How Cryptocurrencies Can Help Remittance and Money Transfer Services

 The digital currency Bitcoin, first of all, was created with the aim of making international transfers simple and secure. Bitcoin remains the preferred solution for those who want to send money abroad without using the services of banks and payment systems.

However, crypto payments lack the simplicity of traditional payment mechanisms such as plastic cards. When you want to send money abroad through international money transfer services, you do not need to learn how to work with cryptocurrency exchanges and master crypto calendars https://btcman.io/calendar. Even though most of them try to offer a user-friendly interface, they are mainly focused on traders and not on those who want to exchange fiat currencies for crypto and then forget about it as soon as possible. In any case, when dealing with cryptocurrency transactions, you have to do much more manipulation than when transferring money from card to card.

Due to the relative complexity of working with bitcoins, a lot of startups and companies started to develop solutions that could make the whole process simple even for users with little experience in the field of cryptocurrencies.

Solutions to facilitate international and domestic money transfers

One of the most promising markets in this regard is Africa, where most people do not have access to bank accounts and rely mainly on mobile phones. There are quite a few services like BitPesa or Bitwala that offer instant money transfers. Such startups are mainly based on hiding cryptocurrencies from users. The user's fiat currency is anonymously converted to BTC, transferred to another user, and then also anonymously converted back to fiat. For example, BitPesa exchanges bitcoins for local fiat currencies, sending the asset to the user's mobile phone account.

Developing countries are generally considered the best platform for the functioning of cryptocurrency companies and services. For example, in Venezuela, which was hit hard by the financial crisis, locals prefer to use cryptocurrencies instead of fiat currency to transfer money abroad and save personal savings. Therefore, some exchange services such as SurBitcoin, Tigo or Cryptobuyer are experiencing a boom in popularity.

SibCoin — cryptocurrency for simple transfers

A prime example of a startup that makes it easy to make transfers is SibCoin, a cryptocurrency that positions itself as “a project that brings cryptocurrency closer to people.” This approach is very different from the method used by BitPesa.

Suppose a resident of country A wants to send money to a resident of country B, all he needs to do is buy the required amount of SibCoins tokens, and that's pretty much it. All that the sender has to do is to indicate the recipient's phone number and come up with a password, which is then sent to the receiving party using any messenger. The recipient receives a text notification containing a link to the project website, where he must enter a password and select the desired method of receiving money (cash or credit card). It is noteworthy that the recipient receives the amount in local currency, which frees him from having to go through a lengthy process of converting cryptocurrency into local currency.

However, this method is under development, and when it is ready, the service will require the involvement of many third-party exchanges and exchangers, otherwise the whole project will never work as it should.