How are Cryptocurrencies democratizing the financial world?

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the financial world

Many people in this world do not want to deal with banks. They hate sending or accepting money with the help of bank accounts. They do not like to apply for loans and thus remain away from accessing financial services categorized under the developing world. As per the WB reports, 33 per cent of the adults in the world remain away from the bank. They have no access to any formal financial services. There remain two billion people who do not access conventional banks and the financial world. They fail to secure the money and even fail to access the financial services and the tools that remain effective plans for the coming future. However, this problem is not just found in the developing nations but countries as well. If you are interested in bitcoin trading then check cryptocurrency custody solutions

The Unbanked population 

As per the FR reports, 22 per cent of the people in the US remain away from banks. Thus, we see a good number of people remaining unbanked. Around 63 M of US citizens has no bank accounts in the US alone. They are not relying more on alternative financial products or services, including money orders, payday loans, check cashing services, cryptocurrency and more about the financial requirements. All these issues are addressed amid the issue of Pandemic pitted with the virus called Covid 19. As per one of the top market research and financial companies called Oxfam, one can find too many more months to access when we talk about the current population of the world found in this category. These are not less than 3 Billion people, and they have no such financial security when it comes to falling on the back. 

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Smartphones and the payment options 

There is hope in the form of smartphones and mobile devices. There are around two billion people who are seen in the world remain unbanked all over the globe. Also, two-third of people are known to have smartphones. They can remain with an edge with good smartphones and competitive internet speed. Thus, all the people with smartphones choose to pay their bills using their mobile devices. As a result, they are now getting some small amount of savings. One of the success stories, including the financial inclusion that comes up with the mobile phone that remains accessible to Kenya and even the mobile payment system, have a similar story. 

Talking about the local telecom player from Kenya, they are not allowing their local citizens to pay their utility bills and transact with people with their currency using phones. Now, you can see people from this nation accepting and paying money in a big way. As you see the coins submitting the money using the mobile phones, the company now has more than 40 M users, and these are seen in seven different nations across Africa. Looking at China, we have a similar story about adopting financial inclusion. The financial arm of the known company in China is planning to develop their idea of implementing the said system soon. Their efforts have gained tremendous results, and in this way, you can find too many good results out of it. 

The financial inclusion of Digital currency is taking to the next level. 

The positive trends moving around financial inclusion helps in boosting up the technology of Blockchain in a big way. More specifically, one can find the issue of digital con very much relevant. It works with the help of the technology of Blockchain, and one can find too many participants to confirm the various transactions that do not come without the central authority. Digital currencies remain the essential medium when it comes to exchanging the same with the help of Blockchain. In this way, we see both the coins – BTC and ETH becoming too popular. We see the technology to be decentralized, and thus you find them the key reason why no current financial groups like banks or governments would play an essential role in it.

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Wrapping up 

Slowly and steadily, we see Bitcoin emerging as one of the critical digital coins that can pass through in the market. Thus it is fair to say that the coin is now reaching mainstream adoption.

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