Bitcoin Forum

With your knowledge of the blockchain and bitcoin, do you think bitcoin and blockchain are suitable for international remittances? Please post your opinion

Yes it is good for sending money but only if the country has not banned bitcoin.

Yes, its currently used as a good option for remittance right now. Cutting the waiting period to half, I prefer to send BTC/Alts rather than sending FIAT because its more faster.

Bitcoin can significantly reduce agency costs
For Bitcoin remittance providers, customers tend to be skilled early adopters, which we call online and mobile, while online rates average between 1 and 3%

Yes, that's bitcoin is intended for. For sending money to others directly and no need of third parties so bitcoin is ideal for international remittances but the deal here is you need to pay the right and recommended fee so that your transaction will not take so long before it arrives to the receiver.

Yes, using bitcoin is much easier to make international transfers. For example, in my city there are no international banks, and if it were not for the bitcoins, I would not have had the opportunity to engage in international activities.

Yes, it's very convenient. You do not need intermediaries in the form of a bank. The commission is much smaller, the transaction will not be lost in transit. Therefore, if possible, I prefer to use bitcoin for international transfers.

of course it will provide ease in long-distance transactions that can only be done in blockchain and cryptocurrency because it is very easy to do by users

If you meant for bitcoin transaction within the blockchain from one user to another then it is not an issue. You are good to go.

But if you meant to send bitcoin as payment and receive as usd or your local currency then it depends on where you are from.
Such as if you are from one of the Asian countries (where bitcoin is banned) and want to receive payment in your local currency through the bank and the payment was sent by bitcoin then you might get the problem.
Because afaik that some Asian countries have a declaration process about "the source of fund", so in common sense, you can't declare that the fund source is bitcoin.

But if you are receiving in western countries then it might not be a problem as long as you pay the tax. Please correct me if I am wrong.

Yes I think it created for that purpose also to allow its users to send money to their love ones and families but this can only be possible and compatible with remittance if the transaction and the sender or receiver could be verified by the local governments.

It is implemented now on the philippines, a lot of money remittance accepts bitcoin, It is really suitable sir. But if the country bans bitcoin then its a problem and it is another issue.

Of course it is suitable for remittances as well as we get rid of the companies that charge us high rates and do not let us send large amounts and ask us or monitor our money and we do it instantly lasts in what goes through the chain of blocks and wait for one the comfirmations and ready us yega one way to our portfolio and then we will change it in localbitcoin or person to person it seems great

Obviously! It is suitable for international remittance because it implementing in some countries and many countries are like this concept so in future completely changed.
Some of the countries are avoid this technology but every year digital technology is improved  in all over the world. So automatically accept this technology

Yes suitable and I use it for this purpose every single day.   

I use only bitcoin in order to carry out international money transfers. I like the fact that you do not need to choose a bank with the least commission and other favorable terms, since there is nothing more advantageous than bitcoin.

Definitely yes, I believe it is designed to transfer funds from one place to another may it be local or international transfer, it doesnt matter because it is the main concept of blockchain technology.

yes
now more that ever because fees are very low but it is important for the receiver to be sure that banks in his country accept money from exchanges

Of course, this is one of the most beneficial privileges of using bitcoin. International transfers with it are very profitable and fast enough, moreover, quite cheap, compared to banks and other services for money transfers.

Yes bitcoin has this capacity to send money through international remittances  but not only with remittances also can do in international banks(only if banks agree) and one more thing that if your country didn't banned the use of bitcoin as mode of payment.

Yes, it truly has a good impact on the remittance and all sort of transaction within countries as well beyond boundaries and borders. The good thing with blockchain is that it can be used on any need. Unlike the service the implementation of blockchain gives efficiency in functioning without flaws.

bitcoin also offers fast and easy payments

Of course it can improve the international remittances, and this is also the reason why our government here in my country (philippines) wants to legalize Bitcoin/cryptocurrency because they can see the potential of Bitcoin to make remittances faster and secured and we have the highest volume of remittances in the world so it helps a lot. And actually there are almost 300 million philippine peso per month that are being remit here through Bitcoin/cryptocurrency. If you don't want to believe me here's a link https://www.unbox.ph/editorials/p300m-monthly-remittances-to-the-philippines-are-done-through-bitcoin/

A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet

Yes it is suitable for international remittance, overseas workers would benefit a lot if they would be knowledgeable about bitcoin. Thru this remittance would be charged minimal and transaction would be much faster. A very convenient method, swift and reliable one.

As far the knowledge I know, (Correct me if I'm wrong) the blockchain is just a stand alone server where you could look up at your transactions and not the one giving the fiat, it is the miner who solve the #block that include your transaction.

And on the other hand bitcoin is electronic wireless money that can be sent through internet.

without any further ado lets get to my point, instead of explaining things here, lets go to the topic itself. Is bitcoin and blockchain suitable for international remittances?

aren't they suitable IMHO they are not this is just another bed time story, you see that bitcoin can send without any commercial bank stand on the middle and blockchain just there to look at,  on where you sent where address it will be next handle and so on, just to have a feeling that it is not been somewhere else, bitcoin can be transferable through the help of others, others on particular means, the one that support bitcoin you would not get your paper money without the help of them. business,commercial you name it.

Most people use bitcoin because it's faster and cheaper than fiat but as for now , I think people may re-think again because the fee keep higher when bitcoin get expensive.
My cousin ever send me bitcoin from AUS , purchasing my good and everything went smooth !

Is is not 100% suitable because sometimes Bitcoin transaction takes longer time for transferring to another external account so if the money is badly needed then the word suitable is not yet totally for Bitcoin although most of the transfer takes only 15-30 mins if there is no network issues.

It will be better in the future when more people accept bitcoin.

yes definitely agree with you because this will do faster transfer of money save time and effort of a user you just need to use your computer or phone to transfer money. I hope someday it will be implemented and hoping that shops will accept too.

I would tell you even more: Bitcoin is the best for doing it. Here no 3rd parties are ever involved, the transactions are done very fast and their costs are extremely low. However, you must deal with the countries that did not ban BTC.

Let me tell you with my own experience, I used to send Paypal invoices to my overseas clients but since PayPal has some serious restrictions in my country because the government don't want us to hold our funds online in our Paypal accounts, we have to compulsory withdraw the funds in our bank account. Then I tried Bitcoin as a payment method for the same transactions but results were outstanding, not only I saved the transaction fees which I was anyway paying to the PayPal and to the exchange rate cut practice, I was getting 2 to 5% more and as a result I was able to charge less to my clients using Bitcoin as a payment method. I would definitely give thumbs up to the international remittance using Bitcoin as compared to that of the traditional mode of doing the same transactions.

Yes, block chain is good for remittances. There is no need for bank staffs to process the remittances at the back end. In fact, various banks are testing the block chain now.