Curiosity stating; could Bitcoin be the cheapest way to receive money?

[CTO114]

My Naija people out of curiosity I saw make I ask? Is Bitcoin the cheapest and safest way to receive money from overseas?

[Finebone]

My Naija people out of curiosity I saw make I ask? Is Bitcoin the cheapest and safest way to receive money from overseas?

I don't necessarily sees it as the cheapest way to send money from overseas because even in the crypto space, apart from Ethereum, Bitcoin is one of the most expensive when sending it to someone especially when the network fee is very high, but it's because of how reliable it is when comparing it to other cryptos, that's why most informed crypto investors will choose Bitcoin over other crypto asset.
Though I haven't send money to someone abroad before through our local banks, so I can't tell the cost, if it's cheaper or not, but in this crypto space, Bitcoin is not the cheapest.

[Doan9269]

My Naija people out of curiosity I saw make I ask? Is Bitcoin the cheapest and safest way to receive money from overseas?

It may not be the cheapest, because some cryptocurrencies are still more cheaper in terms of transaction fee, but i can assure you that bitcoin is more better and reliable to make payment to cross boarder transaction without spending even up to $1 to get this done, while some other currencies are also cheaper and more affordable along side, much better than fiat, as long as you're considering for bitcoin or any cheaper crypto network.

[Donk1]

Op That is a good question to ask bitcoin has an unlimited potential that everyone in and out of this crypto space are still exploring .but First when it comes to sending and recieving money from any where in the world Bitcoin can do that but it has a high fees  charged I won't say it's not fast but because of network congestion it's now slow in terms of transactions. But apart from that bitcoin has a good security and also peer to peer system .
But what I do know is this you can still transfer using Traditional online remittance service which is safe and also has it's own utility.

[Mia Chloe]

My Naija people out of curiosity I saw make I ask? Is Bitcoin the cheapest and safest way to receive money from overseas?

It's one of the cheapest way to and also one of the most private and secure way too. A majority of the time crypto transactions in general are way more cheaper but I think bitcoin still stands out especially if you're using lightning network or even on chain in periods like this where fees are very ok.

Depending on the number of UTXOs the sender has to consolidate to make that particular transaction, he can spend less than 20 cents in fees for a transaction that is up to $10,000 or even more. Worse thing may be it would arrive within an hour depending on the congestion of the mempool at that time.

[igebotz]

My Naija people out of curiosity I saw make I ask? Is Bitcoin the cheapest and safest way to receive money from overseas?

It's one of the cheapest way to and also one of the most private and secure way too. A majority of the time crypto transactions in general are way more cheaper but I think bitcoin still stands out especially if you're using lightning network or even on chain in periods like this where fees are very ok.

Depending on the number of UTXOs the sender has to consolidate to make that particular transaction, he can spend less than 20 cents in fees for a transaction that is up to $10,000 or even more. Worse thing may be it would arrive within an hour depending on the congestion of the mempool at that time.

UTXO Consolidating fee and coin transaction fee would cost more and one still need to check the condition of the mempool before broadcasting any transactions. This is the headaches stablecoins saves us from.

But what I do know is this you can still transfer using Traditional online remittance service which is safe and also has it's own utility.

Slow and expensive.

[Jegileman]

My Naija people out of curiosity I saw make I ask? Is Bitcoin the cheapest and safest way to receive money from overseas?

Bitcoin is one of the cheapest but not the cheapest in terms of transaction in the crypto space. Bitcoin has a lot of privacy and security than any other coin, but if you’re only looking for a cheap means of receiving money, you can try out other cryptocurrencies but their security and privacy is not what can be guaranteed. One thing about bitcoin transaction during transfer it that you should look up to the mempool to see the price of transaction fees before broadcasting payment through that network. It may take short time or longer time depending on the convention on the mempool.