YoCoin - Cryptocurrencies Can Greatly Help The World's Unbanked

Blockchain are a form of distributed consensus technology that function by sharing a chain of digital interactions that basically serve as digital fingerprints for every transaction that has ever happened on the blockchain. If a transaction is doctored, every party in the network is alerted of the same and the criminal party is immediately booted out of the network. The security details on cryptocurrency transactions are incredibly mind boggling in terms of their complexity and attention to detail.

The single best thing about the blockchain is that it stores a true and irrefutable online record of every transaction on its network. Nobody would be able to default, withdraw a transaction, or alter the shared ledger as they wish. The blockchain is a payment machine, a banking system, a remittance system, and any financial system at once, and it allows the world's unbanked the chance to have access to secure, inclusive banking.

The blockchain and the unbanked

In any financial transaction between two parties in the traditional banking system, there is always an intermediary. Any unbanked individual is likely to be poor and most of them are in the developing world. The intermediaries eat up a portion of the transaction regardless of the nature of the transaction. In addition, you do not need a bank account to set up YoCoin or Bitcoin.

If parties to a transaction use a currency such as YoCoin, it will increase transfer speed. In addition, such a cryptocurrency will make it easier for unbanked people to receive loans and financial assistance as the blockchain provides every party with a secure identity. Most people in the developing world receive remittances from their relatives in the west, and these remittances go through financial agencies that take at least 10% of the cut. If these transactions occur via blockchain, there will be no money lost to an intermdiary.

Blockchain provides the unbanked with a secure digital identity

During the ongoing refugee crisis, Bitnation set up a blockchain system that allowed European nations to solve the refugee identity crisis of Syrian refugees. This allowed Syrians to receive emergency identity documents so that they could cryptographically prove their identity and that of their family members.

This usage showed the potential of cryptocurrencies to act as a national and international digital identity. This allows users to carry out easy transactions across borders once their identity has been validated by the blockchain's validation algorithm. The Bitnation identity program also allowed the refugees to access their money via Bitcoin ATMs. Currencies such as YoCoin have shown immense potential to develop inclusive financial systems that will allow everyone on Earth to participate in financial transactions.

Financial inclusiveness is the main goal of the Ethereum blockchain and Bitcoin alternatives such as Ether and YoCoin. This distributed consensus technology will free people from reliance on the current financial system and provide banking services among others to billions of the world's population that is unbanked.

Want to know more what is YouCoin?
​
Visit Website: https://yocoin.org
Twitter – https://twitter.com/yocoin15
Facebook – https://www.facebook.com/yocoin15
Youtube – https://www.youtube.com/channel/UCoLaDZ34-Q4Dk9PbOrLt0jA