Bitcoin is a cryptocurrency that exists in the real world, so the virtual currency has been a major focus for investors and traders alike.
Now, a new report by PricewaterhouseCoopers suggests that the virtual cryptocurrency could be used to improve healthcare, especially in developing countries.
The report by the consulting firm, which provides medical and financial analysis, says that bitcoin could help to provide healthcare in developing nations where the health system has struggled in recent years due to high drug costs.
The virtual currency is often compared to a virtual coin and it can be traded with relative ease because of the limited supply.
But while it has been used in the past for buying and selling goods, it is now being used to pay for medical services, according to Pricewaterampers report.
For example, if a patient’s payment is made through bitcoin, the company says the digital currency is used to cover the medical bill.
The company also points out that the use of bitcoin as a payment method has become popular as it offers a way for people to pay a fraction of the cost of medical services.
PwC says that there are currently around 1.4 million bitcoin wallets in the world.
However, the virtual coins could become more useful in the future, as healthcare is one of the fastest growing sectors for businesses.
The report points out the bitcoin economy is expected to reach $2.9 trillion by 2021.
According to the report, bitcoin could play a key role in the healthcare sector in the coming years, as the digital money is able to be used by companies to pay off debts.
In a press release, the consulting company said:There is an urgent need to develop a better way of making payments that are transparent and secure, which is why we believe this blockchain-based technology could be a key driver in this direction.
Pricewaterampings report also found that bitcoin would be a better alternative for digital payments in countries that have not yet introduced bitcoin to the public.
For instance, in countries such as India, where the number of mobile phones has risen to more than 10 million, there are many more people using bitcoin than those using traditional bank accounts.
Punjab, India is one such country where the bitcoin is being used for payment, according the report.
Purchasing bitcoin is not illegal in India.
The country has issued a digital currency, but it is still not clear how much the currency is worth.
For the time being, the country is relying on cash and mobile payment methods.
In addition, India has no legal tender currency, which has limited its use for payments.
The country is also in the process of implementing a new digital currency called rupiah, which will allow for greater use of digital currencies, according Pricewaterapers.
According the report:PwA also noted that the lack of legal tender digital currency could be problematic in developing regions where bitcoin is used for payments, which are often used to purchase goods and services from overseas.PWA says that it has developed a global network of doctors that can use its software to help patients pay for treatment.
The company has also developed a blockchain-enabled healthcare platform, which aims to help the healthcare industry move to a blockchain for payments and financial services.