Bitcoin is a decentralized system, which means that it works without a central authority or intermediary to manage its transactions. This feature eliminates the need for financial institutions, thereby reducing barriers to entry for those without a bank account. Thus, individuals can transact without a bank account, an essential requirement for financial inclusion.
Bitcoin allows for borderless transactions, which means individuals can transact globally without the need for intermediaries like banks or money changers. This feature reduces cross-border transaction costs and makes it easier for individuals to send and receive money, an essential financial service for individuals in underserved areas.
Bitcoin allows individuals to access financial services without having to have a bank account. Individuals can buy and sell bitcoin using a digital wallet, easily accessible on a smartphone or computer. As a result, Bitcoin can provide financial services to unbanked people, allowing them to store value, perform transactions, and access other financial products such as loans and insurance.