Cryptocurrency; a means to revolutionize people’s lives regardless of background
Due to the rising number of scams and frauds, traditional financial institutions have strengthened their security measures to ensure only the eligible — according to their strict KYC standards — can receive services from them. This leads to more people being unbanked. With that, people turn their heads to DeFi, which serves everyone regardless of their age, race, gender, and whatnot.
The recent survey conducted by Harris Poll showed that 23% of Black Americans and 17% of Hispanic Americans are investing in cryptocurrencies like Bitcoin. On the other hand, only 11% of White Americans owns digital assets.
Meanwhile, another study shows that Asia leads the world in crypto investment. According to the report, Vietnam leads crypto adoption in Asia, with 41% of respondents claiming to own at least one digital asset. Indonesia and India were in second and third place, with 30 percent each, and were closely followed by Malaysia and the Philippines, which were only a few percentage points behind.
Why and how do these people choose cryptocurrency over traditional banking?
Crypto provides financial assistance without high collateral
We know how hard it is to get loans from banks and other financial institutions. Loaning from such requires a proper source of income, collateral, and a good credit score. However, with cryptocurrency, anyone can buy and sell regardless of their financial standing.
To be clear, not every Black, Asian, and Latins are deprived of such rights to loan from these institutions. However, they thought that being part of these Marginalized communities returns unfair and biased treatment that widely happens today. This unfair treatment leads to more protests and movements such as the “Black Lives Matter” and the LGBTQIA+ Parade that occurs yearly.
In addition, early last year, captions like #StopAsianHate bloomed after cases of hate and harassment regarding Asians living in western countries.
It was apparent how wrongful and rampant the discrimination these people experienced worldwide. With that, these people look for a more inclusive investment — cryptocurrency. Cryptocurrency allows people from all walks of life to invest, gain, and build their wealth.
Furthermore, engaging in cryptocurrency only requires minimal to no requirements. As long as you have at least a dollar, you can start learning and earning in cryptocurrency. Thus, most people who want to uplift their lives go to cryptocurrency instead of traditional finance.
Related Article: The Decentralized Finance craze and how it transforms the lives of the common people, including the unbanked.
As a DeFi platform, PrivacySwap is cognizant of the unfair treatment in the traditional space. That’s the reason why we also built a platform that accommodates everyone worldwide. This goal has been part of our DeFi journey since Day-one. We aim to expand and offer the best that blockchain can offer, From yield farming, DeFi games to NFTs. No cards to store all your assets? We got you. With our PrivacyCards, we ensure that every crypto asset you own can be conveniently used anytime with our PrivacyCards.
Moving forward, becoming a DEX will allow us to provide more services in the DeFi space. Now that the crypto market is slowly recuperating from its dip, we aim to be the avenue to your financial freedom.
Join us for a more inclusive and higher-earning investment!