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Solve remittance money problems with Bitcoin Cash

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Written by   797
2 months ago

One of the biggest problems of immigration in the world is caused by the search for better living conditions, leading people from all over the world to migrate to places where the promise of a better life is to be found. This constant immigration takes people from Africa to America, from America to Europe and Asia, from Asia to America and also Africa in a non-uniform movement, all carried out by the search for well-being.

In the past this movement was also registered, with nomadic peoples migrating to places where they could have better land for cultivation even in the time before Christ and leaving behind parents, brothers and relatives. And already at that time, people who found these good areas in cultivation when they could sent back some goods to distant relatives, but this took a long time since merchants were the ones who had this function and it took months to deliver these shipments.

The problem still persists and the worker who operates far from his family has to find ways to ensure that the family that was left behind also has a favorable quality of life and often bets on remittance companies to be their agent.

...but how much these companies pay for remittance transfers?!

Using remittance companies to send money to home country...

Money remittance companies have existed for a long time in the world, facilitating many families who are separated either because of work or even because of their own choice of adopting citizenship in the country in which they found work. These companies are the link that connects people and the money they want to send home.

As every traditional company in a modern world is governed by rules and regulations stipulated for its full operation in the market, and customers have to follow these same rules to be part of its range of customers. Therefore, they need their clients as well as the beneficiary to have an official document, which serves to prove that both parties are entitled to receive or send money. And not only that, these documents also serve to declare taxes and are highly controlled by the competent authority.

Not to mention that the service is not fast or even cheap, often taking days or even weeks for the beneficiary to have the value in their possession.

In short, money transfer companies are expensive, regulated and slow to send money.

Viable solution for remittances

As we have already noted in the above excerpt, money transfer companies are controlled by the competent body and their customers must prove their identity in order to use their services. Those who do not have means of identification cannot at any time use these means to ensure that their family can have access to the remittance.

In many parts of the world, such as countries in Africa, people do not have an ID card to receive this amount, many do not even have a bank account for that reason.

Now, let's imagine that a relative abroad wants to send money to this same person, how would he do it?!

With the development of decentralized digital means of payment, cryptocurrencies, this process of sending money in remittances was greatly facilitated. While in the past many families had to wait for the value remittance company to send money to them on behalf of the sender, today this process can be bypassed using this technology.

Using Bitcoin Cash to remittance money transfer

There are many cryptocurrencies in the blockchain world, but there are those that really work for what people want. In the past we tried to use Bitcoin Core (BTC) to send money transfers, but with the evolution of the market and because Bitcoin Core (BTC) became unfeasible for this same transfer due to the high transfer rate required by the blockchain to confirm the operation on the network as well as the slowness of the same, resembling more money remittance companies, it was slowly left behind.

Nowadays, those who still use the Bitcoin Core (BTC) blockchain to send money, since compared to traditional companies it is still fast but the transaction value is still very considerable.

Thus, the use of more modern blockchain technologies such as Bitcoin Cash is at the forefront as a solution for sending money to family and friends who live and work abroad.

But why use Bitcoin Cash for remittance

Due to its conception and fundamentals, Bitcoin Cash is more accepted as a remittance of value:

  • Its fees are cheap, transactions are fast and efficient as well as secure.

Using Bitcoin Cash, money remittances are almost instantaneous and its fee payment is very favorable, it is important for people to have confidence in decentralized digital currency, after all, being cheap to maintain, it may have greater adoption, both to send money for family members or even for everyday use.

Family members who are going to receive money in their country of origin receive it almost immediately and can use it right away, without having to wait days or even weeks to make good use of the money. This ease in using Bitcoin Cash as a remittance solution makes the currency much more attractive in this field, after all, it has competitive and very attractive rates for the vast majority of citizens in the world.

Bitcoin Cash works as a remittance of money around the world, as it has no borders, it doesn't charge much to send money abroad or even nationally (the fees are always the same for international or even local sending). Bitcoin Cash works in real life and anyone who wants to use it to send money to their family is the best solution.

Ending the article

Remittances of money are sent annually by migrants who are looking for 'monetary salvation and stability' in other parts of the world, but they are not always quick or less cheap.

Traditional means are still very straightforward and practically share the transaction cost with the sender, traditional money transfer companies are highly regulated and require an ID card to justify the remittances. However, non-traditional currencies do not require these bureaucracies and as they are decentralized, meaning they do not need the government to operate, they are much faster, more efficient and cheaper fees.

If it is to send money home, the best remittance will fall to Bitcoin Cash because it is money being money people in the country of origin can have the value available in their accounts in fractions of minutes, as they do not need third parties to confirm financial transactions.

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P.S: The Bitcoin Cash Independence Day is coming one more time this year and will be celebrated in August 1st, so what you have planned to do in the Day👀...

Feel free to let in the comments what you will do to celebrate the day also don't forget to leave your comments regarding the article.

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alberdioni8406

...'Read also 06 of my latest other articles about BCH😎:

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Written by   797
2 months ago
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Comments

Great piece on the value of BitcoinCash as a remittance vehicle.

Do you recommend recipients to promote BCH in their region and spend it as BCH? Or do you think more people will prefer to convert back to fiat?

$ 0.01
2 months ago

Greetings sir! That's very true and had happened to real life many times. Without a doubt, there are some people who don't have yet ID's. We don't know what's the reason but we can't force them to have it immediately even if this is very important (they must have ID's). The problem rises just like what you said when someone from abroad or anywhere else sould send money through remittance and they can't claim it because they don't have ID's. This is so complex for them.

$ 0.00
2 months ago

Very truth not everyone can have an ID for many reasons and family who live abroad have problems when is time to send them remittances

$ 0.00
2 months ago

Yup! Aside from that, some remittances also have high transaction fee which is sad too.

$ 0.00
2 months ago

What is it like to not have an national ID? That's an interesting thought.

$ 0.00
2 months ago

In many parts of the world people doesn't have a national ID or even any document to identify themselves, many doesn't have money to have one and stay a lot of time without one. A particular country that people often live without one is India in Asia and in Serra Leone in Africa, here there was a program to identify people soon they born in a Blockchain program in a presidential project so they don't need anymore to have an ID AS THE BLOCKCHAIN IS PERMANENT.

$ 0.05
2 months ago

This is what BCH was made for!

$ 0.00
2 months ago

Exactly BCH was made for this and many more✊

$ 0.00
2 months ago

Good day sir What an interesting article. Gone are the days when we do wait for money remittance companies before we could make any transactions. Even the present situation of some of the financial institutions are not favorable anymore, by imposing unreasonable charges to their customers as a means of extortion.

All thanks to the modern technology and the innovation of the decentralized system. Playing its fair game around digital monetary transactions without the aid of the centralized system before making any transactions. BCH is surely one of the outstanding digital currency out there

And about the August 1, I surely look forward to have some bch in my wallet, as I am still trying to learn and get myself acclimated to the platform and how it works. I hope to have acquired something tangible within the little period left before the Bitcoin cash Independence Day

$ 0.00
2 months ago

Well at least you will do something about the 'independence day' take your time to learn and absorb the more you can. Remittances services using Bitcoin Cash are the best decentralized way to send money to family and friends no matter where they are😎

$ 0.00
2 months ago

Sure they are. But do you think there are remittance services that uses BCH in Nigeria??

$ 0.00
2 months ago

Well I believe if there isn't soon it will be

$ 0.00
2 months ago

Then we get to experience things better Thanks for your time sir

$ 0.00
2 months ago