The global remittance industry is huge. World Bank data shows that over $148 billion was sent abroad from the U.S. alone in 2017. As people leave nations gripped by hyperinflation, or simply move to look for better opportunities abroad, sending cash back home becomes a necessity. As the people in Venezuela are discovering, this can be cheaper, faster and simpler with bitcoin and other cryptocurrencies. Here are four ways to send money abroad using crypto.
Crypto Remittance for the Masses
Bitcoin and cryptocurrency in general can get money from sender to receiver extremely quickly and at low cost. If you’re new to decentralized peer-to-peer currency, it’s worth familiarizing yourself with how it works. From there, one can choose which cryptocurrency you intend to use as a conduit for the fiat cash. Bitcoin core (BTC) and bitcoin cash (BCH) are popular, though ripple (XRP) and ethereum (ETH) are other options you may wish to consider.
After selecting your desired cryptocurrency, the next step is to choose a wallet which can store it. Cryptocurrency wallets are essentially software programs that store your public and private keys and interface with various blockchains, allowing you to monitor your balance, send and receive money, and conduct other operations. There are different wallets to choose from: a desktop wallet, which would be downloaded and installed on your computer; an online wallet which runs from the cloud; or a mobile wallet, by far the most popular option as they can be used anywhere while on the go. Other options include hardware wallets which store a user’s private keys on a device like a USB, and paper wallets, which refer to a physical copy or printout of your public and private keys.