The initial promise of crypto was incredibly appealing too – a decentralized, democratized financial system that put control back in the hands of the people. Realistically, can XRP, Kaspa and Solana really help save the underbanked, most notably in places like Africa? Or is this just another pie in the sky imagined by techno geeks? Let's be brutally honest.
Crypto's "Savior" Complex
We’ve all seen the headlines: crypto to the rescue! Ripple's partial legal win against the SEC, Solana’s technical resurgence, Kaspa's BlockDAG innovation... it all sounds fantastic. Analysts are waving price targets around like it’s New Year’s Eve – $3 XRP, $0.11 Kaspa, $350 Solana! How many people in rural Zambia today could tell you what an altcoin is? Even worse, how many can afford to invest.
Let's connect two seemingly unrelated things: Marie Antoinette and crypto evangelists. "Let them eat cake," she supposedly said. And indeed, I get such echoes of that disconnect when I hear people argue that crypto can help solve poverty. Such a misconception overlooks the nuances of financial exclusion. It's a naive, often tone-deaf perspective.
The underbanked aren’t asking for speculative assets, they’re in need of greater access. They require a solid infrastructure, an affordable internet, and, above all, education. Cryptocurrencies, like most new technologies in their initial incarnation, tend to amplify inequalities. The technical barriers to entry are insurmountable, the volatility is horrifying, and the scams are everywhere.
Blockchain, Not Coin, Is the Key
Here's where the true potential lies: blockchain technology itself. Not so much the price of XRP per se, but rather the technology that underlies it and drives it. Imagine a decentralized, transparent land registry built on a blockchain, giving farmers in developing countries secure ownership of their land. That’s empowering. Consider supply chain management with blockchain to guarantee fair prices to coffee bean producers. That’s revolutionary.
It doesn't require pumping and dumping altcoins. That though, takes a commitment to creating, teaching, and partnering within the communities we’re all trying to improve. This of course, needs governments—and the NGOs that often fund them—to accept the technology and work to establish regulatory frameworks that support them. It requires real work, not just hype.
If remittances become cheaper, for example, XRP—which is specifically designed for improving cross-border payments—might provide direct savings to migrant workers sending money home. With Solana’s high transaction throughput, small scale micro-loans become feasible and time-efficient. Kaspa's speed and scalability could be beneficial for decentralized applications in developing regions. Could. The operative word.
Let’s be realistic. Speculatively, large holders control more than 12% of the circulating supply of XRP. This leviathan buildup is a telling harbinger of centralization with a distinct anti-democratization bent. Or is this just a ruse to make the rich richer while making the underbanked feel more empowered? I’m not saying it can’t do both — in fact, I hope it can — but let’s not kid ourselves about how well the incentives are aligned.
Forgotten Voices, Real Needs
Perhaps the most urgent need of the underbanked is financial literacy. Tossing the new complexities of crypto their way with no educational or support basis is akin to handing a toddler a loaded gun. It’s dangerous and irresponsible.
We need to listen to the real voices of the people who are intended to benefit from these technologies. What are their needs? What are their concerns? Are they even interested in crypto? Not too surprisingly, the underbanked voices are frequently overpowered by the cacophony of the crypto echo chamber.
Now don’t get me wrong—I’m not saying cryptocurrencies should be an outlaw ideology. What I’m arguing for is that we need to balance our excitement with the same enthusiasm for skepticism. Even more so, we need a greater well of empathy. Focus on utility, not speculation. Educate, don't evangelize. Listen, don't lecture.
Otherwise, we're just building castles in the clouds while the people we're trying to help are still struggling to find solid ground. The next altcoin cycle needs to be about real empowerment, not just early investor enrichment. So let’s roll up our sleeves and make the financial system work for all of us! Learn how we can turn that from a short-term talking point into long-term reality.
