Crypto: Creating way for Low Cost Money Transfer / Remittance

We often talk about price appreciation in crypto and the majority of people are in the crypto space to earn money through investment. Crypto is still immature and there is a lot coming in the coming years. We hold and trade crypto because this is the way by which we can earn profit. We expect crypto mass adoption but for that real-life use case is required. Just the use of investment purpose getting mass adoption is something that is not easy and might take too long to happen. Now since is getting more attention from the people so its getting one of the fantastic real use cases.

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People say if we can use crypto in our day-to-day life then things will move on to the next level and e expect a lot to happen. This is possible for that we need even more people and businesses so that they create this kind of infrastructure that enables easy crypto payment. We have this option however this needs to grow and it will also be easily accessible.

Crypto is a good option for payment purposes and as per one of the recent reports, many Indians living abroad have started using crypto for their remittance. Usually, for remittance banks charge a fee and they take some time to process. Sending money using crypto is a much better option than going to a bank or any other company offering remittance services. Although things are mostly online these days the kind of exchnage rate and charges they charge is something that most people don't like.

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Earlier there was no option but now since we have got it through crypto then this is very good. The remittance process initiated through banks take usually 1 or at least a couple of hours but using crypto makes it more cost-effective and fast. IF a person buys bitcoin and sends it to another wallet (holder in another country) takes 30 minutes time to send and receive and then we can sell it for fiat currency and its done.

The process of remittances through cryptocurrencies into India is a lot more efficient and faster than the conventional process, and all transactions are visible on the blockchain network from a regulatory point of view.

This is not just limited to Indians instead other people also use the same for their remittances need. This is a way that increases the transaction in the crypto space and it also helps them earn more. Since this money is coming in crypto and not everyone is cashing out because a major chunk uses the funds to invest in some instrument to exchanges like finance etc. In the traditional payment option, we can only send and receive money but with crypto, we get other options to get returns on it and it can be cashed out anytime we want.

Remittances in India are pegged at about $80 billion which are mainly transferred through banking or other financial channels.

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I find this a great option for everyone who is living abroad and they send money to their home country. Now they need not to go through the banking process and these transactions are recorded in blockchain so this can also be used for taxation purposes if any. Its right to follow the taxation if any because any income that falls under tax regulation must be followed the same way to pay applicable taxes.

How do you see this use case of the crypto and do you think that it can contribute more to crypto. Community is growing and with the same use case is also increasing this is what we all are expecting.

Thank you so much

Stay Safe

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