Bitcoin is a great tool to bring about a financial revolution

Bitcoin is a great tool that can bring about a financial revolution and more importantly, it has a huge potential to benefit the huge population living in underdeveloped or developing countries that do not have access to banks. Recently, a similar incident was exposed that a Bitcoin-like money transfer service served more than 17 million Bangladeshis and processed more than $70 million in transactions every day.

The emergence of bKash, a leading mobile banking service in Bangladesh, is reportedly a boon for the country, which has a total population of 160 million but less than 30% have bank accounts.

Store funds in a virtual wallet

bKash allows its users to store funds in a virtual wallet that can be conveniently accessed via a mobile phone.

This allowed industrial workers, domestic servants, drivers and other laborers to transfer money instantly and at very low cost. This added up to a huge number of people, as these people had to send money home on time.

limitation

Although the system can be operated with a few basic buttons on a mobile phone, a large number of people are still opposed to the idea.

“We understand that many people find this system unreliable because they don’t have receipts or feel they might accidentally send money to the wrong address, even though it’s so simple and can be operated with a basic mobile phone,” said Kamal Quadir, CEO of bKash.

What worries him is that robberies happen at bKash points of sale from time to time. Ahsan Mansur, executive director of the Institute for Policy Studies, said, "While the bKash system works well, it still doesn't give you complete protection because there is no insurance mechanism for what could go wrong, whether it's managing the vendor or the passers-by."