With that, people from the Bitcoin community have made it so much easier to buy bitcoin from many platforms floating around ready to cater to people who want to exchange Bitcoin for money or peer-to-peer bitcoin marketplaces that let traders connect directly. There is no denying that Bitcoin is still on the path of mass adoption.
However, how does Bitcoin help these users?
Especially those who have no access to traditional banking and no experience in getting a hold of their own finances. Bitcoin may give the impression that you can get rich using it quickly but ultimately, that is not the point of this cryptocurrency. The main point is to provide a global currency that gives everyone the chance to have access to a global financial system that can help them. This is where we look at how Bitcoin is helping the unbanked around the globe.
With the crypto industry littered with what seemingly is an infinite amount of cryptocurrencies that can make user ask “Why are there so many cryptocurrencies?”, it’s really impressive for Bitcoin to stand out.
But how does it stand out?
It’s because there are people who are only familiar with how to use Bitcoin and they use it in different ways.
It was first thought that Bitcoin will be used to buy stuff on the Internet and for a while it was that way. However, ever since the volatility of its price kicked in, people looked at it in a different light.
People started to invest in Bitcoin after seeing its price go up. We all figured that if we buy early on and its price hit a significant amount, we can be all reaping the benefits later.
Optimism can only get us so far.
There are several factors in play when it comes to investing in Bitcoin. If you are looking to really go deep into investing in cryptocurrency, a tidbit of research is needed on your part.
How does this help the unbanked across the globe?
Imagine someone that doesn’t have the amount of money that is required to open a bank account to start investing to grow her money through passive investment through a bank but has a smartphone and minimal Internet connection. They can easily use their Bitcoin wallet to start right away.
Trading Bitcoin is maybe one of the most profitable activity a Bitcoin enthusiast can do. There are peer-to-peer platforms out there that will make it easy for people out there to get into the trading right away. Most of these peer-to-peer platforms accept several ways or methods of payment for Bitcoin. You can also sell your bitcoin for gift cards that you can use to buy stuff online.
The number of trades completed in the past months increased despite the drop on Bitcoin’s price. This means there are more people trading Bitcoin instead of simply investing in it. People are looking for ways to convert their bitcoin into a viable spending medium like gift cards, online credits, and even direct bank transfers. Trading is easily one of the best things that happened to Bitcoin. People are more active now and more and more business are looking forward to adopting bitcoin and integrating it to their businesses as one of their payment methods.
How does this help the unbanked?
Well, if you have unused gift cards lying around and you needed money, you can join a trading platform and trade those gift cards for some bitcoins. Then, you can trade those bitcoins for cash by setting cash as payment. You can also sell those bitcoins and set money transfer as a mode of payment since you don’t have a bank account where they can send the money directly. There are multiple possibilities for someone who doesn’t have a bank account to make money from trading. Just make sure you do your research and set the most convenient payment method for you.
With the promise peer-to-peer transactions, Bitcoin is perfect for sending remittances. Think of it as a form of money that you can instantly send without fees.
It’s like a miracle that we have all been waiting for. That’s how sending Bitcoin works, and the best thing is there are a lot of platforms out there where you can send Bitcoin instantly as remittance.
Sending and receiving money is impossible without going through a series of fees and regulations, especially in Afrika. If you are sending money to another person overseas, there will be a lot of things to be done during the verification process and a mountain of fees to go through. Also, the amount of time it takes to receive the money you sent may take a lot of time making the whole process undesirable.
If you use Bitcoin, you don’t have to go through all of those. All you need is your bitcoin wallet and the wallet address of the person you’re going to send the bitcoin to. Some platform will give you the option to specifically set the amount of bitcoin you want to send and instantly convert it to the fiat currency that they are using.
There will be no additional fees (may depend on the platform you’re using). With just a decent Internet connection and a smartphone, you can bypass the undesirable financial system of the past.
Bottomline is Bitcoin Helps
There is no doubt that Bitcoin helped a lot of people during its ten years of existence. From business owners to people who are looking for an alternative source of income or wealth, there is no arguing that Bitcoin is a big help to those who have little to no access to traditional financial means.
There are advantages and disadvantages of bitcoins but the pros outweigh the cons. Bitcoin continues to show that it is the cryptocurrency that helps the unbanked get the financial help that they need and deserve.
Cover image credit: Muhammadtaha Ibrahim/Unsplash