Bitcoin Remains Cheapest Cross-Border Money Transfer Solution Despite Reduced Remittance Fees. newsbtc Freelancers, contractors, and employees in developing regions with extreme financial, currency, and capital controls suffer from the lack of trustworthy financial infrastructure.
These individuals are heavily dependent on existing financial platforms and systems such as PayPal and banking services which require a substantially high percentage of the payments as conversion and transaction fees, and demand at least three days to nearly three weeks to process. The inefficiency of today’s financial systems have led to a growing demand for alternative independent currencies like Bitcoin.
Because the Bitcoin network is decentralized, it has the ability to process instant transactions, with surprisingly low fees for the miners who confirm and verify the transactions. Through Bitcoin, individuals can receive their funds or salaries a lot faster, in a more robust and efficient process.
Bitwage , leading international wages and payroll platform has been using Bitcoin to enable freelancers, contractors, employees to receive their funds in Bitcoin with ease, through their various local currency outputs or cloud savings which comes with a Visa debit card.
The cloud saving solutions provided by Bitwage allows anyone in the world to receive wages in Bitcoin, without complicating the process for the sender or the employer. Additionally, the Bitwage platform offers support for 29 different currencies or precious metals, which can be withdrawn into local bank accounts in the US and Europe.
“We can provide freelancers, contractors and employees in the region with domestic US bank accounts to get paid into. Their clients and employers do not have to sign up and they get to save money doing a domestic bank transfer, while the freelancers, contractors and employees easily receive their funds in bitcoin, through our various local currency outputs, or our cloud savings that comes with a Visa debit […]