Bitcoins by Money Order Opens Up Financial Services to the World's Underbanked
As digital currency and fintech companies seek solutions for the world's “underbanked” population, startups are increasingly looking to make use of the established financial infrastructure. Companies involved in the world of digital currency are increasingly seeing customers in the developing world as a strong potential market. Proposals range from low-cost remittance services to innovative mobile payment networks, as they often try to revolutionize how people transact. Now, however, rather than trying to always turn this sector on its head, a second wave of these startups is looking at....
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Bitcoin and digital currency are often heralded as “the tool to help the underbanked”. And even though there are several companies focusing their efforts on the underbanked, that term is being used quite loosely these days. But who are these underbanked people, and how could Bitcoin improve their daily lives? Let’s find out. When people are talking about....
Bitcoin, a wonderful creation of this century has two faces. One which is helping the unbanked and underbanked across the world gain access to financial services by making money transfer and transactions affordable and another on the dark side being the most favoured currency among the criminal kind. Gone were the days when criminals demanded hard cash or a wire transfer to some offshore bank account outside the jurisdiction of the country they were operating in. They have graduated, become savvy enough to demand bitcoins instead. Why bitcoins? Because it is easier to move bitcoin than....
Banks are expensive and inaccessible for many, especially for the poor. “Not only is banking not for everyone, accounts are inaccessible to about half of the world. People are too poor, live too far from a bank, or don’t have the required documentation,” according to CNN. As a result, billions of people in the world are unbanked or underbanked. As a....
Without proper crypto regulation, the U.S. government might create a massive roadblock to financial inclusivity. The crypto community has a saying: “Not your keys, not your coins,” which means that if you hold your crypto on a third-party custodial wallet, you don’t truly have ownership of the coins. The entity controlling the private key of the wallet ultimately has power over it. Self-hosted wallets, or non-custodial wallets, allow individuals to receive, send and store their own cryptocurrency without the need of a custodial entity.As life has become increasingly more digitized, the use....
A UK-based bitcoin exchange has beat competitors to the post as it opens for business today. London-based Coinfloor begins registering customers at 9am this morning. The site, launched by Mark Lamb and Amadeo Pellicce, hopes to get in on the market early by offering GBP/BTC trading services before regulators have passed judgement on the cryptocurrency. It beats BitPrice to market. The latter has been lobbying regulators in the UK about bitcoin's status, but hasn't opened its doors yet. Coinfloor, which is backed for an undisclosed sum by VC firm Passion Capital, is the first firm to trade....