[pudo]

Towards the end, the author claims that the benefit of crypto will be to teach people financial literacy. Not only is that a little bit like teaching people responsible drinking by bringing them to the Oktoberfest, I'm also not sure all the people who do not have bank accounts are really going to use their late-model iPads to watch CryptoBroTube to learn about stablecoins and NFTs...

Nominating this post for the "hand-waving argument of the year" awards.

[laurentdemarez]

I don't think this is what the author meant.

I think the key here is that it's easier for people to obtain financial literacy because crypto is more accessible than the current financial system.

[lottin]

Which is a ridiculous claim, both because 1) crypto is not more accessible, and 2) being able to access more financial services doesn't make you less financially illiterate.

[9krxk9xy]

How is it not more accessible? To open a bank account in the United States, you have to provide an absurd amount of identification and contact information. This usually includes:

>Your name & date-of-birth

>Your social security number

>Your driver's license and/or passport

>A video selfie for some online banks

>Your street address

>Your email address

>Your phone number

Some of those items can be difficult acquire and maintain, especially if you're starting from nothing. Additionally, many banks require a deposit, and most if not all online banks won't accept it in cash. Most online banks now also require a closed-source app that will, on Android, most likely also require Google SafetyNet, excluding many custom rom users. The street address requirement is a burden on those who live nomadic lifestyles, as you cannot (legally, iirc) use a virtual mailbox, and you have to depend on friends or family to receive any mail they send you.

I attempted to open an account at Ally last month and they denied me because they couldn't verify my identity, even though I'd accurately provided everything they asked me for. I assume it's because I'm not in the ChexSystems database or have no credit history. On the other hand, I can get an open-source bitcoin wallet on my PinePhone and just use it.

[lottin]

> On the other hand, I can get an open-source bitcoin wallet on my PinePhone and just use it.

I rest my case.

[hammyhavoc]

Can you explain how it is more accessible? Grandma isn't doing crypto.

[kibbleble]

How is email more accessible than Usenet? Grandma isn't doing SMTP

[robjan]

Most people's introduction into finance usually isn't a casino