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.
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: