The unbanked are poor


#1

Hi everyone…I own lots of ETN… 382000 to be correct…i have a lot of faith in Eletroneum and Richard ells and the project…one thing i cannot understand is the unbanked are poor people… They only have enough money on a good day to buy a loaf of bread… that’s why they don’t need a bank. How can they afford a nice brand new iPhone or galaxy… that alone cost me over a 1000 dollars just to buy a phone not to mention a plan or pre paid time that you can buy on the net…that much money would feed a family of ten people for a year in some countries and if a lot of people do have phones if Electroneum one day has 50 to 100 million people all cashing in there free ETN that would be 100 million x 3 dollars per month = 3 million dollars p/m coming out of the company revenue all the time and that’s just a 100 million. I cant see how all this money can bee replaced This is my idea of third world countries and unbanked correct me if I am wrong. Thank you Electroneum community… ETN to the moon


#2

This from an article written in April 2017:
THERE are currently 960 million mobile subscriptions across Africa - an 80 percent penetration rate among the continent’s population. Internet penetration is at 18 percent with 216 million internet users, according to the latest Jumia mobile trend report for Africa.
You’d be surprised how modernised 3rd world countries are.


#3

@CRYPTO-CAVEMAN is correct, also you are correct as they will not have an iPhone or a Galaxy. They will have however a basic android phone, something similar and as powerful to what us western world people had 5-7 years ago in our pocket.


#4

Obama gives away Obama phones worldwide. Just as good as what you got. But who knows, if Africa gets enough ETN in their hands to spend, then maybe an Amazon distribution center could open in Africa with Amazon being a vendor that is part of ETN’s Insta-Pay system. One can dream.


#5
  1. Household phone family will share is one way.
  2. They get cheap phones
  3. Cell phone plan make payments or loan from street thugs

3rd world families are connect to the Western world via phone


#6

Yup! Not everyone uses the fanciest things. I have a cheap $60 phone with a $35 a month plan. Cheapest thing I could find. I don’t know why I’d need otherwise unless I wanted a fancy camera, bigger screen, or be able to play games on it…and I don’t see why I ever would play games on a phone… @~@ I’ve got a portable chess set, card games, and other things for that.


#7

no, they are not. (not everyone)
I live here ask me. We don’t need banks because we don’t have a good bank infrastructure.
There are people who can use an Iphone but still dont have an bank account. Most people dont have banks because most shops dont accept cards , cash only.
We dont have paypal , we dont have amazon and neither the bank lets us pay that easily online… what will we do with a bank account?
-_-


#8

$35 month plan, this is too much!


#9

Literally the cheapest thing here.


#10

ETN is intended as a currency for which you pay your goods or services. There is no need to convert it to dollars.


#11

Many people despite being in a 3rd world country indeed have cheap phones to connect to the world. A key scenario to point out from ETN is the Gig Economy site coming where they’ll be able to participate online to earn Electroneum as their actual payment and learn new skills online they can sell.

Many in those regions even have cheap laptops/tablets they can use or they even will use internet cafes/libraries to get online. Also, if they see a way they could learn and acquire a new skill via the gig economy site they’d likely save up to get one. It’s be highly advantageous for them in the long run income wise.


#12

Its important to realize that not everyone will spend ETN. Remember that a crypto currency can operate as more than one type of financial instrument. In the case of ETN that would be a currency and a security (value is secured by market capitalization). If this were not the case, there would be no advantage in investing.

This means that there is a likely hood that even though people are receiving ETN via moble mining, there will be those within the commerce chain whose intention is to benefit from accumulation.


#13

etn will be used as a currency, its less of a store of value, the mobile miner will allow people to purchase item like clothes and foods