Remittance Reduction

The current speed and cost of remittance is simply unsustainable. The incredible growth in the number of people being forced to send money across national borders – and back again – has highlighted a major problem in the way we work and trade globally. It's made clear that existing methods of transferring funds are expensive, slow and in some cases highly insecure.

The introduction of cryptocurrencies such as bitcoin cash has the potential to disrupt the remittance market by dramatically reducing transaction costs and time, making these transactions faster, cheaper, more secure and transparent and within reach of the unbanked.

Today, we have an opportunity not only to make a difference to the lives of millions of people where they live and work, but also to reshape our world's financial systems. Changing how things are done is not easy though. But if we want to keep progress moving forward then we need to keep pushing ourselves forward, too.

Given the nature of the remittance industry it can be difficult to make significant savings compared with traditional services. The money transfer business is highly competitive in nature – margins are low and there are often significant overheads involved. This kind of business model is highly resistant to change.

Cryptocurrency is the best way of reducing remittance, it is more efficient and transparent than other mode of transaction.

Cryptocurrency has gained trust in the market, it is reliable and there are no chances of fraud.

Cryptocurrencies give power to the people because it is not directed by any person, institution or government.

It facilitates low transaction charges which helps in saving money. Also, it cuts down transaction time and allows real-time transfer of money thereby benefiting the businessmen and other transacting parties.

Cryptocurrencies can easily be transferred from one country to another instantly in just a few minutes. There are some major advantages of using cryptocurrency: –

Transactional fees are low.

Transfers are fast.

Transfers can be done 24/7.

There is no doubt that cryptocurrencies are revolutionising the world of finance. While the likes of Bitcoin have grabbed the headlines, there are other cryptocurrencies which have been created to facilitate instant and low-cost transactions. Cryptocurrency transfers are secured by decentralised ledgers, or "blockchains", which mean users don't need to resort to the traditional financial system to carry out their transactions – something that is both costly and time-consuming in places like Africa and Central America.

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