Why Is It Better To Use Bitcoin For Remittance?
Migrants often rely on conventional methods of sending money to a recipient in their home country. They use options like wire transfers, international money orders, and Money Transfer Operators (MTO). Moreover, because of digital technology, they can also choose to send funds via e-wallets.
Still, these options are often associated with many hassles and exorbitant fees, making the process stressful and inconvenient. Many traditional remittance processes operate on a fixed schedule. It means that if the person needs to send funds during the holidays or for emergency purposes, they need to wait until the service is available.
Additionally, the sum received by the recipient may become significantly less than the original amount sent after certain fees have been deducted. No matter the amount, the money used to pay for transaction fees could have been used for other, more meaningful endeavors.
This is where cryptocurrency comes in. Thanks to technological innovation, people now have the option to use cryptocurrency exchange Philippines to facilitate remittance and avoid the hassle of traditional methods. The process is similar to the conventional methods and does not require a complex procedure to complete.
However, if the person is unfamiliar with how the process works, they may ask someone who does to help them. Ideally, the person they ask the favor from should be someone they trust.
In bitcoin remittance, the sender and the receiver must have a cryptocurrency account or wallet. For example, if the sender needs to send an amount in foreign currency to the Philippines, they must first exchange it for cryptocurrency. They may buy cryptocurrency via an exchange or through peer-to-peer marketplaces.
When they have the equivalent bitcoin amount, all they need is the receiver’s wallet details to send the purchased coins. Upon receiving the cryptocurrency, the recipient will exchange it for legal tender in their country.
The transfer process often charges a low flat rate and does not require intermediary fees. The exchange can also be done at any time, providing convenience, particularly for those needing funds immediately. Perhaps the highlight of cryptocurrency is the security it offers. It is backed by blockchain encryptions, meaning that the transactions are secured and time-stamped, making them difficult to hack.
Of course, users still need to exercise caution and keep an eye out for scammers. This is why it is recommended for unfamiliar users to ask for help only from people they trust.
There are many uses for cryptocurrency, including facilitating remittance processes. To learn more about the matter, keep reading this infographic created by COEXSTAR PH that expounds on why bitcoin is better to use for remittance.