Money transferred to another person, typically from a migrant to their home country, is remittance. As the world becomes more digital, consumers demand faster and more affordable means of money transfer. Due to the speed and convenience of online transfers, particularly cryptocurrencies, they have established themselves as a beneficial substitute for traditional remittance payments.
Additionally, the new Bitcoin mode of payment addresses various disadvantages of traditional remittance methods. Unlike conventional wire transfers, cryptocurrency transactions are processed in minutes, not days. According to a recent survey, 60% of individuals increased their remittances during the pandemic, representing a considerable increase in global remittances.
In the Philippines, the emerging use of virtual assets has prompted the government to intensify its financial system’s stability supervision. The BangkoSentralngPilipinas is in charge of a functioning and safe cryptocurrency exchange Philippines that facilitates investment and opportunity for Filipinos. If you’re interested in learning more about Bitcoin trading Philippines, you can search for Coexstar PH, one of the country’s best Virtual Asset Service Providers. It is registered with the Securities and Exchange Commission, is overseen by the BSP, and abides by the Anti-Money Laundering Act’s norms and regulations.
While blockchain has been a popular payment method for many years, the rapid rise of Bitcoin as a viable alternative means of remittances has increased its appeal for cross-border payments. The cost of sending and receiving money is cheaper than regular remittances. Additionally, the blockchain technology that underpins cryptocurrencies provides significant protection against fraud and swindling. Blockchain technology encrypts transactions across the network, resulting in time-stamped transaction records that are exceedingly difficult to hack. Lastly, because cryptocurrency excludes a central regulating body that oversees its operations, holders can transmit as much as they want, whenever and wherever they choose.
Here is an infographic from Coexstar PH for more information. If you are interested in cryptocurrency, you may reach them via email at help@coexstar.ph or by visiting their website at http://info.coexph.com/
