Why Bitcoin Poses The Biggest Challenge To Money Transfer Companies

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Money Transfer Companies

Most people rely on banks and other money transfer companies for international money transfer or online money transfer services. Today, these services are considered to be the safest mode to transfer money.

Yet, if you have ever gone through the process of sending money through any of the mentioned services, you know that it is not a smooth ride. A complete money transaction process can take weeks, if not months, to complete.

The money transfer companies would argue there are no safest means to transfer money. To fight back this kind of service, the revolution is brought by the Bitcoin money transfer.

Traditional Money Transfer Services

Before we can head towards the Bitcoin solution for Money Transfer, let’s take a look at how the traditional money transfer works.

The first step you take is to visit the money transfer company, tell them you want to make a money transfer, tell them the name of the person and the location you want to send money to.

The money transfer company will take all the necessary details and ensure that the money transfers are in exchange for transfer fees. Some companies claim to transfer money on the same day with some additional charges, but usually, money transfers take at least a week.

However, if you are using a bank wire network to transfer money, you have to give a lot of information, including bank details, SWIFT codes, and much more.

The bottom line is no matter which traditional method you choose to transfer money. It is a complicated process that takes weeks to complete.

This is where people started thinking of more effective and efficient methods for transferring money. Guess what they come up with Bitcoin Money Transfer.

Blockchain and Bitcoin are entirely different technologies that work on different fundamentals. And being a part of the technological literate generation, platforms like the bitcoin era might seem a cooler and easier way to transfer money.

Why Money Transfer Companies Consider Bitcoin A Challenge

Even though Money transfer companies offer a decent, safe, and secure service to transfer money from one location to another. The newer generation (technologically literate generation) is seeking more simple and convenient money transfer services.

This is where traditional money transfer companies find Bitcoin intolerable. After all, it is one of the simplest ways to transfer money today.

Traditional money transfer money makes money by charging for deposits, withdrawals, and transfers. Also, they make money on exchange rates while converting your money.

However, with Bitcoin in the money transfer business, traditional money transfer companies might lose their business.

Here are a few features that Bitcoin money transfer brings to the table over traditional money transfer companies.

1. Transfer Fees

When it comes down to money transfers, one thing that most people consider is the transaction fees. Depending on where you are sending money, the transaction fees differ. For instance, transferring money through traditional methods can sometimes cost 20% of the total money transferred.

Fortunately, Bitcoin transactions are much cheaper. Bitcoin transaction charges are so low that they can be considered negligible. That means people can save money even while transferring. Now that is something to look forward to.

2. Fast Transaction

Just accept it. Waiting for your money transfer to complete its process can be annoying. In addition, the traditional money transfer process takes days and sometimes even weeks. That means you cannot rely on a traditional system in emergencies.

However, Bitcoin money transfer solves this problem. Bitcoin money transfers are fast; we mean really fast. As these transactions are done over the blockchain network, sending and receiving money only takes a couple of minutes.

3. Full Control Over Your Transaction

This is why people are opting for Bitcoin money transfers.

Bitcoin transactions occur on a public ledger-based technology called Blockchain. It is a decentralized technology. That means no central authorities are tracking the transaction. This gives your full control over your transfer.

Bitcoin transactions do not need any third party or intermediaries to complete the transaction process. In a Bitcoin transaction, the only active parties are the sender and receiver.

The Bottom Line

Money transfer using Bitcoin means total freedom, low cost, complete privacy, and immediate settlement for any transaction. Reasons like these are what make money transfer companies fear the existence of Bitcoin.