Bitcoin VS remittance services

Bonpay
Bonpay
Aug 23, 2017 · 3 min read

To explain the popularity of Bitcoin for a typical citizen of the first World countries is not so easy. It is not difficult to store, spend and send money there. Most people have their own bank accounts and credit cards, so when they want to send money to friends, relatives or acquaintances, they just need to use one of the many services no matter if it is Western Union, Paypal or SEPA. Unfortunately, everything is not so simple for countries outside that area.

Paypal works well enough for regions such as the US and Europe, but almost does not provide opportunities for residents of Russia and Africa. Moreover, Paypal has significant commission for currency conversion, which is not often noticed by users, being included in sum of transfer. Those, who were transferring through Western Union, lost money on a large commission for the conduction of payment.

So what are the alternatives?

For most citizens in the first World countries Bitcoin and other digital currencies are a completely useless thing — a dead-end technology, not interesting to large banks and the government, used only by geeks, drug dealers and crazy libertarians.

Although, people still use Bitcoin. Not in vain.

Bitcoin, like other digital currencies allows you to make cheap money transfers abroad, which is a good alternative to services such as Western Union and Paypal.

As an example, you can take Nigeria. According to the report of the company Enhancing Financial Innovation — only 36 percent of the country’s population has access to banking services. According to representatives of the organization Enhancing Financial Innovation and Access, more than half of the adult population of Nigeria uses money from unofficial means, such as prepaid debit cards in order to send money, or transfer money through relatives who are going on a trip. Both methods are extremely inconvenient and quite slow. In addition, they cannot always be considered safe. Most people start their acquaintance with cryptocurrencies just out of interest, some people do it under pressure as they simply have no other alternative for money transfer.

Easy remittances in several clicks

As we see, a more accessible alternative is required.

That’s why Bonpay, which deals with sending money online, uses its technology to create a network of money transfers that will cover the whole World.

In Bonpay we are trying to create a cheap way to send money to friends and relatives, which is much more difficult to do in Western Africa than in the first World countries.

Due to the huge number of computers around the globe, the system developed by Bonpay allows you to send and receive money in any currency you need. You can send money in Bitcoins, and they are automatically converted and could be received in local currencies. Users, whose country of residence allows to order Bonpay card could do it even easier, but those, who have difficulties accessing banking services, can use Bonpay wallet instead. Using the Bitcoin wallet, you can transfer your funds as easy as possible and without internal commissions. All in one wallet — receive, store, convert, spend and transfer Bitcoin in any way you want.

A question of time

Bitcoin grows by leaps and bounds, and this growth represents a vital threat to Western Union and similar services that are exploiting fees for remittances.

Crypto-currencies are not just a concept, but a multibillion-dollar operating industry. And the days of money transferring services, lining one’s pockets on exorbitant commissions for the privilege of moving your own money around the world, sooner or later will be numbered.

Bonpay is the payment solution, which will be able to expand the remittance market greatly.

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Bonpay

Written by

Bonpay

Cryptocurrency payment provider: wallet & card. Learn more at bonpay.com Follow our blog: bonpay.com/blog/

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