Cryptocurrencies use to send remittances continues to grow

Cryptocurrencies are an alternative to traditional fund transfer systems, such as PayPal and Western Union. It is a trend that is on the rise according to a new study by the research agency Blockchain Clovr.

The report highlights the increase in the number of people who use digital currencies, such as bitcoin, to send remittances. One of the main reasons for migration to this modality is the high cost that transactions represent through traditional systems.

The mobilization of people to other territories by conflicts, wars and other humanitarian causes has also accelerated the use of digital currency so that these displaced can receive help from their families.

According to the study, cryptocurrencies are preferred for sending money to family members from one country to another. “Of a total of 707 people interviewed, 15.8% use digital currencies to send money to their homes, ranking fourth behind online services, traditional bank transfers and remittance companies. Although it is not yet the most used method, it goes in crescendo.”

The users of this system must pay a lower margin in commissions for remittances. On the other hand, the use of bitcoin or bitcoin cash for these transactions could represent a gain for the recipient, since it is not exposed to conversion rates. Additionally, the exchange of cryptocurrencies can be done at times when the market is more favorable.

The use of cryptocurrencies to send remittances to relatives increased considerably not only in Latin America, where the case of Venezuela stands out, but also in Africa, where commission payments and conversion rates are still very high for the population.

M.Pino

Source: Diario Bitcoin

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