El Salvador recently become the first country to adopt Bitcoin as legal tender, other other counties in Latin America may follow suit.
By contrast, cryptocurrencies like bitcoin allow anyone with a mobile phone to send or receive funds, regardless of location. A software app known as a “wallet” manages the cryptocurrency as needed. Such wallets are safeguarded on phones and protected by passwords or biometric mechanisms like fingerprints.
This is what people mean when they talk about cryptocurrency’s decentralization. We don’t notice much in developed countries because we have no shortage of banks to choose from. But banks may be scarce in developing countries, with 70% of people in El Salvador being unbanked. With crypto, you no longer need a bank.
Check It Out: Bitcoin is Now Legal Tender in El Salvador