Why Is It Better to Use Bitcoin for Remittance?

Bitcoin investment Philippines is becoming more popular as more and more people learn about cryptocurrency. This digital or virtual currency is protected using cryptography, making it challenging to forge or spend twice. It operates on decentralized networks running on blockchain technology, a system of recording data that is more secure, making it difficult to tamper or bypass.

Apart from security and its decentralized nature, there are many other factors that make crypto popular among users, including low fees, speed, and convenience. Usually, it takes about 10-20 minutes to transfer bitcoin from one user to another. Because of these reasons, bitcoin is also becoming a new way for conducting remittance transactions.

Remittance is the fund transferred from one party to another. Typically, it is the money sent by a migrant to a receiver back in their home country. Traditionally, remittances are made via wire transfers, international money orders, or Money Transfer Operators (MTO). Thanks to digital technology, people can also use e-wallets for these transactions.

However, although these conventional remittance methods have long been used, they are often associated with issues that inconvenience users. For example, in bank-to-bank money transfers, the processing may take up to five business days. Should the sender choose to expedite the procedure, they need to pay a higher remittance fee.

These expenses can be quite costly because of the institution’s obligation with various regulations and other capital controls. In addition, express fees for faster transfer can amount to more than 50% of the economy cost.

Furthermore, if the recipient needs the money right away, they might be hindered by the availability of banks and MTOs. Physical establishments have fixed operating hours and are usually closed on the weekends and during holidays.

With the previously mentioned information, it only makes sense why bitcoin may be better to use in remittance, especially in a technology-dominated world.

When locals look for a trusted bitcoin exchange in the country, they can rely on companies like COEXSTAR PH to buy and sell bitcoin and other virtual assets. Users can rest assured that their digital currency is protected because of blockchain Philippines. This technology prevents the bitcoin sent for remittance from being hacked or circumvented by fraudulent individuals.

For more information on the matter, keep reading this infographic provided by COEXSTAR PH that discusses the many advantages that bitcoin has over traditional modes of remittance.

You may also get in touch with us by filling out our contact form to know more about our company and what we do.

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