Bitcoin is necessary for Remittance Industry??

maldini

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Quote from: Ailmand on May 15, 2019, 06:14:43 AM

That is why using cryptocurrency in sending or transeferring money is more convenient than using a third party such as banks or any other remmitance company. It saves you time and money, you will not need to pay bank fees, pass necessary documents or details, with crypto all you need is an address.

This is one of the benefits of using crypto where we can freely transact without knowing the government because nobody regulates it. In the future bitcoin will be a solution for many people who experience similar problems like you, they will get financial freedom.

xvids

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It is best to use for sending money because it is way more cheaper and more faster than using a remittance center.
Just imagine sending money to another country would cost too much and also the transaction would take days but with crypto or Bitcoin ,
It would only have a small transaction fee and doesn't care about what country you are at and what country would be your reciever so the fee would still be the same.
And it would only take some time to confirm your transaction so it is a great way to send money.

BlackFor3st

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Yes bitcoin or I say blockchain is the best solution to your problem as you don't need any necessary documents in order to send your money to your friend and it will only takes like 30minutes to 3 hours depends on transaction fee compare to 2-3 days to be sent.

The government and also the banks are very strict especially in transferring funds to other countries and with different bank account or even in any remittances. That is the reason also why most of the governments oppose the usage of bitcoin and other crypto currencies as they will not be able to monitor the in and out of money in their respected countries.

ttcsalam

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It's just a great opportunity. It's a great opportunity for us. We can move it quickly if we want to. It's another country from one country. It's working as a good medium for everyone at a low cost.

zloadr12

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I am really sorry to see your post. It hurt me that about odd situation of your cousin and thanks crypto community especially to Bitcoin to overcome your situation.

Lizzylove1

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Yes bitcoin is necessary to remittance industry, but for now it's not scalable, each time it's bullish, transaction fee usually jack up and the network get clogs, like we have now, my bitcoin I sold for a military officer has been pending for days now and these miners are greedy. We need lightening network now.

Bohdan Rabeha

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Quote from: Ucy on May 16, 2019, 05:18:31 PM

Is just not very common yet due to low adoption rate, fear, trust issues, complicated transfer methods and lack of awareness.

This is the main problem. Because there are many people who interfere with us to develop this technology. Competition is big in the world today.

EdvinZ

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Money transfers in cryptocurrency are fast, convenient, cheap. In my opinion, it is obvious that digital money has significant advantages over fiat currencies. The blockchain technology allows you to make a money transfer in any urgent situation.

niisarearning

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Quote from: Slow death on May 15, 2019, 12:16:59 PM

Quote from: niisarearning on May 15, 2019, 05:37:09 AM

Thats when i realised the real potential of Bitcoin . Then after Came back to crypto space after long time . I got real trust . Then after market also started to move towards bullish run (Coincident) . Now i am feeling proud that i am in crypto community.

You did not say if you could or could not send money to your cousin. How do you tell a story and forget to tell the end of the story?

bitcoin is very good, but we still depend on the banks to spend bitcoin in the real world, unless you live in the European Union or the United States and you have bitcoin debit card

I sent or not that is not important here . There is lots of way of sending money even without bank or money transfer . Even exchanges suggested that method fo quick transfer but it is too risky and bit more charge . I am telling this because why bitcoin is more potential for future and there is no doubt in bitcoin growth

Ucy

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Bitcoin is already being used for this purpose. Is just not very common yet due to low adoption rate, fear, trust issues, complicated transfer methods and lack of awareness.

bhabygrim

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Yes using Bitcoin is more convenient than other remittance center or even banks,
In crypto it would only take a few minutes for the other person to recieve it but in remittance center it would take hours and not to mention the huge fee that it would cost you compare to Bitcoin,
And you don't have to leave your house if you want to send money from crypto you could do it anywhere anytime.

niisarearning

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Quote from: Beerwizzard on May 15, 2019, 06:09:12 AM

You probably tried to send some kind of bank transfer. In such transactions sometimes banks make minimum transaction amount of $100, fixed fees about $30 and extra % of the total amount. That obviously seem retarded but there is also a lot payment systems like paypal or some money transfer systems like Western Union, which have a lot of similar services with smaller fees. Anyway, crypto is not the only solution for that problem. People invented many things to make small international transfers easier.

I tried with western union and other money transfer service . I don’t think any useful information in your quote . Better you go outside and try to send money to any one in outside country. Then you will find real potential of bitcoin.

Slow death

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Quote from: niisarearning on May 15, 2019, 05:37:09 AM

Thats when i realised the real potential of Bitcoin . Then after Came back to crypto space after long time . I got real trust . Then after market also started to move towards bullish run (Coincident) . Now i am feeling proud that i am in crypto community.

