Topic: [2016-07-18] Bitcoin Remittance Solutions Are Not Always Cheaper (Read 306 times)
Transferwise charges 0.5% commission on all transfers and this is insignificant when transferring small amounts, whereas it might be significant when transferring that same amount with bitcoin. The transaction fees might eat into your money.
Bitcoin remittance solutions are not some magic and it is not so easy as people think - certainly not in current world, when bitcoin is still niche market.
Bitcoin can compete with giants of remittance market but not in a direct way, and it will only make them lower their fees in the best case scenario.
Bitcoin can compete with giants of remittance market but not in a direct way, and it will only make them lower their fees in the best case scenario.
these companies will face significant competition from existing and emerging players embracing distributed ledger technology in the coming years.
But there are still some drawbacks to using Bitcoin in the remittance industry. Unlike what most people may want to believe, Bitcoin is not the cheapest solution compared to offerings such as Xoom, Western Union, and Azimo. That being said, there are competitive prices to be found, even though Bitcoin remains overall more expensive than TransferWise when relying on third-party service providers.
http://themerkle.com/bitcoin-remittance-solutions-are-not-always-cheaper/
http://themerkle.com/bitcoin-remittance-solutions-are-not-always-cheaper/
Jump to: