The Global Impact of Bitcoin Remittances

[Catenaccio]

Ever wondered how Bitcoin is throwing a global party in the world of remittances?

Anyone else experiencing the joys of Bitcoin remittances?

Bitcoin has a decentralized network and can provide borderless transactions so it can be used for remittances.

There are remittance services that provide options to use Bitcoin and cryptocurrencies. You can have some cryptocurrencies to choose for remittance but if you want to do it with big fund, use Bitcoin, not altcoins.

Bitcoin provides payment alternatives in Sub-Saharan Africa.

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[Alpha Marine]

I won't say just Bitcoin, but any other crypto currency that has a stable value can do great in international transactions. I believe cryptos are indeed used for global remittances. Just not being used by the corporates but by the individuals. Only in this field, Bitcoins transaction confirmation time looks faster than the traditional banking system.

Not all bank transactions take time. Some transactions are very fast. Bitcoin on the other has a limitation. High network fees.
Traditional banks also have certain charges you pay, especially for international transactions, but currently, Bitcoin is not any different in this regard.
With Bitcoin you have two choices; increase your network fee to a higher amount or wait for hours or days before your transaction gets confirmed with a low fee.

This is a very big hindrance. Not everybody is going to have that much patience to wait for they'll increase their transaction fee and get their transaction confirmed on time. If the issue of congestion can be fixed, then Bitcoin would sour high when it comes to using it for payment, its volatile nature would be the only thing stopping businesses from accepting it as payment at this point.
But as things stand, high transaction fees are a hindrance to Bitcoin adoption.  

[Natsuu]

Bitcoin will be shaking up the remittance scene big time. Imagine sending money across borders super fast and with way fewer fees. It's like a global party where everyone's invited. It will affect how we move money around the world, making it not just about transactions but changing lives along the way.

[0t3p0t]

I won't say just Bitcoin, but any other crypto currency that has a stable value can do great in international transactions. I believe cryptos are indeed used for global remittances. Just not being used by the corporates but by the individuals. Only in this field, Bitcoins transaction confirmation time looks faster than the traditional banking system.

Not all bank transactions take time. Some transactions are very fast. Bitcoin on the other has a limitation. High network fees.
Traditional banks also have certain charges you pay, especially for international transactions, but currently, Bitcoin is not any different in this regard.
With Bitcoin you have two choices; increase your network fee to a higher amount or wait for hours or days before your transaction gets confirmed with a low fee.

This is a very big hindrance. Not everybody is going to have that much patience to wait for they'll increase their transaction fee and get their transaction confirmed on time. If the issue of congestion can be fixed, then Bitcoin would sour high when it comes to using it for payment, its volatile nature would be the only thing stopping businesses from accepting it as payment at this point.
But as things stand, high transaction fees are a hindrance to Bitcoin adoption.  

What I like about Bitcoin compared to banks is the convenience. There is no need for us to wait and fall in line just to make transactions around the globe as we all know that not all banks supports online banking and not all people are also able to access banks so for me Bitcoin has an edge against the traditional banking. The only drawback here is that Bitcoin's adoption in some countries is way too slow and majority of it's people are still skeptical about it. Lastly, I agree with you with regards to the high transaction fees but I think Lightning Network wallets will do the job well done.

[DapanasFruit]

Ever wondered how Bitcoin is throwing a global party in the world of remittances? t

There is a big potential for Bitcoin to be commanding a good share of the cross-country or international remittance business but so far this is not a major factor in the global movement of money...and I am also wondering why. Maybe there are some big roadblocks along the way for BTC to enter this industry most especially the retail type of remittances. I am hoping though that this potential can be exploited to the max in the next 10 years of Bitcoin's existence.

[fuguebtc]

Hey everyone,

Ever wondered how Bitcoin is throwing a global party in the world of remittances? this digital disruptor is having on the traditional money transfer scene,just a chat about how Bitcoin is playing the international money game differently. Whether you're sending crypto across borders or just curious about the buzz, let's share our thoughts on the real-world impact it's not just changing currencies; it's changing lives. Anyone else experiencing the joys of Bitcoin remittances?

Cheers to the crypto curious,

That is one area where Bitcoin can outshine many other competitors. I won't say just Bitcoin, but any other crypto currency that has a stable value can do great in international transactions. I believe cryptos are indeed used for global remittances. Just not being used by the corporates but by the individuals. Only in this field, Bitcoins transaction confirmation time looks faster than the traditional banking system. But it is difficult to see an impact because Bitcoin is not recognised as a currency in many countries in the world. So you will never get a solid and reliable data to prove the impact.

But yes cryptocurrencies can surely disrupt the global remittance market with ease.

