Giving money to your family, relatives, friends or loved ones has been a lot easier these days due to remittance that is continuing to evolve.
From going to remittance centers yourself in order to send or claim money, now we can do this kind of transaction anytime anywhere as long as we have smartphones, data or load and an online means of payment or e-wallets.
Today, with the continuous growth of technology in meeting global needs and high audience involvement in cryptocurrencies and bitcoin trading in the Philippines, money remittances through it became possible.
HOW CRYPTOCURRENCY REMITTANCE WORKS
The cryptocurrency methods work in the same way as traditional methods for remittances. Both the sender as well as the receiver must have access to a cryptocurrency wallet. For those who don’t know how cryptocurrency works, they can contact someone who is and they will send or receive the money on their behalf.
ADVANTAGES OF BITCOIN REMITTANCE
- Lower Cost – traditional remittance can some times have costly charge for every transaction. Crypto exchange can avoid high fees.
- Speed – Unlike other traditional remittance that takes mostly an hour or a day in process, bitcoin remittance takes 10-20 minutes approximately for the receiver to be able to get the money.
- Decentralized Currency – since cryptocurrency has no central governing body that oversees its activities, anyone can send as much as they want, without any maximum limit or money value involved in every transaction.
- Accessibility and Flexibility – with e-wallets and right applications, anyone can purchase any kind of cryptocurrency and exchange it to another i f they like to.
- Security – since cryptocurrencies work with blockchain technology, the protection of transactions is even stronger compared to traditional remittances.
With the growing number of people getting into cryptocurrency exchange in the Philippines, the convenience of remittances through it will also rise.
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.