Just imagine living in Turkey and wanting to send money to your relatives across borders in Bulgaria.
Source (2024): https://www.imf.org/en/Blogs/Articles/2024/01/03/how-training-and-advice-can-speed-cross-border-payments-and-cut-costs
Technology Preferences for Cross-Border Payments:
Source (2022): https://tipalti.com/mass-payments-hub/cross-border-payments-guide/
Types of cross border payments
- Business-to-Business (B2B) transactions make up the largest share by far, expected to account for US$150t.
- Consumer-to-Business (C2B) transactions, such as cross border eCommerce and offline tourism spend, are forecast to reach US$2.8t.
- Business-to-Consumer (B2C) transactions, which include wage salaries or interest payments, are expected to amount to US$1.6t in 2022.
- Consumer-to-Consumer (C2C), or remittance payments, contribute the least – expected to reach US$0.8t in 2022.
Source (2022): https://www.ir.com/guides/cross-border-payments
I don't understand how people don't stop and think if there is some better way to transfer money than the "traditional" ones, Bitcoin is the best cross-border payment, plus you can also use Litecoin.
In South America, as far as I know, they often use so called "stablecoins" like USDT or USDC for this purpose.
But there is no generational trust base on the technology like Bitcoin. Let's wait and enjoy the ride. 🧡
Yes, I know that, people will say it's because of the volatility, but what is more volatile today in purchasing power than the dollar? or any other fiat currency, I hope people wake up.
The data about Bitcoin or other coins being transferred cross boarder doesn't come out, so I say it's better we should not underestimate the power of Bitcoin.