Hi guys, this is Lucky Ali, and I hope you are doing well. Sending money is needed for everyone, and especially when it comes to cross-border payments, we need to be careful here. Running an international business is not easy because it involves international transactions daily, also people are working outside of their country, so they also send money to their families. In addition to this, there are many online services available. It is our regular need. Regarding the current remittance system, which is really bad, slow, and expensive, the point is that crypto is taking its place. The traditional remittance system is full of middleman involvement, but when it comes to crypto, it is a direct connection between buyer and seller, which means crypto offers cheap, reliable, and fast payment rather than any other system, and it is not just a local payment but a cross-border payment too.
The Problem with Traditional Remittances
So, talking about service providers that provide the service of international money transfer and Western Union is one of them. This paymehnt service not just slow but it takes days to complete one payment so it is slow at the same time expensive for any person. Along with this fee, there are hidden exchange charges involved and currency fluctuations. This is really frustrating for any user. This system has a long process of verification, which means total frustration for any user just for sending a cross-border payment.
Crypto already solved this issue
Stable coins like USDT and USDC, and bitcoin, ethereum, ripple, and hive provide easy cross-border payments, and hive is free to transact; and the fees and speed depend on the blockchain. These cryptocurrencies have low fees or 0 fees, speed, transparency, and security. The traditional system takes 3-5 business days and sometimes a week, but crypto can do this in minutes, too. The fees are lower, and I have forgotten to say one thing, and that is accessibility. In the bank, you need verification and documentation, which is frustrating, but for crypto, you just need a smartphone and internet; that's it.
Conclusion
Here, stablecoins are a real game changer because, unlike other cryptocurrencies, stablecoins are not volatile, and the side of Bitcoin and other cryptocurrencies is volatile and risky. For the salary, international payment, goods and services, stablecoins are good options, and they are also cheap for transactions, and again, it depends on which blockchain you are using. Anyway, this is the information that I wanted to share, and I hope you have liked this information. Comments are appreciated, guys, so do not forget them. Please consider sharing this information on other social media platforms. Now it is time to say goodbye and meet you in my next blog. Thank you.
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Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring. Thank you, hive family ♥ |
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