Cryptocurrency and Remittences
There are some people that live and work abroad or out of country and when they send money back to their own country then that money is called remittances.
It is obvious that people normally send money to their country for support of their families financially but traditional way of transferring money to their country can be very expensive so here cryptocurrency also plays a great role.
Cryptocurrency facilitate to Remittences in a way that it's provides an alternative solution for Remittences payments. Here I am also explaining in detail that how cryptocurrency is helpful in it.
Traditional remittance methods cannot occur in our speedy way but cryptocurrencies permits for more near instantaneous transactions so in this way there is no need to wait for a lengthy processing time by the use and involvement of cryptocurrency.
Traditional remittance methods normally charge fixed fees for transactions process but cryptocurrency is very helpful because it also significantly lowers the cost of transaction.
Cross border transactions are held by cryptocurrency because there is no need of intermediaries in between because cryptocurrency operates on a decentralized network in which there is absence of centralization.
- There are some people who don't have any unbanked or underbank access but cryptocurrency provide accessibility to that people also for their financial services.
There are some of the challenges that cryptocurrency have in association with traditional remittance methods and all these challenges are addressed by cryptocurrency.
- We all know that traditional remittance method require a greater amount of fees as well as sometimes fees are also fixed for transactions but cryptocurrency don't charge any intermediary charges as well as it also lowers the fees for transactions and make it more affordable so this is one of the challenge that is addressed by cryptocurrency.
- We all know that by the use of traditional remittance methods its very difficult to reach to recipient even it can take different days or weeks but cryptocurrency make it very easy to process transactions in a very little time and to reach the recipient in a very easy way so this is another challenge which is related to processing time and it is also addressed by cryptocurrency.
There are some problems with traditional remittance method because it is not accessible to everyone as it requires live presence of a personal at branch but cryptocurrency solved this problem because it is accessible for everyone if someone have availability of internet connection just.
There is another challenge that normally traditional remittance require fees or charges for multiple currency conversion but cryptocurrency don't charge any fees for this because cryptocurrency enables the direct transfer of currency in digital assets.
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Thanks for this wonderful review and yes conclusion is very important because it highlights summary of your content and I would be more focused on it