The Unbanked Will Adopt Crypto
The above highlights the percentage of the population without access to the services of banks or similar organizations worldwide in 2021, by country. Rather scary and highlights just how broken the financial system really is. I never knew these figures would be this high, sure there would be some countries higher than others, but 10 countries with more than half the population.
The other night whilst researching for another post I came across some stats that kind of left me speechless. These were the "unbanked" or people around the world who do not have bank accounts. The numbers are alarming and you start to wonder how they survive each month as unfortunately having some type of account for now is imperative. These figures are from 2021 and represent the percentage of the population who has no bank account.
I think you start to realise what kind of life is being lived by many as the main cause is they don't earn enough to justify an account and literally cannot afford to have one.
Certain countries do shock me on the list with the size of the percentages with Morocco having only 29% who have bank accounts. Countries like Nigeria and South Africa I am starting to understand more and why crypto currencies have an important role to play. Just the ability to have a wallet attached to a phone app is going to be life changing.
source
Obviously the system is far more broken than we all can imagine as a huge percentage of the world is lacking basic services that we all take for granted. Many have mobile/cell phones however and the numbers tell a completely different story. These figures are from 2018 and the numbers would have improved as it seems everyone has some type of phone today. Electricity is still a major issue for recharging in certain parts of the world plus reception can also be very poor, but on the whole that is slowly changing.
This is where we can see the crypto pay apps like ADAPAY come into their own as these are services many have not had the chance to have before. Crypto is not all about mooning and Lambos, but offering genuine services to those that don't have anything else. This is more life changing with real world use cases and that is way more important.
What is going to be interesting to watch is how using the technology of one industry being cellphones will drive crypto to mass adoption.
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Perhaps it will trickle down from banked citizens who are dissatisfied with the services rendered by commercial banks, or unbanked citizens will realize this provides a cheaper and far less risky option.
Yep, I totally agree.
The west gets so caught up in their little bubble, but forgets that there are literally millions locked out of the current system.
Crypto is an inevitable lifeline.
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That is me, I am the guilty one who forgets that I am in a bubble.
I try to remind my kids every day that they are rich, that they have food, clothes, shelter and running water. They have a school they can walk to in 7 minutes and that school gives out free breakfast and lunch, which means everyone there gets at least two meals.
But then I find myself thinking of things I "need"
Hive is a good place to remind myself of the world community, when I'm on traditional social media I am surrounded by fellow privileged Californians and we can be quite burdensome.
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That's wild, I wouldn't have expected a country like Egypt to have such a high bank-free percentage of the population!
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My next door neighbor in my Bay Area home is from Egypt.
I remember a huge argument between him and his teenage daughter. He was proud to hand a debit card to her with her very own account and money and she was dismayed that it had his name on it.
He told her it was for "protection."
She later explained to me that in their family, only one person got a bank account and everyone else used it.
Of course, I am not assuming that all Egyptians are that way, but it could be something to think about when we see those statistics.
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True. It's a liberation tool rather than a money-making machine. Although you do have a chance to make a shit ton of money if you are here. Because we are still so early.
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In my country Nigeria, crypto ban hasn't stopped the massive crypto Adoption. You know why? Because many have easy access thanks to our cell phones. We sometimes forget we have a bank
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Do you use your Hive account to pay for everyday goods?
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This is the biggest concern highlighted by the ECB on the CBDC plan. They need an offline solution that cannot be abused. Im waiting on a firm announcement of how they will work it.
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STOPCheck out the last post from @hivebuzz:
I wanted crypto to be about mooning and lambos but now, I am seeing that it is about steady growth and finding big opportunities, while being consistent with the small ones.
I still like the idea of 50% APR's but I am starting to find that "small" APR's like the one offered in HBD make me feel more secure and in charge of my finances.
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My brother had been around for quite a while without an account with a bank because he wasn't up to 18 yet. But the great news is that he could access funds through crypto and it wasn't such a big deal. Thus, crypto sets us free from the rules of the centralized economy.
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