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NewsBTC 2021-10-14 18:11:04

Cryptocurrencies Are Elevating The Lives & Livelihoods Of Millions Across Under-Developed Economies

This year, the use and acceptance of cryptocurrencies have experienced brisk expansion, especially in developing and under-developed regions like Latin America and Africa. Clouded by hyperinflation, decades of political and economic problems, feeble national currencies, and scarcity of traditional financial services, young populations within these regions with access to smartphones and the internet are playing a critical role in driving the mainstream adoption of cryptocurrencies. With the El Salvador government accepting bitcoin (BTC) as a legal tender, there has been an increased demand for decentralized financial (DeFi) opportunities for BTC users, especially layer-2 scaling solutions that help extend the capabilities of the Bitcoin network. Following El Salavador’s decision, BTC acceptance has surged across developing countries, including Ghana, Kenya, Botswana, Zimbabwe, Mexico, Chile, Colombia, Panama, Peru, and others. As a result of this unprecedented growth, cryptocurrency projects and protocols are increasingly introducing support for real-world use cases, emphasizing ease of use. From highly-regulated trading exchanges to underlying blockchain protocols, groundbreaking platforms are rapidly shrinking the accompanying adoption obstacles. The outcome is greater mainstream financial services accessibility for global unbanked and under-banked populations, not to mention opportunities to generate income via a range of De...

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