The use of cryptocurrencies such as Bitcoin for international money transfers can be a beneficial option for individuals and companies alike. A crypto’s decentralized nature can cut out a lot of the hassles associated with using a traditional money transfer service, such as fees and intermediaries.
International remittances are a $540 billion industry. These remittances are important because they act as an alternative financial solution to help low-income families. They also provide a source of wealth to poorer countries.
Many people do not know about digital currencies, but they can be a great way to send money abroad. The best cryptocurrencies for sending abroad have high liquidity and relatively low gas fees. However, it’s important to consider the costs involved with international transfers.
There are two ways to buy and sell a cryptocurrency. First, you can set up an account with an exchange. You can then send the currency to anyone with a digital wallet. Some platforms allow you to do this for free.
Alternatively, you can go to a crypto ATM, which can be a great way to acquire and send cryptos. However, these are generally much more expensive than a traditional bank transfer. This is because of the gas fee, which compensates the user for the computing energy needed to process crypto transactions.
Another method is to find a local seller of BTC. This can be a convenient method for beginners, though you may have to do some research to find someone who is willing to exchange BTC for cash.