Bitcoin is replacing Western Union and MoneyGram and changing the global money transfer industry
It is reported that Bitcoin (BTC) can completely change the global remittance industry. Currently, more than $600 billion is moved annually from different countries, including the United States.
Cryptographic currency is also a great tool for smaller, cheaper and faster transactions. Virtual currency makes the whole process error-free and untrustworthy.
In a conversation with MarketOrders Chief Operating Officer BlockPublisher, Sukhi Jutla commented:
“Bitcoin is the first use case for payments and financial transactions. Therefore, its relevance to the remittance industry is very high and relevant. It is a proven model and one of the most trusted encryptions.”
The Money Transfer Operator (MTO) is an important participant in the entire remittance process because it oversees remittances sent to another country. MTO allows individuals and companies to remit money to the country and pay for services. MTO is supported by remittance software providers (RSPs) such as the well-known MoneyGram and Western Union.
There are only a few large companies on the market, including MoneyGram and Western Union. They have multiple locations and jurisdictions, and they are known all over the world. In addition, they do not have a fixed transaction cost and their share varies by location.
Still, the remittance industry should perform better, reduce costs, and improve trading time.
Bitcoin may be a very useful solution to these problems. Digital currency ensures the security of transactions and the speed of transfer. At the same time, the transaction can be verified without the participation of a third party. Although it is not free, the Bitcoin network has the lowest cost compared to existing systems.
There have been companies trying to release their own virtual currency to improve their services and still control the way transactions are handled. JPMorgan is currently developing JPM Coin. As Mark Moss, founder of Signal Profits, said, these companies are not aware of how cryptocurrencies will replace their businesses.
With Bitcoin, people have real ownership of their money and funds. They can also trade funds on a global scale, anytime, anywhere. In the future, Bitcoin can be a replacement for current systems.