One area in which bitcoin is making waves is in the remittance industry. After all, the speed of transferring funds across the globe at lower costs makes the cryptocurrency an appealing vehicle to use.
There are several bitcoin remittance companies in existence, such as Palarin in the Philippines, BitPesa in Tanzania and Kenya, Bitspark in Hong Kong, and Bitstake in Nigeria. Startups focusing on bitcoin remittances in Argentina, which has long been embattled by a currency crisis, are also reportedly on the rise.
Advantages of Bitcoin Remittances
Nasdaq writer David Floyd enumerated some of the perceived the advantages associated with bitcoin remittances. First, there’s the shorter span of time it takes to verify the transaction and transfer the funds. After all, the verification takes place through blockchain, which is updated by a network of computers solving complex algorithms.
Just recently, the transaction time has been a huge issue for the network, as the influx of transactions originating mostly from Greece during the worst of the debt drama has led to a higher-than-usual volume. Add to that the fact that