How Bitcoin Can Promote Financial Services

In most countries, governments are indecisive about their stance on Bitcoin and other cryptocurrencies. While some countries have banned Bitcoin, others have allowed their citizens to use it freely. Many governments are yet to declare their stance on Bitcoin, while some are preparing for their official adoption. Countries like El Salvador are ready to use Bitcoin as a legal tender. But, what's the motivation for the plan to embrace digital currencies?

Some experts note that many countries are adopting Bitcoin to tame unemployment and enhance remittances. Bitcoin enthusiasts argue that the involvement of the US dollar in investments can help a country increase and generate foreign exchange by formalizing this digital currency. Nevertheless, Bitcoin can promote financial services in different ways, including the following.

Financial Inclusion

One of the aspects that decentralized banking systems' proponents point out is the ability of Bitcoin to enhance financial inclusion. Bitcoin allows people with little to no access to the conventional banking system to get capital and participant in economic activities. In countries with limited banks, people can use Bitcoin to transfer and receive value. What's more, Bitcoin uses blockchain technology to create a democratic and open financial system. While this virtual currency can facilitate financial inclusion, some people are skeptical about it primarily because of misconceptions.

Crypto Economy

Anybody with internet access can participate in the activity of the crypto economy. Bitcoin presents an alternative technological and financial infrastructure that is open source, global, and accessible to everybody. Regardless of your nationality, race, ethnicity,...