Why Bitcoin Could Be More Important Than the Internet for 5 Billion People

insidebitcoins.com / Kyle Torpey / Aug 13, 2015 8:00 AM EDT

The Internet has been an extremely powerful force when it comes to generating free access to information from all around the world, and it’s possible that Bitcoin could do the same thing for digital commerce. While the importance of getting Internet access to the entire world cannot be overstated (60% of the world’s population is without Internet access right now), it could be true that access to a completely open online payment ledger, such as Bitcoin, is more crucial. This is the argument that Xapo CEO Wences Casares recently made during an interview on EconTalk.

It’s Very Expensive to Live on Cash

In order to make his point on the importance of Bitcoin for at least five billion people around the world, Casares first discussed the problems associated with using cash on a daily basis. While many people in the developed world take credit cards and debit cards for granted, there are billions of people around the world who are forced out of the digital economy and stuck moving physical cash whenever they need to make a transaction: