The Bitcoin Remittance Revolution \ stacker news ~bitcoin

Remittances, or the act of sending money from one country to another, are a vital financial lifeline for many people around the world. In many developing countries, remittances from family members working abroad constitute a significant portion of the national income. However, traditional remittance services can be expensive, slow, and inaccessible for some.

Bitcoin has emerged as a game-changer in the world of remittances. Its borderless and low-cost nature makes it an attractive option for sending money internationally. This has particularly benefited immigrant communities who can now send money back home without incurring hefty fees.

Services like BitPesa (now known as "PesaBase") in Africa and Coins.ph in the Philippines have made it easy for people to send and receive Bitcoin-based remittances, often at a fraction of the cost compared to traditional remittance services.

0 sats \ 0 replies \ @TheBTCManual 31 Oct 2023

I think remittance is catching on slowly, especially as LN starts to expand, people will naturally look for the cheapest way to move money around, especially smaller amounts, moving the money across boarders isn't the issue, i think it is trading it into goods and services once the person on the other end gets it

If you're working overseas and sending money back to your family, sure you save on transfer fees, but now they need to find a way locally to swap it to get more than they would if they just accepted fiat instead, which isn't a given at the moment

Once merchant acceptance grows I think remittance will become more popular