Bitcoin's use in remittances from "summary" of Digital Gold by Nathaniel Popper
Bitcoin's potential for remittances is a topic that has generated significant interest in the financial world. The concept revolves around the idea that Bitcoin can be used as a form of digital currency to send money across borders quickly and at a low cost. This has the potential to revolutionize the way remittances are conducted, as traditional methods can be slow, expensive, and cumbersome. Remittances are a critical lifeline for many individuals and families around the world. People working abroad often send money back to their home countries to support their loved ones. However, the high fees charged by traditional remittance services such as Western Union and MoneyGram can eat into the funds being sent, reducing the amount that ultimately reaches the intended recipients. Bitcoin offers a solution to this problem by providing a way to send money across borders without the need for intermediaries. Transactions can be conducted directly between individuals using the Bitcoin network, bypassing ...
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