Do you have any experience of sending money abroad? While sending remittances locally and internationally, there comes a lot of issues like convenience, speed, fees, etc. Many people who are sending funds to provide for their family needs usually face these difficulties.
Because of this challenging reality, many people try to find alternative ways that could make this process of sending money abroad, convenient for them. if you also want to know then read the article till the end.
The new form of money is Bitcoin (BTC) and cryptocurrencies. But what makes these digital forms of coins so popular for remittances? The answer is mentioned below.
1. It is independent of central authority
The decentralized structure of Bitcoin is one of the main reasons why BTC is currently so popular with so many businesses and people. Bitcoin transactions are less limited than fiat transactions since no government or central authority controls them.
You won’t need platforms like banks or any other financial institutions for the remittance process. You just need a laptop or smartphone with internet access and a crypto wallet. The digital wallet will help you to process Bitcoin transactions on the go.
2. It provides a different level of convenience
After you have the things you need in the Bitcoin wallet you can simply send the remittances with a few taps on your smartphone. Plus, you can send or receive money from any part of the world because it is available 24/7.
3. It opens the door for quicker and less expensive transactions.
It takes a lot of fees to send money from any country to the other country and the charges are quite high. These charges become a great burden on people who are sending remittances frequently. Today, there are several crypto exchanges that can show you how to buy Bitcoin quickly and use it to send money abroad for less using the accepted payment methods in the recipient’s country.
For example, Paxful allows you to send BTC to your family as it is supporting 400 payment methods. Your money can be transferred using cash payment, gift cards, debit or credit cards, bank transfers, mobile wallets, and a lot more. You just need to select the payment option that works best for you.
4. It encourages financial independence and inclusion.
Did you realize that there are still billions of unbanked people in the world today? One of the numerous causes for the rising use of Bitcoin and other cryptocurrencies among people is the general lack of access to financial services.
You’ll have to provide personal information and papers to banks, like your name, date of birth, residential address, and a lot more. For many people, especially those who are unable to create an account, these restrictions and the lengthy banking process present a challenge.
On the other hand, you are not required to disclose such details when using Bitcoin.
You’ll be ready to begin your cryptocurrency journey right away if you have a device that is connected to the Internet.
The use of bitcoin for remittances may continue to grow.
According to a recent report from Chainalysis, crypto adoption has grown by over 880% worldwide. This indicates that a large number of people are beginning to learn about and experience the amazing potential of Bitcoin and other cryptocurrencies on the market.
The factors we’ve mentioned above are only a few of the many that contribute to Bitcoin’s huge growth in remittance popularity. You’ll undoubtedly uncover much more when you explore a little further. What more advantages would you like to add to the list if you use Bitcoin to send money to friends and family who live abroad? What are you waiting for if you haven’t yet looked into Bitcoin’s possibilities for cross-border money transfers? Start sending BTC right away, and let us know how it goes!