(CNN)Money makes the world go round, they say, but what if notes and coins were replaced with online code? Bitcoin  -- the world's much talked about cryptocurrency -- is just that. It can't be printed, it can't be directly controlled by governments or central banks, but it can be sent around the world instantly at a low cost. And in sub-Saharan Africa, where 75% of the population don't have a bank account, experts say the currency could help millions of people pay bills and get to grips with their finances. Transferring cash via a bank or a Money Transfer Operator (MTOs) like Western Union or MoneyGram can be costly. According to the Overseas Development Institute, the average charge to transfer $200 to Africa using traditional money transfer services is 12%. If you send $200, you pay $24. The ODI added up all the transfers that happen in a year, and found remittance fees cost the African continent $1.8 billion a year.
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It costs less to send Bitcoins overseas than traditional money
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In Sub-Saharan Africa, 75% of the population don't have a bank account
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African services like Beam and BitPesa convert Bitcoin to local currencies
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Established money transfer players pose a challenge to Bitcoin
As well as standard charges, not all banks support @placeholder companies yet.