Many people have at least one friend or family member overseas. The act of transferring money to another party is called remittance, and according to Investopedia, in 2020, the remittances in the middle to low-income countries totalled $540 billion.
If you’ve ever used a P2P crypto exchange before, you are aware that as long as the wallets can send and receive cryptocurrencies, it doesn’t matter where the buyer or seller is located.
You can never do this with traditional banks. You’ll have to open certain accounts to access the currencies in the receiver’s country.
If you have loved ones in different countries, you’ll have to convert your currency two to three times and create multiple accounts to send funds to them. Imagine having six accounts with multiple currencies and being constantly debited by the bank for one reason or another.
ValorExchange is a p2p crypto exchange where you can use one account to send funds to Argentina, Canada, Zimbabwe, etc., even countries that don’t exist. As long as the receiver has a crypto wallet, you can send it, and they’ll receive it. The best part is if all your transfers are within the platform, they’re free.
The growing adoption of cryptocurrencies is an essential factor in its worldwide usage. Chainalysis, a digital analytics company, revealed that Africa received $105.6 billion in cryptocurrencies between July 2020 and June 2021. Countries like Nigeria rank 6th in the highest cryptocurrency-owning countries in Africa.
This is to say that cryptocurrencies are becoming more significant in the African landscape, and many people are using them to transfer funds across borders.
Remittances via Bitcoin: Why People Use It.
Bitcoin is the most dominant cryptocurrency in the market, so there won’t be a problem with liquidity. You can easily exchange your Naira for Bitcoin on Valor Exchange.
Many countries, businesses, etc., have come to adopt cryptocurrencies. This means you can use cryptocurrencies like Bitcoin to buy clothes, shoes, bags, groceries, etc. So not only could it foster quick and easy transactions, you won’t have to worry about exchange rates or finding someone to convert your Naira to Dollar again.
How to Use Bitcoin for Remittance
On ValorExchange, you can exchange your fiat currencies for crypto and vice versa. It doesn’t have to be just Bitcoin too. If you create a single account with us, you get three crypto wallets automatically created for you.
When you buy Bitcoin, Tether or Ether on our platform, you won’t need to do anything else. If you want to send, make payments, transfer, etc., all you need to do is come on the platform and enjoy.
Bitcoin is one of the biggest cryptocurrencies to date. Using cryptocurrencies in p2p crypto exchanges like ValorExchange to transfer currencies like Bitcoin, Ether and Tether is a costless and quick process.
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