Do you trust your bank? Or do you merely see them as a means of fulfilling your transaction obligations? Its’s fair to say that public trust in financial institutions fell to an all time low during the 2008/2009 crisis, and for some people their views haven’t changed since.
Cryptocurrencies were invented as an alternative to the current system, with a view to maintain as much control without the preying eyes of Central Banks and Governments. According the FCA the UK had 1.2m Adults with no bank accounts in 2020. This makes up 2.3% of the adult population. Some people intentionally avoid the banking system and live entirely on cash, in fact some communities are known for this type of lifestyle. However others are unbaked because of issues such as immigration, and homelessness.
As we move closer to a cashless society, this will make it more difficult for those who’re unbanked, but it gives an opportunity for a new business to find an innovative way of serving this population of people. There is always money to be made when providing solutions to a genuine need.