Banked refers to individuals or entities that have access to traditional banking services and financial infrastructure. This typically includes having a bank account, access to credit and debit cards, and being able to participate in a wide range of financial transactions through established banking institutions.
On the other hand, Unbanked refers to individuals or entities that do not have access to traditional banking services. This could be due to factors such as lack of identification, geographical barriers, or distrust in the banking system. Unbanked individuals often rely on cash transactions and informal financial networks to conduct their financial activities.
Cryptocurrency offers a potential solution for the unbanked population, as it allows for peer-to-peer transactions without the need for traditional banking services. By using cryptocurrencies, unbanked individuals can store, send, and receive value securely and privately without relying on a central authority like a bank. This can help promote financial inclusion and empower individuals who may not have access to traditional banking services.
