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Education

• Removes human bias: Blockchains cannot discern A valuable resource for the unbanked
the underlying identity and characteristics of the
individual transacting on the blockchain. Anyone Unfortunately, the existing banking system has offered
with access to a computer has equal access to use little in the way of help to the unbanked. There are many
crypto because it does not discriminate. This re- potential barriers that could prevent the unbanked from
moves the possibility that someone could be denied even opening up a basic account, including a lack of
traditional banking services based on factors like transparency from traditional financial institutions.
race, class, gender or religion.
It does not help matters that some unbanked individuals
• Increased financial privacy: Crypto transactions are have an inherent distrust of banks, according to the
much more private than traditional banking trans- Federal Deposit Insurance Corp. This could leave them
actions. While crypto transactions are recorded on financially unstable. However, answers to these concerns
a public ledger, the identity of the parties involved and more may lie with crypto, which removes many of
is not revealed. This is not the case with TradFi. the obstacles that hinder the unbanked. With crypto, users
This increases the financial privacy of anyone using have a wide variety of methods available to take control of
crypto who is concerned about their financial infor- their finances.
mation being tracked or monitored. Scott Buchanan serves as the COO of Bitcoin Depot (https://bitcoinde-

• Access to international markets: While you sit at pot.com), where he oversees day-to-day operations of the business as
home in the United States, you can conduct transac- well as long-term strategic planning. In his role, Scott applies his long
tions overseas quickly and easily using cryptocur- standing passion for solving complex problems and optimizing busi-
rency, but not with physical currency in your pock- ness processes to maximize results. He brings a strong professional
et. Crypto allows individuals access to international background in accounting and finance, having previously worked as a
markets so they can engage in cross-border trade manager for Acuity Brands and an assurance associate for KPMG. Scott
and commerce without the need for a traditional is also a Certified Public Accountant with a master’s degree in account-
bank. ing from Wake Forest University. Contact him at linkedin.com/in/scott-
buchanan-cpa.

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