How Bitcoin can create true financial freedom for Rural Areas without bank

[Queen uloma]

Bitcoin brings a new system to financial freedom to those countries that doesn't have a strong banking system, it's help people to receive, send and save money, without having a bank account, with the help of just phone and data connection.
‎Since Bitcoin is now global, and no government intervention or any institution controlling it, this make people have full access to their money, and protect it from inflation or currency collapse, it helps the international transaction more easy, fast and cheaper,
‎When it comes to the unbanked countries, Bitcoin create doors to international financial inclusion, anyone can easily invest, trade or go into online businesses, it also help to promote innovation and digital investment, it can  lead to economic growth and new opportunities,
‎In all Bitcoin helps people to send,store grow financial wealth freely.

[Jawhead999]

When you talk about Bitcoin solve a problem from a country who don't have banks, I don't think it will work without any issue.

Let's imagine, you can buy, sell and hold Bitcoin, you will have a problem to find a merchant who accept Bitcoin as payment alternative. If the country not having banks, which can be said the country is old-fashioned, they won't know about Bitcoin which is a new thing for them.

Hence, banks is still important since most of merchants only accept fiat.

[ColdLava40]

Your title though might be a bit off, is there any nation without a banking system? Bitcoin was created to be a much better solution to the financial system, an alternative to the governments manipulated system.

The ability to bypass unstable banking systems and protect savings from hyperinflation is arguably Bitcoin's most transformative feature globally.

For long many governments fought against bitcoin because they feared it already beat them. Now they all fathom at what bitcoin can do.

[₿itcoin]

Yeah, Bitcoin is a lifeline for countries with weak or corrupt banking systems. It doesnt care about borders, banks or governments, you just need a phone & the internet &  you are instantly part of the global economy

People who never had the opportunity to save or transact internationally before are now able to store wealth in Bitcoin. This allows them to protect themselves from inflation &  the financial instability caused by erratic central banks. While price fluctuations are still a big problem for some, in the long run Bitcoin could become the most effective means of achieving true economic freedom. Especially in countries that don't have banking facilities, the more Bitcoin is adopted, the stronger &  more influential this network will become.

[PrivacyG]

I do not know about Bitcoin protecting from inflation in countries where inflation AND poverty is extremely high.  It protects me from inflation but I can still save Money and survive a Bitcoin drop.  In very poor countries where a lot of people are not even sure if tomorrow they will have any food to eat, it becomes harder to use Bitcoin to their help.  If a drop can hurt a Bitcoiner who does not rely on Bitcoin to survive, I can not even imagine how hard this hit would be for a poor family who already tries to survive the local inflation rates.  They can not wait years like we can for the Market to recover.

[Stalker22]

Yeah, its a cool idea, but right now, the bad stuff might be worse than the good for people who dont have much money.  Like, Bitcoins price jumps around like crazy.  That means the money people are trying to save from inflation could lose value fast, which sucks for those who cant afford to lose it.  And, needing the internet and a phone leaves out lots of folks who dont have bank accounts or those in the most remote areas.

[EL MOHA]

When you talk about Bitcoin solve a problem from a country who don't have banks, I don't think it will work without any issue.

Let's imagine, you can buy, sell and hold Bitcoin, you will have a problem to find a merchant who accept Bitcoin as payment alternative. If the country not having banks, which can be said the country is old-fashioned, they won't know about Bitcoin which is a new thing for them.

Hence, banks is still important since most of merchants only accept fiat.

In as much as I understand you perfectly and actually think that it’s that bitcoin isn’t much of a solution to the Rural areas because without banks there will be many problems like even if you manage to trade your bitcoin with fiat it will be hard to actually make use of the bitcoin because you still need to actually withdrawal from this banks to use in your areas, the only exception is if there are places to do transfer for payment and bitcoin isn’t going to be rejected as a payment option then it will be easier to use this option OP is talking about

[Maslate]

It's rare to see countries these days who don't have banks. Entrepreneurs are mostly trusting banks for their money, even if they've known bitcoin already. That's because for such people living in a country like banks do not exist, they are afraid to take risk most especially in a decentralized currency where the government does not even trust. So even if bitcoin may give them financial freedom, still I don't see the possibility that people will take advantage on it, though they may try to invest for a small amount but banking on their own bitcoin, it could bring a lot of confusion for them at first.

