• KPMG, one of the largest accounting firms in the world, has released a report on use cases for Bitcoin (BTC).
• The report highlights benefits such as cross-border payments, social causes, financial inclusion and more.
• Bitcoin’s technology has also enabled miners to provide consistent and affordable electricity to rural communities in Africa.
KPMG Highlights Benefits of Bitcoin
KPMG, one of the world’s largest accounting firms, recently published a report that highlights the benefits of using Bitcoin (BTC). The flagship cryptocurrency offers various uses cases that are often overlooked or misunderstood by many people. According to KPMG, these scenarios can improve the reputation of the crypto ecosystem while paving the way for greater adoption and usage.
The report states that Bitcoin’s technology has transformed cross-border payments. People in developing countries who face high transaction fees and logistical challenges when trying to receive remittances from abroad can now do so near instantly with far cheaper transaction fees as long as they have access to a cell phone and an internet connection. In addition, during times of crisis like when Ukraine was invaded by Russia in 2021, Bitcoin allowed them to take possession of $70 million nearly instantly compared to legacy financial rails which would have taken days or weeks due to imposed restrictions.
Social Causes & Financial Inclusion
Bitcoin is also helping those without bank accounts gain access to financial services. When Turkey’s lira crashed in Q1 2021 Chainalysis observed that crypto asset transactions were ranked 4th globally showing evidence that it is becoming an exit ramp for people facing hyperinflation since traditional banking wouldn’t have been able too offer them access easily or quickly enough. Moreover, miners are providing consistent and affordable electricity through microgrids in rural areas allowing locals to monetize what would otherwise be wasted energy.
In conclusion this report shows how beneficial bitcoin can be despite its complex nature and widespread misunderstanding about its true potential applications -its impactful use cases are delivering value not only for users but society at large too; making it easier for people with limited resources living in developing countries around the world achieve financial freedom with access to faster payments at lower cost while enabling miners provide more sustainable energy solutions for remote communities stuck on small electrical grids struggling to stay financially viable