Banking Desert

A banking desert is a populated geographic area that lacks a physical banking branch within a 10-mile radius of its center. Banking deserts often emerge in sparsely populated regions and do not necessarily correlate with the local rates of unbanked or underbanked individuals.

Residents of these areas might be without a bank account or may possess a bank account but rely on alternative financial services such as check-cashing facilities. The formation of banking deserts can be attributed to various factors including the closure of underperforming bank branches, bank failures, and shifts towards digital banking which reduce the demand for traditional physical branch services.

Bitcoin can significantly empower individuals in banking deserts, as anyone with internet access can manage transactions and savings securely. This bypasses traditional banking barriers and fosters financial inclusion.