Bitcoin as a successful digital currency so far has made headway into the FinTech sector. We already know about various instances where Bitcoin and blockchain technology has successfully provided alternative financial services to the unbanked population in both developed and developing countries alike. Many bitcoin remittance service startups have been successful in places like Philippines, Kenya, and many other countries.
Bitcoin-based remittance is an all round winner as it takes about an hour to send funds across the globe using bitcoin instead of 2-3 days over conventional channels. Migrant workers from many developing nations in the Asian and African continents regularly send money to their families back home. Bitcoin remittance services can help them reduce transactions costs to a great extent.
READ MORE: Current Trends in Bitcoin Remittances
The story is somewhat similar in mainstream banking and the FinTech sector as well. Banks have come to realize the importance of blockchain technology, the underlying technology powering Bitcoin network and they have started adopting it for fund transfer and compliance applications. BitShares, OpenLedger
Read more ... source: TheBitcoinNews
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