31 Mar '14, 3pm

'Micky' Malka on How Bitcoin Can Help the World's Unbanked

'Micky' Malka on How Bitcoin Can Help the World's Unbanked

This is the way I think about it: six billion people have the same device I have [Malka holds up his phone ]. Can they buy a $1 app the same way you and I can? They can’t, for a few reasons. Sometimes they make $1 salaries, so they cannot afford a $1 app. Second, they don’t have a bank account to buy a $1 app. They have the same device, but they can’t use it the same way. Would they buy that app if it cost 1 cent? Probably yes. Can somebody charge 1 cent? Probably not, because Visa and MasterCard and bank transactions are more expensive than that. Can bitcoin solve that issue? Definitely. Microtransations for the six billion people. So there’s a clear user case right there, which is simply letting anybody in the world buy the same apps you and I buy, which is not happening right now.

Full article: http://www.coindesk.com/micky-malka-bitcoin-can-help-worl...

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