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Topic: Bitcoin is necessary for Remittance Industry?? - page 2. (Read 290 times)

hero member
Activity: 3178
Merit: 661
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You mentioned it already, we need Bitcoin or crypto to provide better service to the paypal.
The high fees, the slow processing period will be eliminated when people will adopt with bitcoin because more businesses then will accept bitcoin.

Also, we the bitcoin ATM could help, and hopefully their numbers will increase as the adoption is increasing.
hero member
Activity: 1134
Merit: 502
That is crypto potential as long as there is a remittance center.cwhat your blood relatives need to do once he received your crypto is a way to exchange it to cash and send the cash to a remittance center to withdraw.
hero member
Activity: 3192
Merit: 939
You send some bitcoin to your friend,but he will have to convert that bitcoin into fiat,and this is a risky and expensive process,if you are a newbie and you don't know what to do.
Bank wire transfers are so damn expensive for no reason other than the greed of bankers.
Bitcoin's competition in the remittance industry might force them to lower the wire transfer fees.
sr. member
Activity: 1092
Merit: 256
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That's good to know about the entry into the crypto community with some reason. Banks and exchange services truly got their limitations and with the same they'll make common people suffer. I personally hasn't suffered with such immediate transfers, but I do have preferred using bitcoin for the same.
full member
Activity: 2590
Merit: 228
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 afr 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.


Your choosing right choice bitcoin is the fastest way to transfer fund if the virtual currency legally accepted the country where did you want tp sent funds.
Then use banks or any remittance center accepting digital currency to convery it into fiat.
sr. member
Activity: 868
Merit: 281
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.

Yes, Western Union and other remittance companies charge an arm and a leg to the poor in third world countries (more than 10% in some cases) and are ripe for losing market share with the emergence of cryptocurrencies. One thing that holds cryptocurrencies back is the lack of blockchain infrastructure and acceptance in third world countries, but slowly this is changing. We need easy conversion of cryptocurrencies to fiat currencies all over the world.
sr. member
Activity: 1596
Merit: 335
Bitcoin is actually the most convenient remittance that I have ever used. I have the same experience as well where I got so hopeless but I had Bitcoin and things went well.
During this time, I appreciate the importance and convenience that cryptocurrency is giving us.
It functions and offers better services than any remittances around the globe.
hero member
Activity: 2842
Merit: 772
I wouldn't say it's necessary but bitcoin and crypto is good as an alternatives to the current remittance services we have. So can sent it anywhere in the world as long as there is internet.

That's why many remittance services globally thinks that bitcoin is a threat. But for us, it means that we have options without any third party in between and it's fast as well (no need to wait for 3-5 business days for clearing.)
legendary
Activity: 3052
Merit: 1281
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This is where Bitcoin excel against traditional remittance service.  Transaction is fast, takes about a second once you transfer the  amount of BTC, confirmation may take 10 minutes depending on how soon the next block is mined.   Fee is very minimal compared to remittances and you can send your Bitcoin anytime, anywhere in the world.  Though some altcoin can be transfered and confirmed faster, but, there is none like Bitcoin that is most supported by exchange platform where the receiver can be able to convert BTC to money.

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 is a good thing that you realized the obvious.  Welcome back to crypto community Smiley

hero member
Activity: 1274
Merit: 519
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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.
full member
Activity: 924
Merit: 148
You probably tried to send some kind of bank transfer. In such transactions  sometimes banks make minimum transaction amount of $100, fixed fees about $30 and extra % of the total amount. That obviously seem retarded but there is also a lot payment systems like paypal or some money transfer systems like Western Union, which have a lot of similar services with smaller fees. Anyway, crypto is not the only solution for that problem. People invented many things to make small international transfers easier.
sr. member
Activity: 910
Merit: 252
Recently i had to send some money for my cousin who is staying in other country He was in real trouble . It was urgent money he needed . It was less than 100$ . 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.
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