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13 Sep 2022

How to Use Bitcoin to Transfer Remittances?

Remittances are money that people send from one party to another, especially those working away from home or in another country who want to send funds to their loved ones. For instance, you could be working in Canada, but your home is in India, so you may like to send money to your loved ones in India. Before anything, you must identify a reliable and reputable exchange like Bitcoin Motion and create an account there.

Conventionally, people have used banks and other traditional means to send money. However, with the introduction of this digital money, it is pretty easy to send money in virtual form. Conventional methods of sending remittances may seem simple. However, they are not when you consider speed and cost. On the other hand, Bitcoin offers a fast, cheap and effective alternative to sending money back home compared with traditional remittances. 

This digital money has a peer-to-peer payment system meaning that a Bitcoin transaction does not usually go through an intermediary, including a bank or any other financial institution. More, transacting using this digital money is pretty fast. Here's a guide on how to use this electronic money to send remittances.

Create an Account with an Exchange

There are many crypto exchanges online, some after people's money. However, with thorough research, you can identify a reputable and genuine crypto exchange that will help you maximize your profits and send your remittances to your loved ones. 

Get an exchange and create an account because it will facilitate the conversion of fiat money and transfer of this digital currency through this platform. Also, after creating an account on the crypto exchange, you will get a digital wallet that will securely store your cryptocurrency. As a result, when you want to send this digital money to your family, you will open your digital wallet using your private key and make your transaction.

Request Your Loved Ones to Send Their Bitcoin Address

You cannot send this digital money blindly without securing your recipient's address. For instance, with traditional currencies, you need to have the bank account number of your recipient to send them money. 

With this digital money, you should also have the recipient's Bitcoin address so you can send them money inform of this digital currency. The address is complicated because it has a lot of numbers and letters. However, ensure that you input them correctly since when a Bitcoin transaction goes through, it is permanent, and there are no chargebacks. 

Transfer Bitcoin to Recipient

After receiving the recipient's address, you copy the address correctly and send your Bitcoins. Also, ensure that you double-check the address of the recipient and the amount you want to send since these digital money transactions usually are permanent. Once you know the essential details, you can comfortably transfer this digital money to the recipient's wallet. 

Recipient Converts BTC to Fiat Cash

After successfully transferring this digital money to your recipient and they confirm that they have received it, it is their duty now too. Convert this digital money to their preferred conventional currency. 

The Bottom Line

Sending remittances is better when using Bitcoin than fiat money. This cryptocurrency gives users many advantages, such as easy availability and access. Also, this digital money is more affordable, and people can purchase it from online crypto exchanges. And because it's global, you can easily use it to send remittances by following the above steps carefully.

 

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