Post
Topic
Board Bitcoin Discussion
Re: Bitcoin's Role in Global Remittances: Can it Disrupt Traditional Money Transfers
by
avikz
on 24/01/2025, 12:21:05 UTC
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?

Is it not already disrupting the global remittance market?

Sending remittances through an intermediary is a costly affair. Very often banks charge a commission which is a huge sum of money in terms of its monetary value. Bitcoin can surely disrupt this entire market with ease. However, more education and awareness is necessary here.

This is one of the reasons why banks do not like Bitcoin at all. Because here you control your own money and you choose what to do with that. So Bitcoin should dominate the financial and global remittance market.