Quote from: Chain_Bennett on January 22, 2025, 01:51:49 AM

Could bitcoin disrupt the remittance industry and become the go to solution for cross border payments?

I don't think so.
In as much as Bitcoin has better financial benefits, and offers a better secure transaction, it still won't overtake what remittance has put in place due to the reasons I explained below.

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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?

Of course, I think Bitcoin has that primary advantage when it comes to border and international transactions. The limit to which people across the globe can send money varies from one country to another. Too many laws and restrictions in place can even leave a transferred money pending for a very long period of time, which in most cases, the sender or receiver might be needed for some questioning. So, I think Bitcoin helps to break this barrier in some way.

And as for the barrier or limiting factor to this idea, well I think it has to do with digital illiteracy. Not everyone actually knows or understand how Bitcoin works, or how to perform a Bitcoin transaction. And government regulations can also be a factor though, but it will affect only those that have little knowledge on how to navigate their way around, because someone who understands these things well would definitely find another option.