Currently, Latin America is in first place worldwide in growth of the P2P market. The reason is simple, cryptocurrencies have gained great acceptance on the continent. But what about its use for remittances?

Crypto assets represent an excellent option to save, invest and build a consolidated wealth. But also to make international transfers safely, easily and quickly.

Of course, information is key to transferring money from one country to another, so be prepared to know everything. Here we explain the great advantages of sending remittances with cryptos.

Remittances as part of the global economy

It is important to highlight the importance of remittances as part of the economy on a global scale. We’ll tell you!

Thanks to the enormous technological advance worldwide, remittances have grown considerably due to their immediacy. For developing countries, this is key when receiving financial support from family members who have emigrated.

These transfers sometimes bring higher growth to GDP and, therefore, to the nation’s economy.

In addition, they can be significantly higher in cases of disasters, than the assistance of UN or foreign governments. Undoubtedly, its role in the economy of a country and the world is of great value.

Sizes of traditional remittances

Did you know that the total remittances to Latin America in 2019 were 96 trillion dollars, according to the World Bank? An impressive sum that contrasts with the reduction of benefits due to the high cost when sending money.

Normally these operations are carried out under the channels known until now, such as post offices and banks. These entities are onerous when charging fees for their services from 5% to 11%, reason to look for other alternatives.

Another notable example is the mobilization of $466 million in remittances in 2017. This sum, according to the World Bank,was divided among low- and middle-incomecountries.

Latin America and the Caribbean received $80 billion for insufficient wage income. Remittances in cryptocurrencies have provided the solution to these problems, being a cheaper option for sending international money.

Likewise, peer-to-peer platforms or P2P markets become important by managing these transactions in a simple and direct way.

Benefits of cryptocurrencies for remittances

The time has come to know the maximum advantages of using an advanced, simple and fast means to send remittances. An updated, efficient and secure solution that will allow you to send and receive money, from and to any part of the world.

If you want to learn more, run crypto conversions, and develop effective savings and investment strategies, this is your chance.

1. Documentation

Traditional financial systems such as banks request a variety of procedures that, many times, generate delays. Money transfer services are also known for requiring immigration documents.

By sending remittances with cryptocurrencies you will be optimizing your time without so much paperwork, or bureaucratic processes. Remember that in the cryptographic environment the management is very simple.

2. Cost reduction

In an environment where foreign currency is controlled, in addition to legal regulations, the service becomes more expensive. Financial infrastructure also dramatically influences the sending of remittances.

Using cryptocurrencies to send and receive money is a benefit to everyone involved in the process. This virtual asset will provide the conditions you need to reduce costs and make the most of your money.

3. With cryptocurrencies it is enough to have a wallet or wallet

What do you require to send or receive remittances from anywhere in the world? Simply your wallet, virtual wallet or wallet Do you know it? It is the bridge that will allow you to manage, send and receive your cryptocurrencies.

Only with a public key and a private key you can manage your assets easily and quickly. Some exchanges might request an identity verification process, but this does not compare to excessive documentation and regulations by banks.

4. Low commissions

Another benefit of integrating cryptocurrencies into the remittance process is that commissions are low for any amount in transactions. The traditional method demands high commissions regardless of the amount to be sent.

It is important to know the pros of cryptocurrencies, as some are designed to offer very inexposive commissions.

5. Immediate transactions

Speed is key in a technological environment and cryptocurrencies are no exception. To send your remittances with greater immediacy and ease, you have a cutting-edge platform.

You can do it whenever you want, since this technology facilitates the process and saves you time. This market operates 24 hours a day throughout the year.

This dynamic will give you peace of mind and save you stressful office hours. Make your transactions smoothly, securely and wherever you are.

Conclusions

Sending money using advanced technology represents a solution to countless problems, from financial to personal. It’s about avoiding wasting time and achieving your goals with the best technology available today.

Having a backup to send your remittances will protect your pocket and improve your quality of life.

Save, invest,study the variables, know a market full of advantages and discover your potential while you grow. At Ccoins we help you choose the best alternatives adapted to your needs. Discover the crypto world, form a heritage and improve your life.