Over the past two years, 6 million residents of the United Kingdom have been denied bank accounts.
According to a study conducted by competing banking service Pockit, since 2014 one in eight adults have been rejected by banks.
Additionally, the study found that six out of 10 of their customers thought that banks did not care to accommodate the needs of low-income workers.
Exclusion from valuable financial services hits the most vulnerable
Strict banking rules largely affect low-income workers and old-age pensioners.
As a consequence, they are excluded from using valuable services such as online purchases and direct debit, options which would allow them access to savings in money and convenience.
A large chunk of the global population remains unbanked. Even though the total number has fallen 20% between 2011 to 2014, 2 billion adults still do not have access to banking services.
Bitcoin doesn’t discriminate
As a decentralized technology, Bitcoin does not refuse anyone participation.
Anyone with access to the internet can set up a wallet and get started with receiving and sending cryptocurrency for free.
By using Bitcoin, a person of any income or status can receive and store income, and from there send it off instantly to recipients anywhere in the world for a very insignificant cost.