Crypto real world use cases picking up!
Cryptocurrency used in Remittances now at 16%.
In 2017 there was roughly $150 billion dollars sent out from the U.S. to other countries.
In most cases it is money being sent back to families by people that work here.
A new report by research company Clovr, revealed that there has been an uptick in cryptocurreny being used for remittances.
According to the latest data, crypto makes up roughly 16% of all remittances.
(Source: https://www.clovr.com/page/sending-money-back-home)
Some specifics about the study:
The study surveyed the responses of 707 people that have recently sent remittances.
It sought to delve into their remittance habits, uncovering the destination of transfers, the purpose of the transfers as well as the mediums (including cryptocurrency) by which the money was sent.
The study found that the top 10 countries receiving the most remittances from the U.S. were:
Mexico, China, India, Philippines, Vietnam, Guatemala, Nigeria, El Salvador, Dominican Republic and Honduras.
The vast majority of the remittances were sent back to family members.
More about the findings can be found here:
https://www.clovr.com/page/sending-money-back-home
Stay informed my friends.
Follow me: @jrcornel
Have you ever used crypto to buy something?
Do votes count? ;)
Do you mean my $.01 upvote?
Ha no. I was referring to vote buying services. Though you can use crypto to buy things at overstock.com.
I have, several times. Both transferred money to friends to pay for things and bought gold. I look forward to more widespread adoption, it's easier and cheaper than something like paypal.
good to see that crypto trf are taking up % in the remittance market. Wonder if there's data for other countries.
PS :
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I'm sure there is somewhere. I think the US is one of the largest for remittances though.
thx for sharing :) would be good to see the percentage climbing close to paypal
Posted using Partiko Android
Eventually it may. Especially if it is cheaper and faster.
thanks @jrcornel
please take a look at me latest post and tell me what's ur opinion
https://steemit.com/bitcoin/@orphism/bitcoin-s-green-christmas
Seems pretty reasonable to me!
I think sending money across the border is one of the uses that will grow the quickest since there is such a need. Now to get users adequately banked on the receiving end so they can convert easily to their local currency.
Yep, I agree.
block chain is being adopted in financial markets, with XRP being a front runner..
Yep. Remittance payments is a major use case.
I use crypto to buy game stuff :)
Nice, for what games?
@steemmonsters of course :) .... and EOS Knighst....
Posted using Partiko Android
We need some games with millions of users to integrate steem... that would be the game changer...
Glad to see crypto is in the mix. Sooner or later crypto will lead.
Keep on postin
Posted using Partiko iOS
Hopefully.
Remittances is definitely some low hanging fruit given the robbery the centralized money centers currently charge for these services! I am hoping that exchanges in the financial markets can soon apply the technology to become more efficient but some say they will never as it may uncover aome ugly things...
Posted using Partiko iOS
Yea I am not sure they will be able to, remittances in general can be used for some nefarious activities which is one of the reason banks charge high fees and delay the transfers. Interesting to see how this shakes out.