• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Crypto Potential for 1.7 Million Unbanked Adults
Nexo

How Cryptocurrencies and Blockchain Technology Could Bridge the Unbanked Gap

Nikita Blows by Nikita Blows
5 years ago
in News, Bitcoin, Bitcoin Acceptance, Blockchain, News teaser
0

Cryptocurrencies, with their underlying blockchain technology, could soon become the medium of exchange for everyone around the world, including the unbanked population.


Not too long ago, dipping your toe into the murky waters of the crypto industry was frowned upon by cynics and naysayers. Oh, how the tide has turned! Digital currencies, and Bitcoin, in particular, have seen not just a growth in price, but also in popularity.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

It’s also moved out of the shadow realm of the financial industry, basking in the light of futures trading. Both CBOE and CME have launched their products, and Nasdaq will also be following suit in 2018, further legitimizing Bitcoin as a viable financial asset.

Hello Mainstream Adoption

In fact, according to Jonathan Johnson, president of Medici Ventures and a board member of Overstock, mainstream integration of digital currencies is set to increase in the not-too-distant future.

In a recent conversation with TheStreet, Johnson had this to say:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

We see increased cryptocurrency purchases on the Overstock website. Crypto adoption is happening.

Blockchain Technology Can Offer Financial Inclusion

Blockchain Technology Can Offer Financial Inclusion

The site showcased its crypto enthusiasm by accepting the digital currency as payment in 2014. Since then, it has welcomed the advancement of blockchain technology with open arms, with its Medici Ventures subsidiary responsible for managing investments in companies providing various blockchain-based solutions.

Johnson went on to add:

Cryptocurrencies are going to be a way for people around the globe to participate in the global economy, particularly those that are currently unbanked.

This would be quite the achievement as approximately 38% of the world in unbanked according to the World Bank.

The lower the percentage of unbanked per country, the faster that crypto adoption could happen. Top of the list for possible speedy integration is the US, as it only has a 7% to 8% unbanked population. These figures increase exponentially in developing nations with the Caribbean sitting at 40%, South America at 70% and Africa at 90%.

Currently, about half of the world has access to the Internet. However, that number is increasing every year. As it grows, so does the viability of using blockchain technology to cater to the needs of the unbanked population.

Johnson commented:

A digital currency, whether it’s a fiat currency or a cryptocurrency, is going to be a real life changer for people that don’t have bank accounts.

#Financial Bitcoin Could Become the Global Currency of the Future: Overstock's Johnson https://t.co/uU7gCGgtkm

— Wall Street Wire (@WaIlstreetWire) December 18, 2017

Circumventing Cash Control

Because it is digital and decentralized, cryptocurrencies do not belong to any one government or entity, allowing it to bypass traditional regulations and procedures. It is also not subject to the results of political elements which could pave the way for inflation.

Johnson explained a bit further:

Unlike government-issued fiat dollars, many of the cryptocurrencies, and Bitcoin, in particular, are capped at the number of coins that will ever be mined. So, they’re not subject to continual inflation through central bank printing.

Bitcoin’s dramatic price surges have had industry experts calling it a bubble, but its possible burst is irrelevant, according to Johnson:

Not being a trader, but being a believer in the underlying technology and also what Bitcoin is, I don’t spend any time thinking about when is it hitting top, when is it going to plunge. My view is long term it will have great value, so for me, I’m a buy-and-hold person.

Johnson concluded that:

In the coming years, blockchain will affect everyone, even if they don’t understand it.

Do you see a future with digital currencies being the preferred medium of exchange? Do you think that blockchain technology can help the unbanked population? Let us know in the comments below!


Images courtesy of Flickr, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nikita Blows

Nikita Blows

Related Posts

Breitling

Breitling, The Luxury Swiss Watchmaker, Now Accepts Bitcoin For Purchases

1 hour ago
Bitcoin

Bitcoin Lags Behind US Stocks, Altcoins In Latest Bounce

18 hours ago
Bitcoin Bear

Bitcoin Bearish Signal: Coinbase Receives Large Inflows

19 hours ago
Bitcoin mining

Bitcoin Mining Facility Shut Down Following Sharp Decline In Miner Profitability

21 hours ago
bitcoin crypto

Why The 2022 Crypto Bear Market Is Different And Its Implications

2 days ago
Three Arrows

Three Arrows Capital Gets Notice Of Default On $660 Million Voyager Loan

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.