How to transfer money from bitcoin to coins.ph

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The traditional model of remittance works as follows. An individual working in the U. The MTO charges for its services. In reality, the MTO is only acting as a frontend agent.


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The operator has to use the service, software, and system that are actually provided by a bigger remittance software provider RSP , like Western Union WU or Moneygram. Due to a lack of financial capacity and availability of software systems, the MTO may only receive a fraction of the charges it takes from the customer, as the bulk is pocketed by the RSP. Additionally, MTO may also need to pay other regular charges for installation, subscription, and system maintenance.

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For the end user, this increases the overall cost for the transfer, as the MTO and the RSP try to pocket the maximum fees. Additionally, there is a lack of transparency in the exchange rates offered to the end customer, who takes another beating in the form of unfavorable rates.

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Bitspark, a bitcoin remittance company based in Hong Kong, is offering services to send money to countries like the Philippines, Indonesia and Vietnam. It offers a cloud-hosted solution for MTOs in developing nations that works seamlessly with little to no banking infrastructure. The businesses simply make an estimate of the amount of money needed for a day or for a particular remittance, purchase equivalent bitcoins in advance, and immediately sell them for the fiat currency in the receiving nation. The business is almost free of any risk as it does not hold the virtual currency tokens for a long period of time, and customers' transactions are performed within minutes.

The benefits are overall lower costs to the end customer, quicker global money transfers within minutes, no additional costs to the MTOs, a higher share of commission for their agency role, and safe and secure regulatory-compliant business mechanism.

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The Bitspark user is not required to have any knowledge about the underlying blockchain technology, as the easy-to-use interface offers simple steps to processing the money transfer within a few seconds. Bitspark also launched its Sendy mobile app, which works as a mobile wallet as well as a MTO locater. Startups offering a platform for bitcoin-based remittance services are mushrooming.

Another similar service, Rebit, offers money payments to the Philippines mainly from Canada, Japan and South Korea, and is planning to expand to the Middle East. Bloom, Payphil, and coins.


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Essentially, such businesses do not directly deal with the remitting customers. Instead, they provide an alternative backend system that works on bitcoin transactions.

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Traditional remittance providers are trying to fend away emerging competition. Investing in cryptocurrencies and Initial Coin Offerings "ICOs" is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Join the fastest growing cryptocurrency exchange of all time! Join Binance. The best cryptocurrency exchange in Australia.

A simple and easy place to trade your crypto into Australian Dollar. Join CoinSpot. The only cryptocurrency exchange in the Philippines. Join Coins. Best and safest Bitcoin platform.

Bitcoin's Most Profitable Use: the $600 Billion Overseas Remittance Business?

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