[Findingnemo]

I just remember another thread why bitcoin is not a great choice for a merchant and it is true to an extent due to the volatility factor. For a merchant or any kind of business they need to preserve the value in the short term and it should be used to restock the sold items but imagine if they are accepting only bitcoin and their margin is 5% but bitcoin is down already 20% so they lost 15% of their capital value, so it is necessary for them to have bank accounts or they should move to state the prices are based on sats and their purchase also based on sats.

[Miles2006]

Rural areas don’t support the use of digital currency bitcoin for example, funny enough bitcoin is embraced by advanced countries and society. I’m wondering how op expects rural areas to replace the old banking system used by so many, bitcoin is an alternative use for profitable reasons not to replace banks rather you can gain your freedom without a third party. Well, I see underdeveloped countries adopting bitcoin for their own personal gains commonly for the economy growth and financial breakthrough yet bitcoin investment needs time before anyone can benefit firstly will average citizens hold for long? While countries will invest for the long run.

[serjent05]

When you talk about Bitcoin solve a problem from a country who don't have banks, I don't think it will work without any issue.

Let's imagine, you can buy, sell and hold Bitcoin, you will have a problem to find a merchant who accept Bitcoin as payment alternative. If the country not having banks, which can be said the country is old-fashioned, they won't know about Bitcoin which is a new thing for them.

Hence, banks is still important since most of merchants only accept fiat.

There are digital financial services that does not need bank to cash out money.  So I do not think that having no bank will be an issue for cashing out Bitcoin.  Like if we look at Binance P2P there are lots of payment options in there, and buyer deposit the fiat currency to the designated payout by the user.  So even if there are no merchants available that accept Bitcoin, users can still cash out through Cashless payment system and can use it to pay for goods online or in a convenience store, or supermarket.

[Vaculin]

If the urban areas do not find it easy to achieve financial freedom with bitcoin, hence the same scenario with rural areas, or they may even find it harder compared to urban areas. Because most of the people living far from civilization, or let's say far from banks, would hardly understand how bitcoin works, so there are still high chances that they won't adopt bitcoin as their own bank, but will still wait for banks to be visible in their own country.

My point is, if people living in the heart of the city would hardly approve bitcoin as their own bank, the worst scenario will be seen from those living outside innovation and technology.

[passwordnow]

You'll rarely find people and merchants accepting Bitcoin in the rural areas. But if you happen to stumble one so, that's good. Don't expect that the adoption in those areas are quick but a little by little, people are going to catch up with that. One example is with El Salvador, not all knows Bitcoin but with the government declaring it as a legal tender and with their help to push adoption, everyone gets to learn about it. And I think it will be the same if the local governments are also going to be there to promote and help with massive adoption.

[Luzin]

When you talk about Bitcoin solve a problem from a country who don't have banks, I don't think it will work without any issue.

Is there any country in the world that doesn't have a bank? LOL.

I agree with you. While Bitcoin is currently developing, it is still a minority in legitimate transactions and is not recognized by banks around the world. Therefore, our transactions will be limited to users who understand Bitcoin and are willing to accept it. There are still many obstacles to using Bitcoin as a global transaction tool, especially its slow and expensive scalability. Let's look at El Salvador. Perhaps we can see how difficult it is for them to adopt it.

[ruykeri]

It is still time to get out of the banking system that the government has created in every country in the world for so many years. People from all over the world can use Bitcoin. However, Bitcoin has not yet reached all kinds of people in the same way that the banking system has reached all kinds of people. To use Bitcoin, one must have enough understanding of security. One must have some knowledge of technology, only then can one use Bitcoin properly. For example, those in our country who have enough knowledge about Bitcoin are giving it more importance as a savings asset than a transaction. After a few years, most people will use Bitcoin in the world , but they may not do it for daily life transactions. Because no one will buy everything they need to live their lives with any valuable thing. And Bitcoin is now the most valuable digital currency, the rate of increase in the value  is higher than gold. Therefore, Bitcoin will gain more acceptance as a long-term asset in the future.

[IjawMan]

When you talk about Bitcoin solve a problem from a country who don't have banks, I don't think it will work without any issue.

Let's imagine, you can buy, sell and hold Bitcoin, you will have a problem to find a merchant who accept Bitcoin as payment alternative. If the country not having banks, which can be said the country is old-fashioned, they won't know about Bitcoin which is a new thing for them.

Hence, banks is still important since most of merchants only accept fiat.

