Bitcoin and Cryptocurrency is fast becoming integrated into the everyday lives of individuals living in developing countries. With unstable and hyper-inflated national currencies, bitcoins and Cryptocurrency are proving to be a far more viable solution to solving the financial woes of their citizens. Here are 4 reasons why Bitcoin and Cryptocurrency contains a massive appeal for the masses in developing countries:
You Don’t Need Banks
In developed countries, it’s relatively easy to sign on for bank accounts and credit cards. But within the developing world, it’s a vastly different story.
It’s much harder to obtain credit and apply for a banking account is not a walk in the park like in a Developed Country. But Bitcoin changes all that. With Bitcoin, you’ll be able to save your own bitcoins yourself – all you need may be a secure wallet to stay your digital money safe.
Fast, Cheap and Borderless Payments
With Bitcoin, you’ll be able to send any amount of bitcoin to anyone within the world during a matter of minutes.
Once you send money through banks you not only pay those costly bank fees, you furthermore may must watch for several hours or some banking days.
But with Bitcoin, as we’ve mentioned previously, you don’t need banks to send or remit payments to people. All you would like is their bitcoin address and voila! Your payment should arrive within the next 10 some minutes.
Bitcoin Can’t Be Manipulated By Anyone
Governments and banks can dictate the assembly and movement of their national currencies which ultimately ends up in inflation.
Unlike fiat currency, however, Bitcoin may be a decentralized virtual currency. this implies there’s no controlling entity that tells the Bitcoin network what to try and do.
Everything has been hard-coded into the network and also the underlying technology behind Bitcoin, the blockchain, is tamper-proof and can’t be manipulated by anyone, not even its developer, Satoshi Nakamoto.
Bitcoin Will Help Authorities Catch Criminals
Contrary to popular belief, Bitcoin isn’t anonymous.
Rather, it’s a pseudonymous currency because while your alphanumeric public keys provide a specific level of anonymity, computer experts can trace who owns which wallets and also the amount of bitcoins each wallet contains.
Now the masses who make small transactions don’t have anything to stress about.
It’s the criminals who move large amounts of bitcoins that catch authorities’ attention, and it’s who they focus their research on, not the lots of folks that make minute transactions.