Bitcoin’s potential to transform foreign remittance industry is very well known. It is also one of the services rendered by multiple cryptocurrency startups across the world. The conventional remittance system includes either the Western Union or MoneyGram. While they have a decent reach across the world, its usage by people to send money overseas is seen as a necessity in the absence of other alternatives.
With the introduction of bitcoin and its growing popularity, it has positioned itself as the alternative to the Western Union and MoneyGram. Bitcoin offers an inexpensive and faster alternative to conventional money transfer methods, especially when it comes to cross-border funds transfer. The conventional money transfer methods take anywhere between 2 to 10 days before it reaches the recipient. however, with bitcoin, one can transfer money to any point on the earth in less than an hour. An electronic device with an internet connection is all that is needed to accept and access the received funds. In addition, the transaction fees, also known as miner fee charged by the Bitcoin network is a fraction of what other money transfer services charge.
Bitcoin has led to the emergence of various money transfer services that are powered by bitcoin. Rebit.ph is one such platform that caters to the remittance market in the Philippines. Remittance with bitcoin has also got its own term now. It is known as rebittance! The Philippines is one of the major markets. With a significant population working overseas, Filipinos regularly send money back home to their families. By using services like Rebit.ph they can save a lot of money on the transaction and conversion fees. The speed of transactions combined with savings goes a long way in helping those back home.
Rebit.ph Partners with BTCBOX
As Rebit.ph deals with fund transfer between different nations, […]
