Remittance technology is constantly improving, making it easier to give money to loved ones, family members, and friends. When considerin
Remittance technology is constantly improving, making it easier to give money to loved ones, family members, and friends.
When considering the advantages and disadvantages of using Bitcoin for remittance, it is important to consider its speed and cost. Although sending remittances via a blockchain Philippines is faster, it requires more steps than wire transfers. For a beginner, this can be intimidating, but with some studying, it can become easier. Unlike traditional wire transfers, cryptocurrencies are censorship resistant and circumvent international sanctions.
Compared to traditional remittance solutions, using Bitcoin is faster and cheaper. The transaction time is usually less than a day, and the fees are lower. Typically, a remittance of $200 or more costs around $20.
When sending money abroad, the best cryptocurrency for remittance is one that has low fees and high liquidity. For example, a remittance to Mexico will cost about $6,000. Because Bitcoin is more liquid than fiat, it is more convenient than traditional methods. Depending on the amount and the destination country, the fees are often lower than banks. The only downside is that it may take a few days for a recipient to receive the funds.
Bitcoin is very popular in the Philippines because it allows people to send money worldwide without the need to travel. Remittances with bitcoin can be as low as $200 to $300, and the fees are usually lower than traditional remittance solutions. Moreover, remittances using bitcoin trading Philippines are the most convenient and cheapest method of remittance for Filipino migrant workers in South Korea.
You don’t have to go to remittance centers yourself to claim or send money. We can now do this type of transaction anywhere, anytime, as long as you have a smartphone, data, load, and an online method of payment or e-wallet.
With the constant growth of technology to meet global needs, and the high involvement of the audience in cryptocurrency and bitcoin trading in the Philippines it has become possible to send money through it.
HOW CRYPTOCURRENCY REPENTANCE WORKS
The cryptocurrency method works in the same manner as traditional remittance methods. Both the sender and receiver need to have access to a crypto wallet. If you don’t understand cryptocurrency, you can reach out to someone who does and they will send the money or receive it on your behalf.
ADVANTAGES BITCOIN REMITTANCE
- Low Cost – Traditional Remittances can sometimes have a high transaction fee. High fees can be avoided with crypto exchange
- Speed – While traditional remittances can take up to an hour or more, bitcoin remittance only takes about 10-20 minutes for the recipient to receive the money.
- Decentralized Currency – Since cryptocurrency doesn’t have a central governing body, anyone can send as many as they like without any restrictions or money values.
- Accessibility, Flexibility, and Accessibility – With e-wallets or the right apps, anyone can buy any type of cryptocurrency and exchange it for another.
- Security – since cryptocurrency works with blockchain technology, transactions are more secure than traditional remittances.
The convenience of sending money through the cryptocurrency exchange in Philippines will increase with the increasing number of people who are interested.
If you want to learn more about how Bitcoin remittance works and why is it better than the traditional way of sending and receiving money, you can read this infographic from Coexstar and learn more from them here.