Cryptocurrencies help people without access to traditional banks.
Savings accounts, loans, and cheap money transfers are not possible for many people without access to the banking system. Bitcoin and other cryptocurrencies are accessible to anyone with internet access. They promote fair financial services, social justice, and economic growth. Because of their decentralized nature and low transaction costs, cryptocurrencies provide an alternative to traditional banking services and enable people around the world to participate in financial services, regardless of their geographical location or socioeconomic status.
Salary account, savings deposit, pension, cash from an ATM, online payments – for most of us, these are part of everyday life. But not for 1.4 billion adults worldwide. This nearly one-fifth of the global population has no access to banking services or other regulated financial institutions. This means that every fifth person cannot simply deposit savings into an account, send and receive money, or take out loans. The lack of financial services not only hinders access to basic banking, but also slows economic development and social mobility for many communities. In this situation, Bitcoin and other cryptocurrencies can play a transformative role by providing access to financial services for the unbanked, thus promoting financial inclusion and social justice.
Bitcoin and other cryptocurrencies can make a significant contribution to financial inclusion. They are global and accessible to everyone without the need for bank mediation, regardless of nationality or wealth.
One in five people worldwide has no access to banking services. Thanks to cryptocurrencies and decentralized technology, everyone with an internet connection can participate in the global financial system.
"Financial inclusion" means that all people have access to financial services under fair conditions. With access to financial services, we can invest in education or health or start businesses. Financial inclusion helps reduce poverty by enabling people to save, take out loans, and purchase insurance. It promotes greater income equality and is a key driver of economic growth by allowing more people to participate in the formal financial system, thereby increasing the potential for productivity and innovation.
People without access to banks face many challenges. They may have to rely on overpriced private loans because, without a bank account, they don't qualify for a bank loan. For payments, they must use traditional money transfers or checks, paying high fees in the process. On top of that, there's often a lot of bureaucracy: in remote areas, someone might have to travel an entire day just to pick up their paycheck. Millions of people also lack the identification documents needed to open a bank account. These barriers lead to financial exclusion, making it difficult to access basic financial services, which hinders the economic and social development of many communities.
And how do cryptocurrencies help? Crypto transactions are based on decentralized and transparent blockchain technology and occur from network to network—without intermediaries like banks. This makes crypto transfers fast, secure, and inexpensive. Everyone can access blockchain-based services such as loans, savings deposits, or insurance. Secure digital identities can also be created for identification purposes. In short, with just an internet connection, people around the world can participate in the global economy. Thanks to this innovative technology, financial inclusion becomes a reality, allowing even those without bank accounts to benefit from digital financial services.
Cryptocurrencies also provide people without bank accounts access to digital financial services and connect them globally. This is fair, supports social justice and poverty reduction. It also promotes economic growth and innovation, benefiting us all. Many believe that cryptocurrencies and decentralized technologies represent the future of inclusive finance. These advanced approaches are crucial for a fairer society and help ensure financial participation for everyone.
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