Bitcoin is quickly becoming a part of the daily lives of people in developing countries, Bitcoins are proving to be a much more viable solution to solving the financial woes of their citizens in countries where national currencies are unstable and hyper-inflated. Here are four reasons why Bitcoin appeals to a large number of people in developing countries:
With Bitcoins Banks Aren’t Necessary
Signing up for bank accounts and credit cards is relatively simple in developed countries. It’s a completely different story in the developing world. Credit is much more difficult to obtain, and opening a bank account is no easy task. But Bitcoin alters everything. You can save your bitcoins on your own with Bitcoin; all you need is a secure wallet to keep your digital money safe.
Bitcoins Offer Payments that are quick, inexpensive, and borderless
You can send any amount of bitcoin to anyone in the world in minutes using Bitcoin. When you send money through a bank, you not only have to pay high bank fees, but you also have to wait several hours or several banking days. However, as previously stated, Bitcoin eliminates the need for banks to send or remit payments to others. All you’ll need is their bitcoin address, and you’re good to go! In the next 10 minutes or so, your payment should arrive.
No one has the ability to manipulate Bitcoins
Governments and banks have the power to control the production and movement of their national currencies, resulting in inflation. Bitcoin, unlike fiat currency, is a decentralized virtual currency. This implies that there is no central authority telling the Bitcoin network what to do. Everything has been hard-coded into the network, and the blockchain, which underpins Bitcoin, is tamper-proof and unaffected by anyone, including its creator, Satoshi Nakamoto.
Bitcoin Will Assist Law Enforcement in Catching Criminals
Bitcoin is not anonymous, contrary to popular belief. While your alphanumeric public keys provide some anonymity, computer experts can track who owns which wallets and how many bitcoins each wallet contains. The masses who conduct small transactions no longer need to be concerned. Authorities pay attention to criminals who move large amounts of bitcoins, and they focus their research on them rather than the millions of people who make minute transactions.