“Is Bitcoin the best solution for sending remittances?”

[Cipherpz]

Sending money from abroad to Nigeria has been a challenge for many. Bank fees are high, transfers are slow, and sometimes regulatory issues create problems. So by storing your private key and seed phrase securely and not sharing them with anyone, you can avoid unnecessary fees, wasted time, or scams when sending remittances with Bitcoin. Prices can change during the transfer, so it is important to understand the risks.
In your opinion, is Bitcoin really a viable solution in this situation?

[DubemIfedigbo001]

Sending money from abroad to Nigeria has been a challenge for many. Bank fees are high, transfers are slow, and sometimes regulatory issues create problems. So by storing your private key and seed phrase securely and not sharing them with anyone, you can avoid unnecessary fees, wasted time, or scams when sending remittances with Bitcoin. Prices can change during the transfer, so it is important to understand the risks.
In your opinion, is Bitcoin really a viable solution in this situation?

Bitcoin transaction still involves fees, you pay transaction fees to the miners for each transaction sent over the network. Bitcoin transactions still takes little time to get confirmed if you've set the accurate fee, but if you broadcast your transaction on a low fee it can get stuck in the mempool for a long time and may even later get dropped by the node without being confirmed. If the fees rate is high at the time you are sending your transactions, you can spend really high on transaction fees to send coins to the receiver.

Alternatively, you can use the LN if you are sending little amounts across which is faster and cheaper.

For the moment, if you are sending funds across from an exchange, you can leverage on stablecoins to have a faster and cheaper transaction, you can convert your BTC to USDT and use BSC bep20 network to send coins at no charge.

[7juju]

For those that have bitcoin knowledge, doing cross border transactions with bitcoin is really the most efficient way of sending money to relatives. This is indeed one of the challenges that bitcoin came to solve. The time wasting, regulatory challenges and others that are associated with fiat system. Sending money across bother shouldn't be stressful the way the fiat system was making it to be. The challenge one will only have is if the recipients are bitcoin literates. If both parties are bitcoin literates, sending money with bitcoin across borders is best with bitcoin.

[Charles-Tim]

Bitcoin transaction still involves fees, you pay transaction fees to the miners for each transaction sent over the network.

The fee is still far cheaper than the fee needed for cross border transactions.

Bitcoin lightning fee is very cheap if the amount is not too much.

Also if you do not want to use fee, there are stable coins on some networks that have zero to very cheap fee. I have seen USDT and USDC on BSC, Mandle and Aptos network to have zero fee on many exchanges while their fee on using wallet is almost like zero also.

But most of the time, bitcoin fee is very cheap and I also use it to making some transactions. If a friend want to send me money from abroad, he will use bitcoin or stable coin for it if he understands about crypto. Not having understanding about how to use crypto will be the reason he may not use it.

[BIT-BENDER]

Sending money from abroad to Nigeria has been a challenge for many. Bank fees are high, transfers are slow, and sometimes regulatory issues create problems. So by storing your private key and seed phrase securely and not sharing them with anyone, you can avoid unnecessary fees, wasted time, or scams when sending remittances with Bitcoin. Prices can change during the transfer, so it is important to understand the risks.
In your opinion, is Bitcoin really a viable solution in this situation?

It depends on what you want, if you don't want the government or third party  to interfere in your transactions then Bitcoin should be your preferred option. Sending money from Nigeria to another country or receiving money from another country to Nigeria is more stressful than using Bitcoin although many finance App are claiming to tackle the problem of sending money from one country to another but it is risky to me.

[EL MOHA]

It depends on what you want, if you don't want the government or third party  to interfere in your transactions then Bitcoin should be your preferred option. Sending money from Nigeria to another country or receiving money from another country to Nigeria is more stressful than using Bitcoin although many finance App are claiming to tackle the problem of sending money from one country to another but it is risky to me.

The ease and the trust here is not even comparable if you ask me because with bitcoin there is this clear certainty of your transaction not getting affected by any network issue. The hassle in trying to do a transaction with all this remittance platforms is seriously a big concern, you can sometimes even run into failed transactions with your account been debited already and reversal usually takes lost of time and sometimes they don’t even get returned.

For many people will usually complain of transactions fees most of the time the bitcoin transaction fee is usually not high, averagely less than $1 in a year. I have always preferred using bitcoin for cross border transactions

[Salahmu]

Sending money from abroad to Nigeria has been a challenge for many.

