Cryptocurrencies To Take Over Foreign Remittance In Future?

Since the invention of Bitcoin there had been several startups such as Tenx Pay Token pursuing to develop cryptocurrencies in a way that can be use in daily life without the need of fiats. In case you don't know what Tenx Pay Token is, it is an startup that issue Visa based Debit card filled with cryptocurrencies instead of fiat. This helps the holder to cash out their Bitcoins or other popular Altcoins anywhere in the world where Visa services are used. So why and how would such events would overtake remittance industry in future?

The digital currencies posed a severe threat to remittance industry as they are decentralized and not own by Government. Further taxing remittance received from Bitcoin would be major problem in case people are using peer to peer exchange such as Local Bitcoins. Not only this but crypto currencies give power to people instead of third parties to control their funds as money is delivered within few minutes after transaction. Let us analyse points in detail about how would digital currencies crush the remittance industry.

1. Faster transaction
The transaction in Digital currencies are quick, at least faster than banks. If you have to send money in emergency in your home country will you opt to send money through bank or Bitcoin which will be accessible with in few minutes? With currencies such as Bitcoin you can send money to your home country the day you receive your salary.

2. Authority on your money
When you transact money through your bank, it is the bank that would decide when to send your money and it usually takes 2-3 business days. Just imagine sending money on Friday and it will reach the destination country on Wednesday? Yes, Wednesday since Saturday and Sunday are weekend and your money is stuck and you are not in control of your own money. Bitcoin eliminates this, with digital assets you can send money to your home country when you want there is no restriction and you don't have to wait for those two crappy holidays sitting idle.

3. Avoiding taxes and charges
Governments and banks puts a charge on your money that you earned by putting effort. Why would somebody banks for sending money when they can easily use Bitcoin to do the same thing with a low cost? Similarly, taxing Bitcoin is not an easy task since the money is decentralized it is not in control of anyone and anyone can use peer to peer exchanges to avoid any extra charges.

To add a concerning point for companies providing remittance services it is to be noted that many Indians and Filipinos have already opted for Bitcoin for sending remittance payment and the number continues to grow. India and Philippine are among the top foreign remittance countries.

Note : This is an personal opinion