In the United States, there are 10,000,000 people who are unbanked. The great majority of them are low-income americans who routinely have a low balance prohibits them from using or opening checking accounts without incurring a monthly fee because it's would be under a certain amount per month like for example $300. In other cases, people can not use banks because they're simply not available or they're in rural areas of the country, particularly in the southern states of the country. Or they're reliant on check cashing stores that will cash their checks with a fee depending on the size of the paycheck.
With the advent of cryptocurrencies and electronic banking, people can access bank accounts now using their cell phones or computers. And there is a untapped opportunity for bodegas, convenience stores, community centers, and offices and small businesses to have their own banks inside their businesses by installing a Bitcoin Cash ATM. The initial set up of a Bitcoin Cash ATM is a modest fixed cost, but the benefits are numerous.
Bitcoin Cash ATMs can be installed in ethnic grocers, community centers, bodegas, and convenience stores. For example in NYC there are plenty of bodegas in each neighborhood. Even one of them in a bodega in NYC can allow people to create Bitcoin Cash wallets, and deposit and withdraw money from their wallets via these ATMs. In addition, with a Bitcoin Cash ATM, it's more likely that the person having a Bitcoin Cash ATM install will accept Bitcoin payments from people using a Bitcoin Cash ATM or pay their employees with Bitcoin Cash.
There are also several other benefits for using Bitcoin Cash for regular people.
First, there are no bank-card fees nor no monthly savings fees with Bitcoin Cash. Most people who are unbanked can't afford bank card fees or account maintenance fees. But with Bitcoin Cash there is no fees with the exception of a very small transaction fee for each withdrawal or payment.
Second, with bitcoin wallets, there is almost instantaneous direct transfer between each account, with no middlemen to take out the payment. There's no ID or background checks required for anyone to start a wallet. Many people who can't open a bank account due to a lack of ID or having a bad record on ChexSystems do not have the same situation when it comes to Bitcoin Cash.
And free wallets can be created easily via computers or cell phone. A person can just have one wallet for general use, and another one for saving. Or they can just have one wallet for general use and that's it. Since almost every american has a basic smartphone and a computer, they can create a wallet in a few seconds. And if they are able to make certain precautions like backing up their bitcoin wallet which is easy to do, their money would be safe.
Finally, the use of electronic money will allow people send money to helps people escape economically oppressive situations. Economically oppressed situations include forced labor, abusive relationships and families, and economic discrimination based on sex, nationality, race, and religion. The person needing the help does not need a bank account, they can easily create a Bitcoin Cash wallet in seconds, then they can tell people to send money via the wallet the person created. Finally they can walk out of the situation and withdraw the money from any Bitcoin ATM and use the money for what they need.
People of a low socio-economic status and the unbanked is a massive untapped demographic that if any business that deals with them on a regular basis they can easily install a Bitcoin Cash ATM and can easily have a high rate of adoption of Bitcoin Cash. The obvious benefits will make up for any potential drawbacks and costs.
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i am from USA i used to be banked, now i'm unbanked after BOA shut me down for crypto. Dont really need the bank for anything tbh.
   1yr ago