Pros of sending money through cryptocurrency


Lots of people depend on traditional banking for money transfers, which is considered a safe way to send money, but if you have gone through the process of sending money especially overseas using any of these traditional banking systems, well, you know that it’s not always a smooth ride. 

The process of converting the currency before sending or the stress the recipient will go through to withdraw from the bank is not something most people look forward to.

This is why some digital platforms have come up with ways that allows users to send money directly into any local bank account using cryptocurrency, with no hassle. You send crypto from your wallet and the recipient receives the money in the currency you wish. 

Let’s look at some Pros of sending money through Cryptocurrency

Low or no transaction charges

Most Cryptocurrency exchange platforms like Cryptofully will process your transactions at zero fees and while some other platforms will charge occasional deposit and withdrawal fees, bitcoin users are not subject to the litany fees associated with traditional banking. No account and card maintenance, no account balance fees and no overdraft charges, among many others. 

Accessibility

Crypto payments are more accessible because of the decentralized nature of Cryptocurrencies. Since digital currencies are not tied to any specific government or institution, you can send as much as you want, anywhere you want, and at any time and since users are able to send and receive crypto digitally, cryptocurrency payments are available to users who do not have access to traditional banking systems.

User Autonomy

Digital currencies allow users more autonomy over their own money than fiat currencies do. Users are able to control how they spend their money without dealing with an intermediary authority like a bank or government.

High level of security

Once a cryptocurrency transaction is initiated, it cannot be reversed. This serves as a restriction against fraud. Also, the strong encryption techniques used throughout the blockchain and transaction processes are a safeguard against fraud and account tampering.

Peer to Peer system

The cryptocurrency payment system also uses a peer-to-peer process, which means that users are able to transact with other users on the network around the world without requiring approval from any external or high authority.

Check out the Cryptofully platform which uses a p2p network to exchange cryptocurrency for naira thus allowing you to send money to Nigeria instantly and at the best rates.

 

Related Post  Peer-to-Peer (P2P) Exchange: Why Nigerian Crypto traders are looking to P2P exchanges

 

 

 

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