Remittances are a huge part of the global economy but traditional money transfer services can be slow and expensive. Bitcoin offers a faster and more cost effective alternative. Could bitcoin disrupt the remittance industry and become the go to solution for cross border payments? What are the potential for bitcoin to change the way we send money internationally and what barriers still stand in the way of its widespread adoption for remittances?
Depends on when the money transferred has been used. But if the destination still end up to be converted to fiat and withdraw it to remittance centers or bank I guess those Bitcoin transaction cannot still effect the traditional money transfer since those institutions still benefiting for each transactions made by people.
And actually don't see any conflicting factor towards traditional money transfer since after all people cannot use Bitcoin directly to buy goods or basic things they need since they still need to convert it to fiat so that could buy everything they want or need.
Two systems would just coexist with each other, that's my take on it.
Nothing wrong with that, not every country in the world would be blissful towards Bitcoin, even in the years to come.
This one provably would gonna happen since the same with other existing digital payments exist Bitcoin will coexist with current settings and became an alternative currency option to used by people. And we should be grateful with that since that means Bitcoin will not go anywhere and it will not create any conflicts since government would provably eliminate those things that is a huge threat on their financial system.
There's huge chance that in future we can use Bitcoin directly to pay anything we want on physical merchants near us. And its great to see the current developments happen with Bitcoin since we see that good adaption and recognition is already starting with many countries in the world.