You're right, Bitcoin is the origin of the cryptocurrency market but to talk about international payments, we need to acknowledge that almost all cryptocurrencies do that, not just bitcoin.

Although bitcoin or cryptocurrency assets are not recognized currency, we can convert them into fiat currency immediately after receiving them without too much difficulty .

People keep mentioning bitcoin every time they talk about payments or transferring money abroad, but my guess is that the majority don't use bitcoin and instead use altcoins to do it. Simply because no one wants to pay too high transaction fees for their transactions .

[CageMabok]

Bitcoin will be shaking up the remittance scene big time. Imagine sending money across borders super fast and with way fewer fees. It's like a global party where everyone's invited. It will affect how we move money around the world, making it not just about transactions but changing lives along the way.

More precisely, it can also change everyone's perspective and way of thinking when everyone can send money all over the world just by relying on Bitcoin. But in general this can also happen with stablecoins which can also be used by everyone to send money around the world at fairly low costs. This means that the crypto space is now truly useful in all respects, including transactions like this which can really make it easier for everyone to move money from one country to another in a very short time.

[synchronym]

po We can trade or exchange BTC from anywhere in the world no problem. I think btc is very safe for payment so we can definitely trade btc from anywhere in the world. BTC plays a very important role for financial transactions in Bitcoin. But now we have to think for more  due to high free.

[cryptosize]

Banks have SEPA instant these days. It takes seconds to settle a transaction... even between different banks/countries (within EU).

[Alpha Marine]

What I like about Bitcoin compared to banks is the convenience. There is no need for us to wait and fall in line just to make transactions around the globe as we all know that not all banks supports online banking and not all people are also able to access banks so for me Bitcoin has an edge against the traditional banking.

Don't get me wrong, Bitcoin transactions are way better than bank transactions. You don't need any third party, you handle everything yourself. But I don't think you still have to stand in long queues before you can make a transfer, even though it is still less convenient than Bitcoin transactions.

The only drawback here is that Bitcoin's adoption in some countries is way too slow and majority of it's people are still skeptical about it. Lastly, I agree with you with regards to the high transaction fees but I think Lightning Network wallets will do the job well done.

A big part of this drawback is the network fees. What's the point of all countries accepting Bitcoin when you'll pay high fees or wait for a long time for a transaction to complete?

Lightening networks are not user-friendly. An average Bitcoin user won't be able to use it. And people don't like complicated. So once a thing gets complicated they're out, especially if their money is involved.

As far as I'm concerned, high network fees as the only limitations of Bitcoin when it comes to international transactions.

[Benedictare]

   Bitcoin remittance pays directly between two individuals on P2P network, when the recipient Bitcoin address is being sent transaction takes place , Bitcoin assist in extreme manner transform money and trust Bitcoin new way of financial assistant is being given on the blockchain which is more protected and direct than any traditional banking without risk or fraud,it's quick transferring speeds stand in very important transformation in the world's remittance market which Bitcoin has brought about .

   Traditional remittances a pattern always sink down by network mediators banks and Long clearance ways, which have being very slow and famous at which money gets to the receiver.

[Ravichnadra]

BTC is great for payments, you can use it to make payments in a secure way and also privately, all you need is to have an address for receiving and sending BTC to any part of the world. However, tx fees is a problem right now, with high tx fees it is almost impossible to use BTC as a payment option due to the amount you will have to spend in fees, though if you are making payments of a huge amount, or cross-border payments, then BTC is a good option for that.

The TX fee is a rising concern! Do you believe that in the coming days, there will be a decrease in the Txn fee? Coz I feel it's coming around the corner as more and more people tend to seek it.

[Ravichnadra]

po We can trade or exchange BTC from anywhere in the world no problem. I think btc is very safe for payment so we can definitely trade btc from anywhere in the world. BTC plays a very important role for financial transactions in Bitcoin. But now we have to think for more  due to high free.

That's the point! Can the high Txn fee be reduced in the coming days ? Do you think it will happen?

[southerngentuk]

The convenience and immediacy offered by Bitcoin payments are undeniable. Unlike traditional banking systems with limited operating hours and potential delays for international transfers, Bitcoin transactions can occur seamlessly 24/7, anywhere in the world, with minimal intermediary involvement. This eliminates the need to wait for bank hours or incur hefty international transfer fees, offering a significant advantage for both individuals and businesses seeking to conduct cross-border transactions efficiently.

However, it's crucial to acknowledge the potential drawbacks associated with Bitcoin payments. Transaction confirmation times, while generally faster than traditional wire transfers, can fluctuate depending on network congestion, potentially causing delays and impacting the user experience. Additionally, the volatility of Bitcoin's price can introduce uncertainty into transactions, as the value received by the recipient may differ from the amount initially sent due to price fluctuations during the confirmation process.