Cryptocurrencies are growing as a way to send money all over the world. According to a new one relationship by Clovr, there has been a wave of cryptocurrency remittances worldwide. Clovr is a cryptocurrency research company. In order to collect these results, the company interviewed 707 that send remittances to their countries.
The remittances of the cryptocurrency grow
The cryptocurrency research company Clovr has found that the number of people using virtual currencies for remittances has increased substantially. The survey included people from 20 countries who received the most remittances from the US in 2017. Some of these countries were: Mexico, China, India, the Philippines, Vietnam, Guatemala, Nigeria, El Salvador, the Republic Dominican and many others.
According to Clovr, more than half of those surveyed used online services, including PayPal and traditional money transfer companies, including Western Union and Money Gram. Although these are all known and respected companies all over the world, the rates for sending money abroad are very high. In fact, these companies can sometimes receive 13 to 20 percent of the transaction.
15.8 percent of respondents said they used cryptocurrencies to send money abroad. The number is higher among men than women. Surprisingly, 85.7 percent responded that they prefer to send money using virtual currencies rather than other systems.
Using virtual currencies, users do not have to pay such high fees that some platforms take. Furthermore, transactions require very short time periods to process.
The report reads as follows:
"Given its deregulation status, cryptocurrency offers many advantages when it comes to domestic and international money transfers.To avoid the high transaction fees and conversion rates typically associated with transferring funds abroad, it is possible to do some step further, potentially achieving significant savings. "
In addition, the survey asked participants if they are familiar with virtual currencies or not. 83.7 of respondents replied that they are in a little bit and extremely familiar with cryptocurrencies. Only 16.3% said they were not at all familiar with them.
The situation seems different when we take a look at the blockchain familiarity. 39.2% of respondents said they were not at all familiar with blockchain technology. For both virtual currencies and blockchain technology, women are usually less familiar with men. In fact, women are twice as alien to these technologies than men.
Almost 50% of respondents said they were worried that cryptocurrency services would be violated or transaction security. This shows that although blockchain technology is a safe way to make transactions, there are some problems with exchanges and cryptographic platforms that need to be addressed.