Is Bitcoin and blockchain suitable for international remittances?

[edsnow2017]

bitcoin also offers fast and easy payments

[VitKoyn]

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

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/

[gayan84]

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

[Siopao]

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.

[bigmaster23]

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.

[btc-facebook]

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 !

[EnormousCoin101]

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.

[nskendrovic]

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

[edsnow2017]

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.

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.

[bitcon]

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

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.

[Dudeperfect]

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.

[tyuner4]

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.