REMITTANCES IN CRYPTOCURRENCIES: INNOVATIVE STRATEGY FOR SENDING MONEY

Over the years, migratory processes have marked countries, geographical situations, political problems, and circumstances of any kind have made the inhabitants of the governments see the need to emigrate in search of better conditions.

By leaving behind their countries of origin, their families, and their customs, migrants feel a responsibility towards their relatives or friends who remain in the country, and that is why they resort to the use of remittances such as bitcoin-champion.com, a platform that can be used to transmit digital money.

What are remittances?

Remittances have become a very particular topic and even more common than a few years ago.

This concept refers to the money or articles migrants send to their relatives, loved ones, or friends in their country of origin, managing through these to maintain a close relationship between the migratory process and its development.

These types of funds are private and have no relationship with the Governments, even more so if banking entities are used so that they can reach the recipients without border limits.

On the other hand, we also find that there is another type of remittances, and it is the one corresponding to salaries and according to the IMF (International Monetary Fund), they are called employee compensation.

This type of remittance refers to the income earned by these migrant workers such as public officials, diplomats, military, and other employees, even when this money is not even transferred or deposited to other accounts outside the country issuing said income.

Is there any benefit from remittances?

With the sending of remittances by migrants, it is considered that there is a generation of employment; this, in turn, is a positive point and in favor of both parties, both the sender and the receiver.

On the other hand, the increase in the consumption of goods and services due to this income by the recipients contributes to reducing socioeconomic inequalities, even though many of these recipients allocate this income to their savings.

It is where the new strategy of carrying out the remittance process through cryptocurrencies resides.

Cryptocurrencies are a refuge to obtain higher income

Although the digital market through cryptocurrencies is confusing or risky for many people, it is the option of the future; it is also how many are using it to double their income or savings instead of depositing them in traditional bank accounts.

The blockchain platform is considered the most accessible option and the lowest cost in terms of commissions generated by sending and receiving money from abroad.

Cryptocurrencies leave third parties or banking institutions out of the financial game while sending remittances.

Let us remember that the operations of the crypto environment are made directly from person to person, through wallets, thus achieving savings of large sums of money even in the payment of remittance companies.

Another point in favor of cryptocurrencies is speed; the operations carried out through the blockchain are instantaneous, that is, in a matter of seconds or minutes, money is available in the recipient’s wallet.

Technological advances at an economic and financial level have allowed the advancement of many previously considered impossible options or only for the exclusive use of those who had a certain socioeconomic status.

Cryptocurrencies solve another economic problem.

It is remarkable how economically disadvantaged countries have begun to take refuge in cryptocurrency operations.

The advantages offered by this type of financial instrument are usually even more valuable than their risks.

The security, transparency, speed, and the fact of saving assets independently without the intervention of third parties, without them having to obtain any profit, is much more positive than any other investment.

Although volatility is always present, we can be sure of something as long as some type of capital is available in cryptocurrencies; they will always appreciate it.

Because it is a technological era, people, even in their ignorance, continue to use the usual channels for sending remittances; even applications have been developed that contribute to the operations being carried out by the migrants themselves.

The cost per operation through these Apps may be subject to commissions between 10 and 20% of the amount to be sent.

Conclusion

More and more financial operations are carried out through the cryptographic environment, so it is essential to adapt and visualize the new scheme for sending and receiving remittances through crypto-assets.

With this, we contribute to the capital that we make with so much sacrifice the relatives manage to allocate as a form of help to their relatives that it reaches its beneficiaries ultimately.

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