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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

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.

hammyhavoc 5y ago
Can you explain how it is more accessible? Grandma isn't doing crypto.
- kibbleble 5y ago
  How is email more accessible than Usenet? Grandma isn't doing SMTP
lottin 5y ago
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 5y ago
  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 5y ago
    > On the other hand, I can get an open-source bitcoin wallet on my PinePhone and just use it. I rest my case.
robjan 5y ago
Most people's introduction into finance usually isn't a casino

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.

hammyhavoc 5y ago

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

kibbleble 5y ago
How is email more accessible than Usenet? Grandma isn't doing SMTP

lottin 5y ago

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 5y ago
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 5y ago
  > On the other hand, I can get an open-source bitcoin wallet on my PinePhone and just use it. I rest my case.

robjan 5y ago

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