Bitcoin and fiat remittance options are often compared to each other with Bitcoin coming out on top with higher efficiency and cost effectiveness. However as enticing as Bitcoin is, it’s important to know of the options available for remitting cash through this medium as they each come with their benefits and pitfalls. In order to use bitcoin for remittance to Nigeria, the sender has to buy bitcoin with dollar at a bitcoin exchange and send the bitcoin to Nigeria for exchange to Naira. While Coinbase has proven to be the biggest bitcoin platform in America, there are also alternatives for Nigerians abroad to send money home which are more convenient and efficient.
For Americans remittance options are mostly made up of Western Union for fiat transactions and the likes of Coinbase for Bitcoin remittances. Bitcoin easily beats fiat but in the case of coinbase the recipient may have to wait up to 5 days for a transaction to go through. When considering that time is money for most business this delay is extremely significant and can be costly. However services such as LibertyX not only aim to be much faster they allow for ease of access claiming to have over 19000 stores in the US for buyers of Bitcoin. Not only does this mean you’re never far away from a shop, it also allows for instant transactions as Bitcoin can be sent instantly to a wallet, and if the user want using the services of NairaEX can have the Bitcoin turned to naira in a matter of days.
Buying Bitcoin With LibertyX
Find a store near you with the aid of the mobile app Pay the cashier an amount from 50 to 1000$ Redeem your Bitcoin
To conclude LibertyX not only allows users to buy Bitcoin in America at a moment’s notice, it also speeds up the remittance process compared to competitors allowing your loved ones to receive Bitcoin/fiat in Nigeria in a matter of hours or even seconds at a greater exchange rate of 1 dollar to 290 Naira!
Still new to bitcoin? Read how to use bitcoin for remittance here