What are the potential benefits of using bitcoin for international remittances?

7 answers

• Dec 26, 2021 · 3 years ago
  One potential benefit of using bitcoin for international remittances is the speed of transactions. Bitcoin transactions can be processed quickly, especially compared to traditional banking systems that may take several days to complete international transfers. This can be particularly useful for individuals who need to send money urgently.
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• Dec 26, 2021 · 3 years ago
  Another advantage is the lower transaction fees associated with bitcoin transfers. Traditional remittance services often charge high fees for international transfers, but with bitcoin, the fees are typically much lower. This can result in cost savings for both the sender and the recipient.
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• Dec 26, 2021 · 3 years ago
  Using bitcoin for international remittances can also provide greater financial inclusion. In many developing countries, access to traditional banking services is limited. However, with bitcoin, anyone with internet access can participate in the global financial system and send or receive money internationally.
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• Dec 26, 2021 · 3 years ago
  From the perspective of BYDFi, a digital currency exchange, one of the potential benefits of using bitcoin for international remittances is the decentralized nature of the cryptocurrency. Bitcoin operates on a decentralized network, which means that transactions are not controlled by any central authority. This can provide increased security and privacy for users.
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• Dec 26, 2021 · 3 years ago
  In addition, using bitcoin for international remittances can offer transparency. All bitcoin transactions are recorded on a public ledger called the blockchain, which can be accessed by anyone. This transparency can help prevent fraud and ensure that funds are being transferred as intended.
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• Dec 26, 2021 · 3 years ago
  Lastly, bitcoin can provide an alternative for individuals in countries with unstable or inflationary currencies. By using bitcoin, individuals can store and transfer value without being subject to the fluctuations and uncertainties of their local currency.
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• Dec 26, 2021 · 3 years ago
  Overall, using bitcoin for international remittances can offer advantages such as speed, lower fees, financial inclusion, decentralization, transparency, and stability in countries with unstable currencies.
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