Davos says

[notimp]

The future of crypto is with unbanked people.

So dont try to pry away banking services from people that are used to that, and banks that need that business -

Just convince a bunch of people no bank would even look at, to use their mobile phones to pay for stuff. Theres your trillion dollar application for the crypto currency market.

Theres your fixed percentage on everyone elses work - if you can convince them, of course.

Facebook already trying hard to convince them to use Libra. Malaysia - Bangladash grey workers market already groomed hard by the Ripple folks!

Get in early!

 

[x65943]

You'd have to find a group of people not only with no bank, but with no form of currency whatsover - BUT who do have phones and tech (if you want wide adoption)

If you're just talking about people who banks won't touch in general, and not moving a whole society to crypto - then North Korea already has a giant stake in crypto for just that reason

 

[notimp]

You'd have to find a group of people not only with no bank, but with no form of currency whatsover

No.

The idea is, that you are developing markets where none existed before - following a base concept thats pretty much universally acknowledged (give people access to better transaction flows > growth happens).

So governments would buy in, learning that - and having no ability whatsoever to develop and promote their own digital currency faster. (You are talking, rural - no bank in town, but everyone has a smartphone.) So you are introducing them to risk ensurance, credit systems, ... All based on rating their previous transaction flows.

Oh, and if your digital currency kind of 'missperforms' once or twice - eh who cares, third world countries, right? Testbeds.

 

[notimp]

Twitter CEO Jack Dorsey and musician Jay-Z have pledged 500 bitcoin (around $23.3 million) toward ₿trust, an endowment to fund bitcoin development, Dorsey announced on Twitter today. The CEO said development will initially be focused on teams in Africa and India, but that he and Jay-Z plan to give “zero direction” to the plans. ₿trust is currently looking for three board members, with an application form noting its mission is to “make bitcoin the internet’s currency.”

Africa and India are two interesting markets in which to focus bitcoin development. As TechCrunch notes, cryptocurrencies have grown increasingly popular throughout the African continent for making cross-border transactions cheaper, and in some cases being resistant to government control. Nigeria is reportedly second only to the US in terms of the amount of bitcoin traded in the country in the last five years.

https://www.theverge.com/2021/2/12/22280005/jack-dorsey-jay-z-bitcoin-development-fund-africa-india

On the 'make bitcoin the internet's currency' - with a strong direction to get your funds into enabling people in Africa and India on a banking equivalent solutions angle - some people say, that even though BTC is entirely unfit as a currency, based on transaction limits alone - concepts like Lightning Network ( https://en.wikipedia.org/wiki/Lightning_Network ) would be sufficient enough to mitigate.

The concept of Lightning Network, would basically mean this:

• Bob wants to pay Alice 1 BTC but Bob and Alice don't have a channel open with each other.
• Bob does have a channel open with Carol, and Alice also has a channel open with Carol
• To route the payment, Bob sends 1 BTC to Carol, and Carol then sends 1 BTC to Alice

The original whitepaper in reference to routing suggests that "eventually, with optimizations, the network will look a lot like the correspondent banking network, or Tier-1 ISPs".

https://en.wikipedia.org/wiki/Lightning_Network

Meaning, Carol would be your bank, banks would engage in inter bank trading, that wouldnt be part of the blockchain, and then once a day (or so) would write back to the blockchain.

So your currency only works, if there is banking involved. Not sure if thats a feature...

But it should make quite a few people happy.

Also I think Jay-Z just funded a bank.


Oh, and not so sure, if a trust fund, based on an asset that is likely to rise in value - is that great of a solution for microcredits.

Oh, and the cross border moneyflight, that first and foremost benefits the US (currently) also is in there - so essentially, a good story to get familiar with quite a few concepts.