Crypto Decrypted

15No Permission Required

The Permission Monster

The old saying goes that it's better to ask forgiveness than permission. The supposition here is that sometimes permission (for whatever it is that you are wanting to do) won't be granted and most things, even if they weren't going to be technically allowed, are forgivable. (Note, we are not talking about breaking the law. Don't break the law.) The concept of acting now and asking for forgiveness later has been used by schoolkids and business magnates, professors and politicians, dear friends and not‐so‐dear colleagues. It points to something common, however: that there is an authority who must allow whatever action you are taking.

Never was this truer than in the world of finance, where your bank is the ultimate authority on whether or not you can access your money.  Your bank is a gatekeeper of funds – and that's for those who can get a bank account. Many cannot even get permission to open a bank account.

As noted in Chapter 4, as of 2021 24% of the world does not have a bank account (see Figure 15.1). That's approximately 1.9 billion humans; if we take out minors, that's 1.4 billion adults.¹

The reasons for this are wide and varied but ultimately boil down to a lack of funds to meet bank minimums or fees, denying access and availability of financial institutions, especially in emerging markets.  The common element here is that banks require you to meet certain requirements to use them. In some cases – whether it is your credit, ...