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?
They aren't slow and expensive, it's very cheap to send and receive money from any place to any place within minutes. Lots of people in my region use money transfer services. Btw Bitcoin is not a very good competitor in terms of speed and price because when transaction fees are high, Bitcoin fees can be more expensive than the fees of money transfer services and in terms of speed, Bitcoin sometimes need at least 1 hour because many companies don't accept transactions with lower than 6 confirmations. Btw altcoins like XRP and Litecoin are very fast and cheap solutions compared to Bitcoin. Bitcoin shines in decentralization.