Bitcoin Forum

Recently i had to send some money for my cousin who is staying in other country He was in real trouble . It was urgent money he needed . It was less than 100$ . I went all money transfer exchanges asked for sending money as he need urgently  Every where i found same answer we cant send less than 100$ . Even if we want to send  there will be huge process. Beneficiary should have that countries bank account even he is traveller . Minimum there was at least for 500$ and also it will take 2 to 3 days for transferring this money to beneficiary account.
Some were i found answer we cant send money apart from our blood relations (I mean sibblings and Parents) . For that they required proof

Thats when i realised the real potential of Bitcoin . Then after Came back to crypto space after long time . I got real trust . Then after market also started to move towards bullish run (Coincident) . Now i am feeling proud that i am in crypto community.

You probably tried to send some kind of bank transfer. In such transactions  sometimes banks make minimum transaction amount of $100, fixed fees about $30 and extra % of the total amount. That obviously seem retarded but there is also a lot payment systems like paypal or some money transfer systems like Western Union, which have a lot of similar services with smaller fees. Anyway, crypto is not the only solution for that problem. People invented many things to make small international transfers easier.

That is why using cryptocurrency in sending or transeferring money is more convenient than using a third party such as banks or any other remmitance company. It saves you time and money, you will not need to pay bank fees, pass necessary documents or details, with crypto all you need is an address.

This is where Bitcoin excel against traditional remittance service.  Transaction is fast, takes about a second once you transfer the  amount of BTC, confirmation may take 10 minutes depending on how soon the next block is mined.   Fee is very minimal compared to remittances and you can send your Bitcoin anytime, anywhere in the world.  Though some altcoin can be transfered and confirmed faster, but, there is none like Bitcoin that is most supported by exchange platform where the receiver can be able to convert BTC to money.


It is a good thing that you realized the obvious.  Welcome back to crypto community :)

I wouldn't say it's necessary but bitcoin and crypto is good as an alternatives to the current remittance services we have. So can sent it anywhere in the world as long as there is internet.

That's why many remittance services globally thinks that bitcoin is a threat. But for us, it means that we have options without any third party in between and it's fast as well (no need to wait for 3-5 business days for clearing.)

Bitcoin is actually the most convenient remittance that I have ever used. I have the same experience as well where I got so hopeless but I had Bitcoin and things went well.
During this time, I appreciate the importance and convenience that cryptocurrency is giving us.
It functions and offers better services than any remittances around the globe.

Yes, Western Union and other remittance companies charge an arm and a leg to the poor in third world countries (more than 10% in some cases) and are ripe for losing market share with the emergence of cryptocurrencies. One thing that holds cryptocurrencies back is the lack of blockchain infrastructure and acceptance in third world countries, but slowly this is changing. We need easy conversion of cryptocurrencies to fiat currencies all over the world.

Your choosing right choice bitcoin is the fastest way to transfer fund if the virtual currency legally accepted the country where did you want tp sent funds.
Then use banks or any remittance center accepting digital currency to convery it into fiat.

That's good to know about the entry into the crypto community with some reason. Banks and exchange services truly got their limitations and with the same they'll make common people suffer. I personally hasn't suffered with such immediate transfers, but I do have preferred using bitcoin for the same.

You send some bitcoin to your friend,but he will have to convert that bitcoin into fiat,and this is a risky and expensive process,if you are a newbie and you don't know what to do.
Bank wire transfers are so damn expensive for no reason other than the greed of bankers.
Bitcoin's competition in the remittance industry might force them to lower the wire transfer fees.

That is crypto potential as long as there is a remittance center.cwhat your blood relatives need to do once he received your crypto is a way to exchange it to cash and send the cash to a remittance center to withdraw.

You mentioned it already, we need Bitcoin or crypto to provide better service to the paypal.
The high fees, the slow processing period will be eliminated when people will adopt with bitcoin because more businesses then will accept bitcoin.

Also, we the bitcoin ATM could help, and hopefully their numbers will increase as the adoption is increasing.

Speed and low fees are only a part of the positive functions of which the cryptocurrency has.I do not have a great need to transfer money to another country,but if such a need arose I would definitely use bitcoin for these purposes.

Western Union and Xoom AFAIK doesn't require a minimum amount to be sent. Also, what will your cousin do once he/she received the bitcoins? What if there are no bitcoin ATMs around to do fast cash withdrawals? This is where it gets tricky IMO, as your cousin still needs to get validated on that country's exchanges before getting some cash. If the country is OK enough to have merchants accept bitcoin then that's fine. But what if that's not the case? Bitcoin would be worthless and he/she will still need to go through the rigorous process of getting KYC'd.

