Have you ever tried sending money to your friends or loved ones abroad? If so, how was your experience? Most of the time, sending remittances internationally—and even locally—comes with tons of considerations: fees, speed, convenience, and a lot more. This makes it a little daunting for many people, especially those sending funds to provide for their family’s needs.
This challenging reality brought many individuals to explore and try alternative ways to send money overseas. Interestingly, they found hope in today’s new form of money known as Bitcoin (BTC) and other cryptocurrencies. But why have these digital coins become so popular for remittances? Here are some of the many reasons we found out:
It doesn’t rely on a central authority
Bitcoin’s decentralized nature is probably one of the main reasons why BTC is becoming so popular for many industries and individuals today. Since no government or central authority runs its operations, Bitcoin transactions aren’t as limited and governed as fiat transactions.
You won’t need any third-party platforms such as banks and other financial institutions to process your remittances. All you need is a smartphone or laptop connected to the Internet and a crypto wallet. Interestingly, you can get a free Bitcoin wallet from peer-to-peer marketplaces like Paxful just by signing up. A digital wallet allows you to process all your Bitcoin transactions on the go. This brings us to our next important point.
It offers a different level of convenience
Since you have everything you need in a powerful Bitcoin wallet, you can send your remittances to your friends and family with just a few taps on your smartphone. You don’t need to worry about long queues in remittance centers or holidays and operating hours. It’s also available 24/7, which means you can easily send or receive money anytime from anywhere in the world.
It paves the way for cheaper and faster transactions
Sending money across a country’s borders comes with fees and frankly, these charges aren’t cheap. Most of the time, processing or transfer fees vary depending on the amount of money you’ll send, the destination of the funds, the purpose of the transaction, and the mode of payment. If you’re sending remittances frequently, these fees can become a burden not only for you but for your recipient as well.
With Bitcoin, you can quickly send money to your loved ones abroad—if not instantly—without having to pay hefty fees. Many crypto exchanges today will teach you how to buy Bitcoin easily and use it to make cheaper remittances using the payment options that are popular in your recipient’s country.
Paxful, for example, allows you to send BTC to your family using the nearly 400 payment methods it supports. You can transfer money using cash payments, debit or credit cards, gift cards, mobile wallets, bank transfers, and a lot more. All you have to do is know which payment options will best work for you and your family.
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The best part is that you can also use these payment methods when converting Bitcoin to cash or other digital currencies.
It promotes financial independence and inclusion
Did you know that billions of people around the globe remain unbanked today? The widespread lack of access to financial services is one of the many reasons why many individuals are starting to turn to Bitcoin and other digital currencies.
With banks, you’ll be required to present personal information and documents such as your name, date of birth, home address, and a lot more. These requirements and the banks’ tedious process make it challenging for many people, especially those who are unable to open an account and get a ticket to the financial services they deserve.
On the flip side, Bitcoin doesn’t require you to provide information like that. When processing transactions, all you need to present is your public address where the funds will be sent—no need for your name, address, phone number, and other confidential information.
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If you have a device connected to the Internet, you’ll be all set to jumpstart your crypto journey right away.
Bitcoin’s use for remittances could continue to go sky-high
A recent report from Chainalysis stated that worldwide crypto adoption has grown by over 880% in the last year. This means that a lot of people from different corners of the world are starting to discover and experience the remarkable potential of Bitcoin and other cryptocurrencies in the market.
Interestingly, the use of Bitcoin and other cryptocurrencies is significant for carrying out international transactions like remittances—either for individual or commercial use cases—and buying products to import and sell. Simply put, cross-border money transfers are among the primary contributors to BTC’s soaring adoption rate.
The things we’ve listed above are just among the many things behind Bitcoin’s booming popularity in remittances. As you dig a little deeper, you’ll surely find a lot more. If you’re using BTC for sending money to your friends and family abroad, what other benefits would you want to include in the list? And if you haven’t explored the potential of Bitcoin for your cross-border money transfers yet, what are you waiting for? Kick start your BTC remittance now and let us know how it goes. Good luck!
The content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice