Are cryptocurrencies the best solution to send and receive money?

Are cryptocurrencies the best solution to send and receive money?

By derwin25 | Worldinfo | 27 Aug 2019


The worldwide remittance market is such a large indicator that it cannot be left aside. The economic differences between different countries mean that sending money to underdeveloped and developing countries becomes an important support to keep the commercial movement within the latter.

Sending remittances at certain times can become complicated. It is public and notorious that sending remittances is expensive. The reality is that the little or no financial infrastructure, the harsh legal regulations against migrants and the controls of governments to determine the flow of foreign currency dramatically increase the prices of remittances.

In addition, if we understand that people who send and receive remittances need to take advantage of every penny of money, any reduction in costs can be seen as a great benefit for all involved.

Given this reality, it is convenient to evaluate the characteristics of cryptocurrencies to implement them in the use of international remittance delivery. Your own conditions can help us achieve an improvement in the process that is worth investigating. One of the great challenges of cryptocurrencies is to facilitate their use. For this, they must have an optimal speed to process transactions, which avoids the collection of high commissions and makes more and more people and businesses adopt it as a means of payment.


Some most important benefits to highlight are:


No documentation is required to buy or have cryptocurrencies: Both the traditional banking system and the cash delivery services have demanded for years to have the immigration documentation in order to be able to use their services, which has generated great obstacles for the migrant population that does not have these roles, but still needs Access the market.

The possession and receipt of cryptocurrencies does not require us to have any documentation. We simply need to have a wallet or wallet where we can receive our crypto assets and for this we are not required to have any kind of bureaucratic legal process. While it is true that many Exchanges require us to go through a Know Your Client process, this procedure only seeks to verify our identity, it does not go into assessing legal aspects from the immigration point of view.

- Low commissions for small transactions: As we mentioned earlier, commissions in traditional media for sending money are quite high. Regardless of whether the amount to be sent is small or very large, the remittance mechanisms will take away a percentage of the money to be sent.

- Immediate transactions: Despite the efforts that have been made within the traditional system to ensure that bank transfers and cash transfers are made as quickly as possible, they have not yet been able to adapt to market speed. We can see that they usually operate only on business working days, being impossible to transfer money outside of business hours, on weekends or holidays.

Blockchain networks that support the different cryptocurrencies within the market never stop. They work 24 hours, 7 days a week to ensure that transfers are supported at any time we decide to make them.

- Costs of sending money in some media: Skrill is a digital wallet that allows transactions between clients of this platform. With this platform you can make payments, transfers and purchases safely and with PayPal, it is one of the safest purses currently used.

In Skrill some of them are totally free and the commissions paid for certain transactions do not exceed 5%. Sending money from one purse to another has a 1% charge and receiving payments is totally free. PayPal 5% and in other exchange houses such as WESTER union can reach up to 10%.

Undoubtedly, cryptocurrencies represent a huge technological leap since the creation of money thousands of years ago, granting greater security and speed to transactions and proposing changes that can have a huge impact on the economy.

Cryptocurrencies have gradually replaced even the electronic transactions of normal money that we usually use daily. Without noticing, little by little they have been incorporated into the transactions we carry out on a daily basis, therefore there is a high probability that they will become the currency of the future


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