Bitcoin & Cryptocurrency’s Most Effective Use: The $600 Billion Global Remittance
India is expected to retain the top spot among remittance recipients, with a projected figure of $65 billion, while China ($63 billion), the Philippines ($33 billion), Mexico ($31 billion), and Nigeria ($22 billion) hold the next spots on the list.
A peer-to-peer system known as blockchain is responsible for running Bitcoin and Cryptocurrency. Transactions using the digital currency are recorded in the ledger, and no one entity is tasked with managing it. Essentially, when a transaction occurs, the records on the ledger adjust accordingly.
The World Bank estimates that 10% of global remittance is eaten up in fees. That’s a scandalously high figure and must be reduced. We sincerely hope that distributed ledger technologies will move us towards a seamless, legal and inexpensive way to transmit this value using InstaCrypto and our users can profit from it. The profit is seen most times because crypto is at a premium in india consistently. But for now, we need to work with this constraint — any disruption to the status quo only makes sense if it delivers a fee load lower than 10% of value transmitted.
BankDhofar has become the first bank in Oman and one of the first in the region to adopt Crypto. The technology enables the bank to provide cross-border transfers via a mobile banking application “in less than 2 minutes,” thus allowing non-resident Indians living in abroad to conduct real-time payment transfers to India.
The advantage of Bitcoin over existing financial systems is that the fees of transactions on the Cryptocurrency Blockchain network are not percentage-based
If you wanted to send funds via InstaCrypto, you would require to register by submitting your KYC and an Indian Bank account to receive your INR.