost effective. Using an ATM is pretty dire in terms of charges and FX, but for small amounts you’re paying for the convenience. I tend to use them for cash as well.
