PLEASE HELP, I DO NOT UNDERSTAND One of the major arguments made by digital curr

Question

PLEASE HELP, I DO NOT UNDERSTAND

One of the major arguments made by digital currency advocates is that the technology could help alleviate poverty in the developing world by giving people the means to hold and transfer money through mobile devices, such as cellphones. Globally, more than 2.5 billion people do not have access to regular banking services, according to the World Bank.

There are service models, such as M-Pesa in Kenya, that allow users to send and receive money via cellphones, filling a need for people who do not have bank accounts but do have cell access. Bitcoin advocates say that digital currency could work in a similar fashion and would provide a means to send and store money with minimal transaction costs.

Paraphrase and condense it down into one or two sentences.

Explain why you think the argument is strong.

Explanation / Answer

Digital Currency has given high hopes to the developing world as an important banking tool for the poor. Digital currency can help the poor by reducing the transaction costs and poverty and they need only a cell phone to avail the services.

I think this is true to a great extent as many poor people in developing countries don't have access to traditional banking, it's not financially worth it for banks to set up branches in areas where the amounts deposited and transferred are so small, leaving the poor at a huge disadvantage when it comes to transferring, saving, and accessing money.

Mobile banking costs almost nothing to process, so it actually is worthwhile for banks to provide the service. That means digital money offers an opportunity for mobile banking,

Even though the upper-middle class, western cybergeeeks might be the strongest supporters of cryptocurrencies, but there is tremendous potential for the poor and marginalized of the world to also see benefits from these technologies.

Whether they are from an impoverished urban community in the United States or an isolated village in the Kenya, many people still have the disadvantage of not being able to access banking infrastructure or credit. Bitcoin and other cryptocurrencies offer many opportunities which can be of great help to these disadvantaged individuals, communities, and countries. These technologies have the potential to help the poor in many ways such as by reducing excessive remittance fees, giving greater access to financial institutions, combating inflation and perhaps even helping to end corruption.

Digital Currency and cryptocurrency Can Give Marginalized Individuals Greater Access to Banking. Many people from the developed world take their credit and debit cards and bank accounts for granted. It can be hard to imagine that up to 2 billion adults throughout the world lack access to financial services, according to the World Bank.

"Access to financial services can be a bridge out of poverty," said the organization's president, Jim Yong Kim.

Also according to many people Digital money can help to reduce corruption.

I believe that Digital Currency is not a miracle cure. It will not solve all of the problems of the world and the underprivileged in one fell swoop. Instead, we should view them more as tools that can help developing world countries with the right planning and intentions. There are many ways that digital currencies can help our world, with reduced remittance fees, greater access to banking, combating inflation and fighting corruption just being some of them. Whether we have the political willpower and the compassion to leverage these technologies to help those who need it the most is the pertinent question.

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