HomeBitcoin NewsEvilio Medina on How Bitcoin Can Aid the Poor

Evilio Medina on How Bitcoin Can Aid the Poor

Date:

Related stories

El Salvador Pushing to Institute Banks Geared Toward Bitcoin Investors

El Salvadoran president Nayib Bukele is advancing a proposal...

Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Despite news this week of inflation rates lower than...

Whales Snag $1.38 Billion Worth of BTC In One Day

June 11 saw Bitcoin Whales purchase over $1.30 billion...
spot_imgspot_img

Rob Nelson – the anchor of Roundtable – recently hosted a discussion regarding the future of bitcoin and how it can help the world’s poor population.

Bitcoin Can Do a Lot for Unbanked People

The discussion took place in Miami and featured renowned BTC and crypto figures like Evilio Medina, the president of the Downtown Miami Chamber of Congress. The goal of bitcoin has always been to enable democracy in the world of finance. As things have turned out over the years, much of the monetary power has been given to centralized banks and similar institutions, who have too much say in how you can and cannot use your funds.

In addition, the process of gaining access to these banks’ services and tools can be quite lengthy and difficult. They check things like employment records, your financial background, and other elements to see if you’re “worthy” of taking advantage of the products they offer. If there’s anything in your history they don’t like, there’s a good chance you’re going to get tossed aside.

Bitcoin and crypto, by contrast, don’t care what your background is. So long as you have an internet connection and a digital wallet through which you can keep and house your digital assets, you’re in great shape, and there’s nothing else you really need to worry about. Many of the world’s unbanked need access to financial products, but they can’t access these products through standard banks, and crypto can often provide to them the answers they’re looking for.

Getting things off to a good start, Nelson asked the question:

Where do you see the most likely use cases that would make sense for local Miami businesses using bitcoin?

Medina answered by commenting on the importance of bitcoin to aid the unbanked. He said:

We used to be the gateway to the Americas. Now, we’re the gateway to the world. Everybody wants to be in Miami. Realistically, freedom has a lot to say about that… Why do you need MoneyGram? Why do you need [the] Western Union? They charge you 15, 18 percent. They’re the poor people’s bank people that are unbanked.

He also went on to discuss the importance of potentially using bitcoin to aid with remittance payments and for those who are looking to get money to those they care about that might live or work overseas. He said:

Look at the remittance business. They send 70, $80 billion to Mexico, to Cuba… They’re paying, which is unconscionable.

Youngsters Will Help a Lot

He also said that it will largely be younger generations that give bitcoin and crypto life. He mentioned:

The average age [in the Americas] is 26 years of age. They live their life on that little smartphone. These kids are amazing and that’s what’s going to happen. You can’t stop progression.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img