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Why Is It Better to Use Bitcoin for Remittance?

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Coexstar | PH
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It's much easier to send money to family, friends, or loved ones these days thanks to remittance that became available to in cryptocurrencies as well.


In traditional way to send or claim money, you should go to the remittance center yourself to process your money. But today, this transaction is now possible anywhere we have internet access, data or loads, and a means of payment. Thanks to the technology's constant advancement in meeting global needs.


And due to the growing technology, and Bitcoin trading in the Philippines, cryptocurrencies are also now being used in money remittances, locally or internationally.


HOW CRYPTOCURRENCY REMITTANCE DOES WORK

The cryptocurrency methods work the same as traditional remittances methods. Both the sender AND the receiver must have access to the cryptocurrency wallet. If someone doesn't know what cryptocurrency is, they can get in touch with an expert to send or receive the money.



ADVANTAGES BITCOIN REMITTANCE

  1. Less expensive – traditional money transfer can sometimes be costly. You can avoid paying high fees with crypto exchange.
  2. Speed – Bitcoin remittance is faster than traditional remittances that take a lot longer.
  3. Decentralized Currency – because cryptocurrency does not have a central governing board that oversees it, anyone can send and receive as much as they wish without any limit or money value.
  4. Accessibility and Flexbility – Anyone can purchase any cryptocurrency and then exchange it with another person if they wish.
  5. Security – since cryptocurrencies use blockchain technology to protect transactions, it is more secure than traditional remittances.


It will become more convenient to send money via it, as a result of the rising number of Filipinos who have gotten into crypto exchange and understand blockchain in the Philippines.


If you want to learn more about how Bitcoin remittance works and why is it better than the traditional way of sending and receiving money, you can read this infographic from Coexstar and learn more from them here.


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Coexstar | PH
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