The Global Impact Of Bitcoin In Financial Inclusion

The global impact of bitcoin and other cryptocurrencies on financial inclusion is substantial. Bitcoin and other cryptocurrencies have the potential to reduce barriers to accessing and providing financial services to unbanked and underserved populations. banks and those excluded from traditional financial services.

In a recent study by the Federal Reserve Bank of St. Louis, researchers have found that a large percentage of households in the United States, especially those with no or no bank accounts, use cryptocurrencies to transfer money.

The survey also found that 63% of respondents said they would be willing to pay higher transaction fees to save money on transaction costs by using cryptocurrencies instead of traditional payment methods. like bank transfer.

The report also notes that blockchain technology has great potential to improve remittance services, including improving transparency and security for consumers; reduce the risk of fraud; reduce processing costs; expedite payments; and expand access to international markets.