You did not say if you could or could not send money to your cousin. How do you tell a story and forget to tell the end of the story?

bitcoin is very good, but we still depend on the banks to spend bitcoin in the real world, unless you live in the European Union or the United States and you have bitcoin debit card

avikz

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Quote from: niisarearning on May 15, 2019, 05:37:09 AM

Recently i had to send some money for my cousin who is staying in other country He was in real trouble . It was urgent money he needed . It was less than 100$ . I went all money transfer exchanges asked for sending money as he need urgently Every where i found same answer we cant send less than 100$ . Even if we want to send there will be huge process. Beneficiary should have that countries bank account even he is traveller . Minimum there was at least for 500$ and also it will take 2 to 3 days for transferring this money to beneficiary account.
Some were i found answer we cant send money apart from our blood relations (I mean sibblings and Parents) . For that they required proof

Thats when i realised the real potential of Bitcoin . Then after Came back to crypto space after long time . I got real trust . Then after market also started to move towards bullish run (Coincident) . Now i am feeling proud that i am in crypto community.

It's not just necessary but it's the imminent future for the remittance industry.

However, I am not sure if bitcoin will be the gamechanger, but definitely some virtual currency will take over the remittance industry and that's where Ripple is trying to establish their business to cover this exact gap.

Either these remittance providers will have to move to some kind of blockchain supported currencies for cheaper and faster transactions, or they will become extinct. Every business idea comes with an expiry date and they need to evolve continuously to sustain the competition. From where I see, Virtual currencies will become a norm in remittance business within few years!

Muzika

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Quote from: niisarearning on May 15, 2019, 05:37:09 AM

Recently i had to send some money for my cousin who is staying in other country He was in real trouble . It was urgent money he needed . It was less than 100$ . I went all money transfer exchanges asked for sending money as he need urgently Every where i found same answer we cant send less than 100$ . Even if we want to send there will be huge process. Beneficiary should have that countries bank account even he is traveller . Minimum there was at least for 500$ and also it will take 2 to 3 days for transferring this money to beneficiary account.
Some were i found answer we cant send money apart from our blood relations (I mean sibblings and Parents) . For that they required proof

Thats when i realised the real potential of Bitcoin . Then after Came back to crypto space after long time . I got real trust . Then after market also started to move towards bullish run (Coincident) . Now i am feeling proud that i am in crypto community.

This is great, it will really help the money remittance on its easiest way and no need for the remittance center because the transfer can be done P2P, the only thing that the receiver will do is to convert its cryto to fiat which is very simple and easy nowadays that no one will question you with those amounts.

Indamuck

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Quote from: dothebeats on May 15, 2019, 09:04:24 AM

Western Union and Xoom AFAIK doesn't require a minimum amount to be sent. Also, what will your cousin do once he/she received the bitcoins? What if there are no bitcoin ATMs around to do fast cash withdrawals? This is where it gets tricky IMO, as your cousin still needs to get validated on that country's exchanges before getting some cash. If the country is OK enough to have merchants accept bitcoin then that's fine. But what if that's not the case? Bitcoin would be worthless and he/she will still need to go through the rigorous process of getting KYC'd.

I've never had a problem sending money worldwide with traditional methods plus not many people are even able to use bitcoin in their city. This will change in the future but right now its easier to use banks to send money across the globe since fiat is widely accepted.

jakelyson

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Quote from: niisarearning on May 15, 2019, 05:37:09 AM

Minimum there was at least for 500$ and also it will take 2 to 3 days for transferring this money to beneficiary account.

Just the delay of 2 to 3 days before you receive the money is enough to dismay me from using bank wire transfer. Western Union is better but it has a very high fee. That is also the reason I am using crypto to send money to my relatives.

Quote from: niisarearning on May 15, 2019, 05:37:09 AM

Thats when i realised the real potential of Bitcoin . Then after Came back to crypto space after long time . I got real trust . Then after market also started to move towards bullish run (Coincident) . Now i am feeling proud that i am in crypto community.

Welcome back to crypto community. What you realized as a potential of Bitcoin is just a tiny speck of what it can really do. That is why I am investing in bitcoin because of its massive potential.

Haunebu

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Quote from: dothebeats on May 15, 2019, 09:04:24 AM

Western Union and Xoom AFAIK doesn't require a minimum amount to be sent. Also, what will your cousin do once he/she received the bitcoins? What if there are no bitcoin ATMs around to do fast cash withdrawals? This is where it gets tricky IMO, as your cousin still needs to get validated on that country's exchanges before getting some cash. If the country is OK enough to have merchants accept bitcoin then that's fine. But what if that's not the case? Bitcoin would be worthless and he/she will still need to go through the rigorous process of getting KYC'd.

He could always sell his coins through a P2P platform like LocalBitcoins and transfer FIAT directly into his bank account within a matter of minutes. There are exchanges that don't require KYC for small amounts too if he wishes to go that route.

Not a problem if you ask me.

dothebeats

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Western Union and Xoom AFAIK doesn't require a minimum amount to be sent. Also, what will your cousin do once he/she received the bitcoins? What if there are no bitcoin ATMs around to do fast cash withdrawals? This is where it gets tricky IMO, as your cousin still needs to get validated on that country's exchanges before getting some cash. If the country is OK enough to have merchants accept bitcoin then that's fine. But what if that's not the case? Bitcoin would be worthless and he/she will still need to go through the rigorous process of getting KYC'd.

drumamat

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Speed and low fees are only a part of the positive functions of which the cryptocurrency has.I do not have a great need to transfer money to another country,but if such a need arose I would definitely use bitcoin for these purposes.

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