After a market crash, is crypto a savior for the traditionally “underbanked?”
Another risk for those operating in the crypto space is falling prey to scammers, who have taken advantage of a decentralized market rife with a growing number of potentially uneducated newcomers.
"People of color sometimes have difficulty going to get a bank loan or going to get some sort of assistance from the government or a way to start their business and they're turned down," said cryptocurrency enthusiast Steven Bumbera. "Crypto doesn't care." When using crypto, it can cost almost nothing and takes almost no time to transfer money to anyone in the world at any time, although it depends on the type of crypto.NurPhoto via Getty Images, FILE
Enthusiasts like Bumbera say they like that anyone with a smartphone can access cryptocurrency, without the red tape of banks or government institutions in which it takes days and costs fees or interest rates to do the same.
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