Cryptocurrency Banks The Unbanked – Why Cryptocurrency?

Hey there, guys! Welcome to PIVX Class. Today we’re going to do
something a little different. This video will be the first
video in a series that will tackle
the whys to cryptocurrency. I’m just going to call it,
“Why Cryptocurrency?” Nothing fancy. The point is to get at the
heart of why we’re doing this. It seem to me that a lot of
people just see the money in it, but that’s not why a lot
of us are here though. Sure when times are good
and the markets are up we’re pumped up and we feel
like we can grasp the stars. But when the markets go sour many
of us don’t just throw in the towel we dig our heels in and
double down on the why. The world needs cryptocurrency. There are a lot of reasons why. Each of these videos
will tackle one of them. For those of you who’ve
been in crypto a while, why don’t you tell me the
whys most important to you. I will share them here
for the newer people. But today I’m going to talk about
how cryptocurrency can bring banking to everyone in the world. So without further
ado, let’s begin. If you are watching this
video in a developed country you may not know this
but banking is a lot less available than
many people think. In Canada, specifically Ontario
where I live, you can find banks or ATMs on just about every
commercial street in the province. Usually, you can find multiple,
and it gets so commonplace that you don’t really
think about it. For people in developing
countries, however, it is a bit of a
different story. A worker making around
2 dollars a day or less isn’t as attractive to a bank
as one making 10 plus
dollars in an hour. Banks may not establish branches
anywhere near poor communities, and even if they do they
charge fees that take far too big a cut
of their income, and the ramifications of this are
actually pretty significant. On a personal and family level, these people can’t store
their money in a safe place. Anything can happen to it. It can be destroyed,
stolen, lost, and possibly
worst of all, underutilized. Typically the interest on savings
accounts in the developed world is pretty pitiful these
days but it still exists. Money that isn’t invested
in something or safely stored in a savings account does
not gain any interest. This results in their money
being devalued over time, which in turn worsens
the family’s position. They can’t brace themselves
against hardships, and they can’t save
to make purchases that would enhance
their future. Sending their kids to school
could be their way out, but because they can’t save the
money, they can’t even do that. Possibly even worse is
the business level. Have you ever thought about
starting your own local
business like a salon, a sandwich shop,
or a corner store? Typically you might think
okay, I need a product. Sandwiches. Check. Now I need a spot. Well, there’s that
vacant spot over there. Check. Now I need to buy some equipment
and pay rent so I need a loan. I’ll pitch it to my banker, I’ll
betcha I can sell him on it. But what if you don’t
have a banker? Who do you talk to? Well, no one. You’re screwed. You might have a
great business, but you don’t have the
savings to make it happen, and no bank can
give you a loan. While you may work as
hard as someone overseas, you may have the same idea,
you might even have the same drive, but they have a bank two
blocks away and you don’t. Too bad. So sad. Nothing you can do about it. Of course, that’s not it. Crypto does not
give up so easily. Banks might not be
interested in these markets, but somehow cell phones
have found their way into just about every
corner of the globe. This is a big deal since there are
a number of cryptocurrencies with wallets available
on both Android and iOS. A half decent mobile
cryptocurrency wallet can act as a safe
store of your money. They are password protected,
easily backed up, and can
transact internationally. Just think, a cheap cell phone
can give someone access to financial security that has
always been out of their grasp. Even more, cryptocurrencies
aren’t stopping there. There are currencies out there
trying to devise methods to loan money to these
people using cryptocurrency. So using cryptocurrency, not
only can they store their money, soon they could borrow some
to start a business and pay
that money back. Then Proof of Stake currencies
are looking for ways to enable these people to earn
interest on their savings. To my knowledge, no currency
has achieved this yet. But at some point in the future,
these Proof of Stake currencies will likely find a way
to enable mobile wallets
to stake their holdings. This means that they will earn
block rewards like interest on
what they have in the wallet. If this is achieved along
with cryptocurrency loans, mobile wallets will serve
the same functionality as a bank in nearly every
sense of the word. That is a massive
change to the world. Every human being, no
matter how rich how poor, be they in the
West or the East, every human being will
have a bank account. Every human being will be a full
participant in the global economy. That’s so huge I wouldn’t even
know where to begin on evaluating its
global impact. This concept of banking
the unbanked has been a big reason why I have come to be such a fervent
supporter of cryptocurrency. It has the potential to
completely reshape the world and I’m always on the edge of my
seat waiting to watch that play out. But why don’t you let me know
how you guys feel about it? Does it excite you,
does it scare you? Maybe you’ve got some thoughts
on how things will play out? Comment below and
let’s talk about it. I’m really interested in what you
guys have to say about the subject. And don’t forget to suggest
your whys as well. Cryptocurrency is a powerful
creature with many heads each chasing after
different dreams. Share what your dream
for crypto is. Anyways, It’s been fun, guys. Thanks for watching
today’s class. As always, I love
having you here and I will see you in
the next PIVX Class.

4 thoughts on “Cryptocurrency Banks The Unbanked – Why Cryptocurrency?”

  1. Pivx for the win! (Again)

    Thanks for the video. It's so good to see you doing something productive with your time. Why, when I was a young man I was just out chasing some tail, but you, YOU cats are out changing the world.

    Keep at it!

  2. Yeah, you are right. It will be very difficult to achieve it, but If we are working together as a community we can do it!

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