Giving money to your family, relatives, friends or loved ones has been a lot easier these days due to remittance that is continuing to evolve.
From going to remittance centers yourself in order to send or claim money, now we can do this kind of transaction anytime anywhere as long as we have smartphones, data or load and an online means of payment or e-wallets.
However, if the person is unfamiliar with how the process works, they may ask someone who does to help them. Ideally, the person they ask the favor from should be someone they trust.
In bitcoin remittance, the sender and the receiver must have a cryptocurrency account or wallet. For example, if the sender needs to send an amount in foreign currency to the Philippines, they must first exchange it for cryptocurrency. They may buy cryptocurrency via an exchange or through peer-to-peer marketplaces.
When they have the equivalent bitcoin amount, all they need is the receiver’s wallet details to send the purchased coins. Upon receiving the cryptocurrency, the recipient will exchange it for legal tender in their country.
The transfer process often charges a low flat rate and does not require intermediary fees. The exchange can also be done at any time, providing convenience, particularly for those needing funds immediately. Perhaps the highlight of cryptocurrency is the security it offers. It is backed by blockchain encryptions, meaning that the transactions are secured and time-stamped, making them difficult to hack.
Today, with the continuous growth of technology in meeting global needs and high audience involvement in cryptocurrencies and bitcoin trading in the Philippines, money remittances through it became possible.
HOW CRYPTOCURRENCY REMITTANCE WORKS
The cryptocurrency methods work in the same way as traditional methods for remittances. Both the sender as well as the receiver must have access to a cryptocurrency wallet. For those who don’t know how cryptocurrency works, they can contact someone who is and they will send or receive the money on their behalf.
ADVANTAGES OF BITCOIN REMITTANCE
- Lower Cost – traditional remittance can some times have costly charge for every transaction. Crypto exchange can avoid high fees.
- Speed – Unlike other traditional remittance that takes mostly an hour or a day in process, bitcoin remittance takes 10-20 minutes approximately for the receiver to be able to get the money.
- Decentralized Currency – since cryptocurrency has no central governing body that oversees its activities, anyone can send as much as they want, without any maximum limit or money value involved in every transaction.
- Accessibility and Flexibility – with e-wallets and right applications, anyone can purchase any kind of cryptocurrency and exchange it to another if they like to.
- Security – since cryptocurrencies work with blockchain technology, the protection of transactions is even stronger compared to traditional remittances.
With the growing number of people getting into cryptocurrency exchange in the Philippines, the convenience of remittances through it will also rise.
If you want to learn more about how Bitcoin remittance works and why is it better than the traditional way of sending and receiving money, you can read this infographic from Coexstar and learn more from them here.