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Many cryptocurrency fans have expressed an interest in introducing digital currency into the global "unregistered" – those who currently have no account with a financial entity or a mobile money provider. Approximate estimates from the World Bank say the number of unbanked worldwide amounts to 1.7 billion.
Separation from global financial flows means that the bagged people often have to wait in long lines to pay bills or send money through a long payment process.
Many of the worlds unbanked reside in developing nations through Asia and Africa. Many are in places where access to traditional banks may be scarce or even non-existent.
Some cryptocurrency buffs, such as Ripple CEO Brad Garlinghouse, have argued that digital currency can be very useful for unallocated populations.
In an interview released in November, Garlinghouse indicated that Ripple could be used by devalued people living far from their land to quickly and safely send remittance money to their families, even if they reside in areas with poor access to banks.
Other cryptographic platforms, such as Nebeus, have become interested in global banking. Nebeus launched a campaign in September 2018 to raise about $ 1.45 million by October to help create solutions to make banks simpler and promote more encrypted use.
Nebeus operates a cryptographic bank with a user base of 30,000 users that processes cryptographic global cryptographic Bitcoin loans. The company hopes to help over 400 million people through encrypted services.
A technology enthusiast and a startup employee decided to visit a poor neighborhood in the southern part of Bogota, Colombia, to assess the interest in how the largely non-accepted population would respond to the idea of the currency digital.
Steven Gilbert, director of international operations at the Reserve, a cryptocurrency that gives "autonomy to people and control of their money", said he traveled to the Ciudad Bolivar district when he was living in Bogotá to try his experiment.
Gilbert donated some of his money to 44 people living in the center of the Ninos y Ninas Constructores de Suenos community.
He met the residents at the center, showed them Breadwallet and then distributed some Ethereums (around $ 200 at the time). Gilbert said that a lady "was fascinated by digital money" after witnessing a cryptocurrency transfer.
However, Gilbert noted that there were some problems despite some enthusiasm and interest in cryptocurrency.
He said that the residents were able to be convinced to unload wallets because many had already heard of Bitcoin, but many shopkeepers in the neighborhood had not heard of digital currency.
The lack of knowledge, according to Gilbert, has made education a question of "starting from the starting point". He expressed confidence that several merchants would be affected by the use of cryptocurrency if he had more time in the neighborhood.
He also noted that neighborhood logistics made it difficult to introduce cryptocurrency. Gilbert said he was able to be in the area only during the day due to security issues.
Overall, Gilbert said he had left some cryptographic resources with the people he met in Ciudad Bolivar, which included knowledge of Localbitcoin.com and the presence of several ATM cash cryptocurrencies in Bogota. Residents also received a list of shops and restaurants that accepted the digital currency.
He was curious to see how people who did not have a bank account reacted to cryptocurrency because "you do not need anyone's permission to download a cryptographic wallet".
The residents he spoke to were "very interested and enthusiastic about being part of a financial system". Gilbert hypothesized "we could get entire communities using cryptography in the future".
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