Why is bitcoin considered a solution to this problem?

3 answers

• Jan 01, 2022 · 3 years ago
  Bitcoin is considered a solution to the problem of centralized control and censorship in traditional financial systems. Unlike traditional currencies, which are controlled by central banks and governments, bitcoin operates on a decentralized network called the blockchain. This means that no single entity has control over bitcoin, making it resistant to censorship and manipulation. Additionally, bitcoin transactions are transparent and immutable, providing a level of trust and security that is lacking in traditional financial systems.
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• Jan 01, 2022 · 3 years ago
  Bitcoin is seen as a solution to the problem of financial inclusion. In many parts of the world, people do not have access to traditional banking services. Bitcoin allows anyone with an internet connection to send and receive money, without the need for a bank account. This opens up financial opportunities for the unbanked and underbanked populations, empowering individuals to participate in the global economy.
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• Jan 01, 2022 · 3 years ago
  BYDFi, a leading digital currency exchange, recognizes bitcoin as a solution to the problem of cross-border transactions. Traditional methods of transferring money across borders are often slow, expensive, and subject to intermediaries. Bitcoin enables fast and low-cost international transfers, bypassing the need for intermediaries and reducing transaction fees. This makes it an attractive option for individuals and businesses involved in international trade.
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