There are digital financial services that does not need bank to cash out money.  So I do not think that having no bank will be an issue for cashing out Bitcoin.  Like if we look at Binance P2P there are lots of payment options in there, and buyer deposit the fiat currency to the designated payout by the user.  So even if there are no merchants available that accept Bitcoin, users can still cash out through Cashless payment system and can use it to pay for goods online or in a convenience store, or supermarket.

The banking systems is as old as the fiat and there can exist no country in the world that uses fiat and has no banking system in the country. In there you can not find the type of digital financial system that can function as a cash out means for money and especially not in the rural setting.

Binance as a p2p payment option you must have to receive your money in the local currency and the designated payout has to be into a bank account for merchant whom is willing to receive the bitcoin to pay in cash.

And positing that your proposal can work it will have to be in society where the citizens are technological savy and can simply navigate transactions at a digital currency level. Such an advanced stage of transactions will first require the people to have knowledge of banking system to even understand why they actually needed bitcoin in the first instance.

[Aanuoluwatofunmi]

Bitcoin brings a new system to financial freedom to those countries that doesn't have a strong banking system, it's help people to receive, send and save money, without having a bank account, with the help of just phone and data connection.

With bitcoin, we have to have a sense of being self custody oriented with our assets, because bitcoin is a decentralized digital currency and we can't have government influence over it neither do the centralized commercial institutions have something to do with influencing it, because this is the point where financial freedom begins and we can choose to create our wallet at any time by ourselves, contrary to how an account is being created.

[CryptoBuds]

OP, although bitcoin was created with the goal of being a peer to peer currency without the need for a third party. But you need to know one thing, bitcoin is not being used as it was originally designed. It is being used as an asset, and its value is measured in USD or other local currencies. That means countries without banks or people without bank accounts. They won't know about bitcoin, won't be able to own it, or won't be able to use it as a replacement for banks, fiat money.

Not to mention, in rural areas, knowledge and access to internet and technology is very limited. If they don't have access to banks yet, it will be even more difficult for them to access bitcoin. Therefore, bitcoin is not the solution.

[gunhell16]

Bitcoin brings a new system to financial freedom to those countries that doesn't have a strong banking system, it's help people to receive, send and save money, without having a bank account, with the help of just phone and data connection.
‎Since Bitcoin is now global, and no government intervention or any institution controlling it, this make people have full access to their money, and protect it from inflation or currency collapse, it helps the international transaction more easy, fast and cheaper,
‎When it comes to the unbanked countries, Bitcoin create doors to international financial inclusion, anyone can easily invest, trade or go into online businesses, it also help to promote innovation and digital investment, it can  lead to economic growth and new opportunities,
‎In all Bitcoin helps people to send,store grow financial wealth freely.

Of course, we still can't completely set aside traditional banks. Every country still needs them. Even with Bitcoin, there are still cases where banks act as third parties for example, when dealing with certain P2P merchants. We are now in the era of internet technology, which is widely used all over the world.

Sure, we can say that there are other ways to transfer or send Bitcoin or cryptocurrency across different countries, but only a few places actually have merchants that accept it. What about remote areas where only remittance outlets or e-wallets are available as channels for sending money? However, I still believe that Bitcoin can be one of the ways for us to experience financial freedom.

[Zlantann]

Bitcoin brings a new system to financial freedom to those countries that doesn't have a strong banking system, it's help people to receive, send and save money, without having a bank account, with the help of just phone and data connection.
‎Since Bitcoin is now global, and no government intervention or any institution controlling it, this make people have full access to their money, and protect it from inflation or currency collapse, it helps the international transaction more easy, fast and cheaper,
‎When it comes to the unbanked countries, Bitcoin create doors to international financial inclusion, anyone can easily invest, trade or go into online businesses, it also help to promote innovation and digital investment, it can  lead to economic growth and new opportunities,
‎In all Bitcoin helps people to send,store grow financial wealth freely.

Is there any country that has no bank? The correct word would have been the unbanked population, that are mainly seen in developing nations. A crypto-friendly environment would attract more business, such as exchanges and other ventures that could create employment opportunities and increase government revenue. However, cryptocurrencies are not the only solution to a country's economic problems.

Those who want to use Bitcoin as a hedge against inflation would have to have a long-term plan. Bitcoin price could decline to an extent that selling it at a particular time could lead to losses. Bypassing financial restrictions in both local, regional, and international governments is an important benefit of using Bitcoin.