I believe this issues concerning the inability for people abroad to send money to their family has been proffered a solution on because those things are not affecting people again, there are ways abroad based uses to send money now,  I think they have app over there that allows such transfers because I no of friends whom based in a foreign land and they monthly send money to there families, although there are people who prefers using Bitcoin to send money but it actually depends on the people they're sending to, if they can be able to change it into Fiat and use it.

[WhoYouCantKill]

Off course Bitcoin is able to be a viable solution for sending money to Nigeria, mostly for going behind high bank fees and dull traditional transactions. Bitcoin is fast, without borders and even cheaper, when sender and receiver knows and understand how to operate it safely. Though it is not perfect. Price instability, no tech know-how, and possible scams are real risks. Those who are relaxed with crypto and safety basics, it provides a to do option. For some others, it might just be more of a gamble rather than a solution.

[Fiatless]

Sending money from abroad to Nigeria has been a challenge for many. Bank fees are high, transfers are slow, and sometimes regulatory issues create problems. So by storing your private key and seed phrase securely and not sharing them with anyone, you can avoid unnecessary fees, wasted time, or scams when sending remittances with Bitcoin. Prices can change during the transfer, so it is important to understand the risks.
In your opinion, is Bitcoin really a viable solution in this situation?

You can compare the transaction fees and bank charges, and choose the cheaper one. But if you want to maintain privacy and avoid unnecessary suspicion by law enforcement agencies, Bitcoin or other altcoins can be ideal. A family friend sent money to me through Western Money and I saw hell. The name she put on the transaction included my middle name which was in my BVN. I had to swear an affidavit and publish on a newspaper before the bank could add the middle name to my BVN. It took me more than one week to access the funds. All I would have needed was just an address if it was a crypto transaction.         

[Frankolala]

It depends on who is sending the money from abroad to you. If the person is a crypto enthusiast, it's better he send the money through crypto either bitcoin or any altcoins which should be based on both of you agreement. However, if the person is a naive person and has zero knowledge on cryptocurrency, there are some international financial services platforms that he can use to send the money down to your account in Nigeria with a very low fee and very fast. I was with my friend when his elder sister sent him ₦600k from London. It only took two minutes for him to receive the money in his Opay account.

[Callido]

It depends on what you want, if you don't want the government or third party  to interfere in your transactions then Bitcoin should be your preferred option. Sending money from Nigeria to another country or receiving money from another country to Nigeria is more stressful than using Bitcoin although many finance App are claiming to tackle the problem of sending money from one country to another but it is risky to me.

This is the first thing that came to mind after reading so many comments, for privacy sake i would love to get any international transaction done using Bitcoin, it seems easier for me to verify compared to whatever account will be created in order to receive through fiat.

If the colleague sending the money can do Bitcoin or is ready to learn Bitcoin to initiate the transaction then that will be my first proposal, more confidential, fast and secured means of sending money.

[Anasemi]

Crypto transactions, with quick processing times, are faster than traditional remittance systems, which can take days to process and, even during peak hours, take minutes to hours to complete. This speed is helpful for emergency transfers and time-sensitive payments, a significant advantage over traditional systems, others take advantage of the freedom to send money freely and it's preferable.

[Cryptoprincess101]

In your opinion, is Bitcoin really a viable solution in this situation?

Sure, bitcoin is the easiest and fastest way to send money to your relatives or family if you are in abroad because the transactions are limitless, you can send any amount. You will just ask them to send you their bitcoin address then you send bitcoins to them after which they can convert it to USDT and sell through p2p to obtain Fiat. Though it still involves charges but since it is the safest, fastest and the easiest way to send money, the charges won't matter. I know of someone who sent bitcoins to his friend who was schooling in Ukraine during the starting stage of Ukraine and Russia war, it was very easy for his friend to convert over there.

[Agbamoni]

I can vouch for Bitcoin, that is the best and fastest way to send  money in and out of the country.

There are other payment gateways as usual but most of them requires KYC which takes days to verify and most of them are under regulations by the Nigerian government. If the person you want to transact with, is familiar with Bitcoin, say no more. Go ahead with the transaction, because it is the best.

[Lembo69]

Sending Bitcoin remittances is the best solution, but it is also risky. Because if the address in the wallet is a little wrong, you can lose your money. And there is also a possibility of hacking. Again, if the market price of Bitcoin decreases, the amount you send may decrease. But yes, this will be the easiest method of sending remittances for you. Because in Bitcoin, the government does not have to pay any fees and no third party will know about your transactions. But the blockchain controllers have to pay a small fee. However, the Bitcoin remittance system is not bad for personal transactions.