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A comment on Hard Problems in Cryptocurrency: Five Years Later. Parent comment

Re:Hard Problems in Cryptocurrency: Five Years Later by green1 on Sunday November 24, 2019 @06:25AM (#21619724)
From that page:

> There is no KYC process.

How does an unbanked put their paper money into their cryptocurrency account without a KYC process? (Please don't say trust a random third party stranger in a pub offering cryptocurrency at an exorbitant markup.)

> There are no fees for opening or having an account

I've never paid a fee to open or have a bank account, but how does an unbanked put their paper money into their cryptocurrency account without paying a fee (or an exorbitant markup)?

> You don’t need to trust a third party with your money.

How does an unbanked get their paper money into their cryptocurrency account without trusting a third party?

> There’s no need to visit a financial institution. As long as you have internet access you always have access to your money and can make payments.

Online and phone banking existed decades before Bitcoin was created.

> Around 60% said they had too little money to use a bank account

Yet they'd somehow have enough to put into cryptocurrency account?

[ Parent | on HN ]
Re:Hard Problems in Cryptocurrency: Five Years Later by dorgo on Sunday November 24, 2019 @11:22AM (#21621342)
>How does an unbanked get their paper money into their cryptocurrency account without trusting a third party?

Mining perhaps?

[ Parent | on HN ]
Re:Hard Problems in Cryptocurrency: Five Years Later by ativzzz on Sunday November 24, 2019 @02:25PM (#21622652)
How do you expect someone who doesn't have access to banking to set be able to set up a mining rig?

I'm not saying having a bank account is necessary, but the life conditions that prevent bank access (poverty, homelessness, addictions, abuse, violence, etc) will certainly prevent anyone from mining/

[ Parent | on HN ]
Re:Hard Problems in Cryptocurrency: Five Years Later by lawn on Sunday November 24, 2019 @03:19PM (#21623054)
There are many examples of Venezuelans doing just this.
[ Parent | on HN ]
Re:Hard Problems in Cryptocurrency: Five Years Later by dunkelheit on Sunday November 24, 2019 @02:01PM (#21622492)
> How does an unbanked put their paper money into their cryptocurrency account without a KYC process? (Please don't say trust a random third party stranger in a pub offering cryptocurrency at an exorbitant markup.)

One possibility is that they can receive their income directly in cryptocurrencies.

[ Parent | on HN ]