Three characteristics of cryptocurrencies make Bitcoin an attractive option in countries like El Salvador

time:02-14 02:30 source:Internet

In August 2021, the World Bank reported that nearly half of the population of Latin America and the Caribbean (LAC) is unbanked, meaning they do not have access to bank accounts or other financial services. The unbanked cited the cost of maintaining an account, distance from financial institutions, lack of necessary documentation and lack of trust as the most common reasons for being unbanked. Not having a bank account presents significant challenges, making it difficult for individuals to securely receive payments, deposit money, transfer funds outside of the community, or obtain credit and credit ratings. In short, not having a bank account can make day-to-day financial transactions that many of us take for granted almost impossible for individuals. Cryptocurrencies are changing that, helping individuals access online financial services such as savings apps, lending platforms, and even microinsurance solutions through mobile devices with far fewer barriers. And it charges lower fees than traditional financial institutions. It is these three characteristics of cryptocurrencies — accessibility, affordability, and anonymity — that make Bitcoin an attractive option for unbanked banks in countries like El Salvador.

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