Since the rise of the Covid-19 pandemic in the United States, many have struggled to keep their jobs, provide for their families, and some have even faced homelessness. This has also caused a massive influx in the unbanked and underbanked lifestyle. One reason behind the unbanked lifestyle is to simply avoid the questionable consumer fees set by banks; for just parking your money in a safe place. Another reason for being unbanked is due to the underwhelming requirements set by banks for minimum balances. Many people aren’t earning enough to meet the balance requirements and thus choose to keep their money out of banks.
Who are the Unbanked?
The “Unbanked” are individuals who do not have a checking or savings account with a bank or credit union. Usually, the unbanked have uncertain income and expense flows which makes it difficult to keep money in a bank that often has set limitations & expectations. Unbanked individuals come from various economic backgrounds ranging from college graduates to people over the age of 60.
Who are the Underbanked?
The “Underbanked” are individuals who might have a checking or savings account but choose not to manage their financial services through banks. Rather, they prefer to use cash transactions for their day-to-day needs.
Bitcoin for the Unbanked
Black Swan Bitcoin recognized this unmet problem back in 2019. It set its priorities to help the unbanked community which is a population of 7.1M in the United States alone.
With Black Swan Bitcoin ATMs, individuals need not worry about opening bank accounts with high consumer fees and minimum requirements. Instead, they can store their cash in Bitcoin through Black Swan ATMs which have no set conditions.
One of the biggest benefits of using a Black Swan Bitcoin ATM is that it gives you access to the online world; allowing you to use all kinds of digital and online services without the need of having a bank account, credit card, or debit card. Carrying cash limits individuals from digital resources; Bitcoin can be used as a great replacement tool to access online goods.
A common misconception about Bitcoin ATMs is that the customer doesn’t have access to their money anymore. This is not true. Bitcoin ATMs are one of the few financial services that allow users to have access to their money at all times.
Black Swan strives to be accessible to the unbanked and is determined to normalize the adoption of Bitcoin. Consequently, Black Swan has made sure to provide many Bitcoin ATM locations near me and you for ease of access and the ability to transact the buying of Bitcoin with cash with any concerns.
Black Swan has one of the lowest market rates. It also offers plenty of incentives to new and returning customers. Black Swan makes sure to assist the unbanked community by answering all questions and concerns 24/7.
What to use Bitcoin for?
The unbanked community has the option of buying goods and services that accept Bitcoin as a form of payment. Here is a list of potential companies that accept Bitcoin as a form of payment.