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The use of digital payments continues to rise globally where mobile applications and digital currencies are set to overtake credit and debit cards as the most popular e-commerce payment methods worldwide.
To make digital payments you normally need a bank account and those without are often considered unbanked. Paying bills online, using credit cards and even mobile payments all need a bank account. So, you were effectively shut-out of the digital economy if you don't have a bank account.
The problem that the unbanked face are challenging to address, and although Bitcoin Cash cannot magically solve all of them, it can still be very beneficial if adopted.
In 2017, there are about 1.7 billion adults in the world are without a bank account. The map above can be used to classify countries with a high percentage of unbanked citizens, such as Africa and South America, where being unbanked is normal, but rare in Western Europe and the Nordic countries.
If you can see, Sub-Saharan Africa and South & Southeast Asia alone are already more than half of the world's unbanked. The reason for adults not having bank account was also reported by the Global Findex:
The most frequently cited major obstacles was a lack of funds. Around 60% said they didn't have enough money to open a bank account, with nearly 20% saying it was the only reason. Most offer numerous explanations, making it difficult to rank the issues in order. Many people claim that they don't need an account, but if the other obstacles were eliminated, they could find accounts useful if they could just get access to them.
At the very least, this graph provides us an idea of the problems that exist.
"Banking the Unbanked" is a common term in cryptocurrency and yes, cryptocurrenies can bank the unbanked. However, if the transaction fees are too expensive, it doesn't solve the problem.
Bitcoin Cash stands to be the perfect candidate to bank the 1.7 billion unbanked people in the world with a transaction fee less than a fraction of a penny. When Bill Gates said,
...he could be referring to some type of bank that let's anyone fully control their money. And here are the several reasons why we don't need banks or to open a bank account anymore.
Of course, who would want to pay fees, fees and fees that the bank charges? The unbanked would say "Nobody" and banked people would say "Were cornered in that option." If we speak of past, that's most likely the situation. But thanks to this technology, it finally gave people choice. It is a very very exciting technical space that was created over the past 3 years and already had a list of exciting developments going on. It is Bitcoin Cash!
Bitcoin Cash offers a number of benefits that includes:
It is the money built for everyone.
Bitcoin Cash is permissionless. You don't need permission from anyone to use it. It doesn't matter if you are a poor guy, homeless, a student, tourist or a criminal - you always have access to it.
No KYC process
Since it is permissionless, there's no KYC process which banks are required to perform. This is best for people who lacks necessary documents to open an account.
The fees are extremely affordable.
For someone living on less than $2 a day, every penny counts and Bitcoin Cash value that. There are no fees for opening an account, maintaining balance, excessive transaction fee and any other type of fees that banks charge you. Bitcoin cash only requires a fraction of a penny to make a transaction.
You don't need to trust a third-party.
You don't need to trust a local bank to handle your money. Trust in technology, in Math, in Bitcoin Cash. Everything is under your control which means you don't need a bank making transaction for you.
Save time and save efforts
There is no need for you to go to the banks, fill in lengthy bank forms or fall in line. With an entire bank in your phone, you only need an internet to access your money. Opening an account is as simple as installing a Bitcoin Cash wallet on your phone.
Bitcoin Cash is the best solution for the unbanked, it is an international movement for freedom and choice that can change billions of lives. It is a money without borders. It is always available for anyone, anywhere, and can never be shut down. It is permissionless, uncensorable and sound money.
And having all of that right into your phone, into your pocket- there's an entire bank.