Bitcoin Can Do a Lot for Unbanked People
The discussion took place in Miami and featured renowned BTC and crypto figures like Evilio Medina, the president of the Downtown Miami Chamber of Congress. The goal of bitcoin has always been to enable democracy in the world of finance. As things have turned out over the years, much of the monetary power has been given to centralized banks and similar institutions, who have too much say in how you can and cannot use your funds.
In addition, the process of gaining access to these banks’ services and tools can be quite lengthy and difficult. They check things like employment records, your financial background, and other elements to see if you’re “worthy” of taking advantage of the products they offer. If there’s anything in your history they don’t like, there’s a good chance you’re going to get tossed aside.
Bitcoin and crypto, by contrast, don’t care what your background is. So long as you have an internet connection and a digital wallet through which you can keep and house your digital assets, you’re in great shape, and there’s nothing else you really need to worry about. Many of the world’s unbanked need access to financial products, but they can’t access these products through standard banks, and crypto can often provide to them the answers they’re looking for.
Getting things off to a good start, Nelson asked the question:
Where do you see the most likely use cases that would make sense for local Miami businesses using bitcoin?
Medina answered by commenting on the importance of bitcoin to aid the unbanked. He said:
We used to be the gateway to the Americas. Now, we’re the gateway to the world. Everybody wants to be in Miami. Realistically, freedom has a lot to say about that… Why do you need MoneyGram? Why do you need [the] Western Union? They charge you 15, 18 percent. They’re the poor people’s bank people that are unbanked.
He also went on to discuss the importance of potentially using bitcoin to aid with remittance payments and for those who are looking to get money to those they care about that might live or work overseas. He said:
Look at the remittance business. They send 70, $80 billion to Mexico, to Cuba… They’re paying, which is unconscionable.
Youngsters Will Help a Lot
He also said that it will largely be younger generations that give bitcoin and crypto life. He mentioned:
The average age [in the Americas] is 26 years of age. They live their life on that little smartphone. These kids are amazing and that’s what’s going to happen. You can’t stop progression.