Benefits of Cryptocurrency in Developing countries

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Cryptocurrency has improves so many developing countries by reducing corruption, reducing transactions fee, providing enough time and transparency.

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Reduce cost and time of transaction

Over the years in the 21st Century, cryptocurrency has provided more money and time to users (investors). Various persons can transfer funds (of any currency) into bitcoin or any cryptocurrency and their families and friends can withdraw the funds in any currency of their choice.

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Ever since cryptocurrency came into existence, it has been competitive with the banking system. Services provided by it are free thus the cost of transaction is free and most banks can't provide such services.

Reduced Corruption and Provide Transparency

Cryptocurrency has improved most of the developing countries by innovating and producing tactics to bring down corruption. Government projects and agencies can now track down how funds has been used and what is it spent on.

Cryptocurrency has promotes transparency through data handling to save every transaction been done. The data is been comprised in the blockchain software and stored in several computers, which reduces the risk of data loss..

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Encryption in cryptocurrency have boost the security level of data, and has allows every transaction available and searchable.

Conclusion

Cryptocurrency has improves most developing countries, it has helped in cash flow in my country, Nigeria despite the fact that it has been ban in the country.

As it evolves incredibly, it has allows anybody to gain access through it at anytime, anywhere. The benefits of Cryptocurrency cannot be overturned.

"Cryptocurrency is Unstoppable"

Thanks to @insight.pob, @onealfa.pob, @onealfa.vyb and #LeoFinance Community.

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4 comments
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I think cryptocurrency can help developing countries, and I do believe it has helped some countries who have embraced it; however, it is still to be seen in countries where it is banned like Nigeria how exactly it will help the country develop. If a country is banning cryptocurrency, do you think they will eventually bend to the will of the people using crypto or do you think they will instead turn to Internet Service Providers to shut down the ability for people to access the sites necessary to transact in crypto. Obviously, the more crypto takes hold in its various forms, the less a group of people will be able to control it, but as the world watches China and how it has banned crypto mining dozens of times to just come out with its own coin in time for the Olympics, we can see that China has been able to put a strangle on its use, though it hasn't been able to stop it completely. I'm curious to see what will happen over the next 10 years in the cryptosphere. I'm betting on it, but I'm fortunate to live in a country that can't move fast enough to figure out whether they want to love it or hate it.

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however, it is still to be seen in countries where it is banned like Nigeria how exactly it will help the country develop. If a country is banning cryptocurrency, do you think they will eventually bend to the will of the people using crypto or do you think they will instead turn to Internet Service Providers to shut down the ability for people to access the sites necessary to transact in crypto

This is a valid point.
But despite the fact that crypto has been ban in Nigeria... More users/investors are still gushing in.

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