Rethinking Money- How Developing Countries Can Benefit from Bitcoin By IBT Contributor 05/11/21 AT 9:48 AM Bitcoin is a decentralized digital currency that people worldwide can use to acquire assets and conduct various business transactions online. The cryptocurrency has continued to gain immense popularity since its introduction to the world about ten years ago. Its popularity has rocketed such that even mainstream financial institutions and retail traders are now adopting it as part of their financial reserves and payment methods. The following article discusses how developing countries can benefit from bitcoin. Building Trust in Financial Transactions The lack of transparency and accountability in financial transactions are some of the main problems that most people in developing economies face. Those are often a result of deep-rooted corruption and financial malpractices in developing nations. While the governments and banks have made several attempts to address those concerns, the lack of resources and proper frameworks hinder their efforts.