He could always sell his coins through a P2P platform like LocalBitcoins and transfer FIAT directly into his bank account within a matter of minutes. There are exchanges that don't require KYC for small amounts too if he wishes to go that route.

Not a problem if you ask me.

Just the delay of 2 to 3 days before you receive the money is enough to dismay me from using bank wire transfer. Western Union is better but it has a very high fee. That is also the reason I am using crypto to send money to my relatives.


Welcome back to crypto community. What you realized as a potential of Bitcoin is just a tiny speck of what it can really do. That is why I am investing in bitcoin because of its massive potential.

I've never had a problem sending money worldwide with traditional methods plus not many people are even able to use bitcoin in their city. This will change in the future but right now its easier to use banks to send money across the globe since fiat is widely accepted. 

This is great, it will really help the money remittance on its easiest way and no need for the remittance center because the transfer can be done P2P, the only thing that the receiver will do is to convert its cryto to fiat which is very simple and easy nowadays that no one will question you with those amounts.

It's not just necessary but it's the imminent future for the remittance industry.

However, I am not sure if bitcoin will be the gamechanger, but definitely some virtual currency will take over the remittance industry and that's where Ripple is trying to establish their business to cover this exact gap.

Either these remittance providers will have to move to some kind of blockchain supported currencies for cheaper and faster transactions, or they will become extinct. Every business idea comes with an expiry date and they need to evolve continuously to sustain the competition. From where I see, Virtual currencies will become a norm in remittance business within few years!

You did not say if you could or could not send money to your cousin. How do you tell a story and forget to tell the end of the story?

bitcoin is very good, but we still depend on the banks to spend bitcoin in the real world, unless you live in the European Union or the United States and you have bitcoin debit card

I tried with western union and other money transfer service . I don’t think any useful information in your quote . Better you go outside and try to send money to any one in outside country. Then you will find real potential of bitcoin.

Yes using Bitcoin is more convenient than other remittance center or even banks,
In crypto it would only take a few minutes for the other person to recieve it but in remittance center it would take hours and not to mention the huge fee that it would cost you compare to Bitcoin,
And you don't have to leave your house if you want to send money from crypto you could do it anywhere anytime.

Bitcoin is already being used for this purpose. Is just not very common yet due to low adoption rate,  fear, trust issues, complicated transfer methods and lack of awareness.

I sent or not that is not important here . There is lots of way of sending money even without bank or money transfer . Even exchanges suggested that method fo quick transfer but it is too risky and bit more charge . I am telling this because why bitcoin is more potential for future and there is no doubt in bitcoin growth

Money transfers in cryptocurrency are fast, convenient, cheap. In my opinion, it is obvious that digital money has significant advantages over fiat currencies. The blockchain technology allows you to make a money transfer in any urgent situation.

This is the main problem. Because there are many people who interfere with us to develop this technology. Competition is big in the world today.

Yes bitcoin is necessary to remittance industry, but for now it's not scalable, each time it's bullish, transaction fee usually jack up and the network get clogs, like we have now, my bitcoin I sold for a military officer has been pending for days now and these miners are greedy. We need lightening network now.

I am really sorry to see your post. It hurt me that about odd situation of your cousin and thanks crypto community especially to Bitcoin to overcome your situation.

It's just a great opportunity. It's a great opportunity for us. We can move it quickly if we want to. It's another country from one country. It's working as a good medium for everyone at a low cost.

Yes bitcoin or I say blockchain is the best solution to your problem as you don't need any necessary documents in order to send your money to your friend and it will only takes like 30minutes to 3 hours depends on transaction fee compare to 2-3 days to be sent.

The government and also the banks are very strict especially in transferring funds to other countries and with different bank account or even in any remittances. That is the reason also why most of the governments oppose the usage of bitcoin and other crypto currencies as they will not be able to monitor the in and out of money in their respected countries.

 

It is best to use for sending money because it is way more cheaper and more faster than using a remittance center.
Just imagine sending money to another country would cost too much and also the transaction would take days but with crypto or Bitcoin ,
It would only have a small transaction fee and doesn't care about what country you are at and what country would be your reciever so the fee would still be the same.
And it would only take some time to confirm your transaction so it is a great way to send money.

This is one of the benefits of using crypto where we can freely transact without knowing the government because nobody regulates it. In the future bitcoin will be a solution for many people who experience similar problems like you, they will get financial freedom.