Growing Use of Bitcoin for RemittanceAusfinex
After a dream run on December 2017, Bitcoin prices kept falling gradually all through the year and now finally it’s showing an upward trend. Crypto enthusiasts invested huge amount but within few months Bitcoin lost around 80% of its total value. None would have ever thought this to happen but that’s the sad reality. Bitcoin investment is always risky because of its high price fluctuations, one needs to get accustomed to these sudden price rises and falls.
Despite bear crypto market, Bitcoin adoption and acceptance have only increased. According to a recent report many people buying Digital Currency in Australia and using for remittance. There has been a sudden spike in people using Bitcoin and other popular cryptocurrencies to send remittances. This is certainly great news for the crypto community. Experts believe this growth is mainly because of high expenses incurred with all traditional methods or platforms.
Faster, Cheaper and Easier
Cryptocurrency use and trading have seen a considerable increase in the last few years, now the value of remittances sent to different countries from the United States is great than ever. According to a recent data around $150 billion was sent from the United States to other countries in 2017, this year the number is bound to increase. In today’s age of technology countries around the world are well interconnected, seeing more people travelling to different places for better opportunities. People working outside own countries are finding new ways to send money back home. Traditional banks and financial institutes rip off common people while sending money, forcing migrants to look for a better option which is easier, faster and cheaper.
Cryptocurrencies are now proving to be a good option. The new method of buying Digital Currency in Australia through online exchanges and send as remittance has become popular like never before. According to the report almost 15% people use digital currencies to send money back home. In recent times cryptocurrencies have become one popular method after online services, traditional wire transfer, and money transfer services. Most traditional methods are expensive and time-consuming, forcing people to use cryptocurrency. Moneygram and Western Union are two of the most common methods of money transfer, but in last two years, Bitcoin has also entered into the scene. Every time people send money within the continent huge taxes and fees are deducted making it difficult for many to send money back home. Almost 20 to 35% money is deducted towards fees. So, how can a common people afford such high fees?
Cryptocurrency is a boon which minimizes transfer cost. As some of the popular names and business groups around the world have started accepting cryptocurrencies, every common individual should confidently be buying Digital Currency in Australia and use it to send money to any part of the globe. Did you know Starbucks and Microsoft have started accepting digital currencies as a form of payment? Isn’t this enough to instil confidence? Start using suitable cryptocurrencies as a form of sending payment to anywhere anytime in a few simple taps.
One can switch to cryptocurrencies and start sending money to any place a fraction of the cost to that of traditional means. Anyone following cryptocurrency trends for a long time will know crypto transactions are not only cheap but one can make more money. When traditional systems like financial institutes and post offices charge hefty transfer fees, using Bitcoin to send money overseas can actually help you earn more. Cryptocurrencies help you avoid high conversion rates and transaction fees, normally associated with fund transferring abroad. What’s more one can take a few extra steps in making significant savings with cryptocurrencies, including currency conversion.
Did you know about cryptocurrency payment form? Will you now use Bitcoin to transfer money back home? Share your thoughts with us.