Bitcoin remittances and other virtual currencies are increasingly being used to transfer money from one person to another. Whether it is for retail purposes or for personal payments, there is no doubt that the cost of sending money is just too high.
For example, Indians paid 2.3 billion dollars to send money last year alone. As one of the biggest remittance recipient countries in the world, surely a better alternative must be found.
The same applies to all the other remittance receiving countries like Nigeria, Philippines, Mexico, Egypt and China. According to the World Bank:
Sub-Saharan Africa remains the most expensive place to send money to, where the average cost is 9.4 percent.
Using bitcoin remittances services could help lower this cost and make it possible for migrants and workers in foreign countries to send money to their families without worrying about high fees. It is already becoming quite popular as a way to transfer money.
Due to the high cost of sending remittances, bitcoins and other similar currencies have gained popularity. Using crypto like Bitcoin for remittances are not only more cost-effective but also faster and more efficient. When using conventional methods of sending money across borders, people often have to pay large amounts in fees and wait days before their loved ones receive the money they sometimes desperately need.
When sending a remittance suing bitcoins or other crypto currencies, not only do the receivers get their money immediately but it is also cheaper for the sender.
A recent report by Blockchain research firm Clovr found that more and more people are turning to crypto when they need to send remittances to their families.
If some of the largest companies in the world, like Microsoft and Starbucks, are comfortable accepting cryptocurrencies as a form of payment, this should instil confidence in using these new forms of payment for sending remittances
While there will always be detractors for every topic under the sun, it is worth a look at how Bitcoin for remittances can be more profitable. Read more here: Sending Money Back Home
Some good news coming out of Bitspark. They’ve recently signed an agreement with Bitssa to provide infrastructure partnership to Bitspark, which is expanding into multiple territories, including new geographic areas like Africa.
Recently, Bitspark – a fintech startup based out of Hong Kong, announced that it has partnered with a local company in Pakistan to start offering Bitcoin based Remittances, that are cheaper, faster and more reliable than the competition.
This is a really interesting story, because of four things: