Remittances, or the act of sending money from one country to another, are a vital financial lifeline for many people around the world. In many developing countries, remittances from family members working abroad constitute a significant portion of the national income. However, traditional remittance services can be expensive, slow, and inaccessible for some.
Bitcoin has emerged as a game-changer in the world of remittances. Its borderless and low-cost nature makes it an attractive option for sending money internationally. This has particularly benefited immigrant communities who can now send money back home without incurring hefty fees.
Services like BitPesa (now known as "PesaBase") in Africa and Coins.ph in the Philippines have made it easy for people to send and receive Bitcoin-based remittances, often at a fraction of the cost compared to traditional remittance services.