It’s safe to say at this point that cryptocurrencies have evolved over the years. It has developed many real-use cases since the creation of bitcoin and people are getting more creative nowadays. One of the most popular and profitable real-life uses are remittances.
Standard remittances—ones that are made via fiat currencies—are what you call the process of sending money abroad. Let’s say you have a family Asia but you’re working in America. With standard remittances, you’ll have to go to a Money Transfer Operator (MTO), had over the cash at the available exchange rate, and then the MTO would begin the process of sending money. The biggest problem with standard remittances is that the process usually goes through bigger Remittance Software Providers, meaning more fees that’ll stack up against you. It’ll also mean a longer process time. This makes standard remittances expensive and inefficient.
Cryptocurrency remittances, on the other hand, totally bypass all the extra steps. MTOs are mostly could-hosted so that it’s easier to serve those in developing nations. The best part about MTOs being cloud-hosted is that they are able to send and receive the funds with just a stable internet connection. There are also usually no fees when it comes to process. This makes it cheaper and more efficient as well as a popular use of crypto.
The profit side of things
Now that you know the difference between standard and cryptocurrency remittances, I can finally tell you how I made a little extra on the side, taking full advantage of remittances. I work in England but I have a lot of family in India. Over there in India, the stance on bitcoin has been a little bit complicated over the years. After trying out standard remittances, I figured that there has to be a cheaper and faster way to send money abroad. That was when a friend of mine referred me to bitcoin and how I could save a lot of time and money if I send my remittances with bitcoin. After trying it out a couple of times, I realized that there’s real money to be made in markets—especially in India where the government’s stance on Bitcoin is a little hazy. Since the government is making it much harder to buy bitcoin in India, the prices are higher than usual. I have bought bitcoin and will continue to buy bitcoin here in England since it’s much easier/cheaper. After buying bitcoin, I immediately send my money to my Paxful bitcoin wallet. By having access to both a bank in England (the bank that I use here) and a bank in India (via my family in India), I have put myself in the unique position of earning a significant profit since I can basically stock up on bitcoins in England and then start selling them in India for a profit.
Final thoughts
Remittance is a crucial real-use case for crypto enthusiasts everywhere. Being able to send money abroad with a lot less hassle at a cheaper price is something that the whole world can benefit from—and people are actually starting to see it. There are several new ventures being set up to liquidate the remittance process using blockchain. Recently payment gateway Alipay and Pakistani bank Telenor Microfinance Bank have teamed up on a joint venture to make online transfers more efficient.
To be honest, I just got lucky by seeing an opportunity like this. There are many opportunities like this everywhere, you just need to look hard enough.
