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Remittance On The Rise Thanks to Cryptocurrency

One of the reasons why cryptocurrency enthusiasts are optimistic is the fact that cryptocurrency allows you to send money quickly and efficiently compared to the fiat currency. For those who follow the cryptocurrency news, this is not new. However, a new report shows how this potential is finally used.

While traditional financial institutions increase revenue through their commissions, cryptocurrency allows individuals and businesses to move huge amounts of money for an extremely low transaction fee in comparison. For example, more than $ 60 million of Litecoin were recently moved for fifty cents, which was a news celebrated by fans of Litecoin:

New relationship

The report was conducted by Clovr e shows the more people use cryptocurrency as a means of sending remittance payments. This means that more foreign workers choose, because of its efficiency and speed, to use cryptocurrency to send money home to their loved ones.

The report explained how often this means that money has been sent to a family member. In fact, over 3 of the 4 respondents reported reporting a crypt to a family member. However, they could also be sent to a friend or acquaintance. These payments could result in insurance that your loved ones have enough to afford food, or can keep some household items, or even housing payments.

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The truth is that the remittance involves hundreds of billions of dollars by transferring hands, which is why many believe that the cryptocurrency will be the future of the industry. This is why Ripple has gained so much traction, as many believe it will be the cryptocurrency that can really collaborate with financial institutions to offer payments in real time. Stellar has also partnered with IBM for to offer Also "Blockchain World Wire" payments.

The fact that Facebook is reported developing a stablecoin cryptocurrency for Whatsapp to enter the global payments industry also shows that various companies are all interested in the growth of the industry. Ultimately, the study confirmed that the remittance is increasing largely thanks to the cryptocurrency.

A statement of the study that exemplifies how much potential there are in the industry, reads as follows: "People who send money home after emigrating from other countries to the United States are a practice that will likely continue in the future … While individuals try to make sure that most of every dollar they send can go back – the more close to one-to-one correspondence – digital payment options, such as those presented by cryptocurrencies, can stimulate customer interest. "

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