Bitcoin as a currency shares many of the characteristics of its fiat counterparts. It has the flexibility and security of fiat but also discards many of the restrictions placed on fiat as being a digital currency it can make transfers instantly and at a cost of a fraction of a naira in many cases. How does it fare against Western Union and the likes of World remit when it comes to making remittance? Read on to find out !
Western Union and World Remit are two of the biggest remittance services on the planet today. Allowing you to send money home at low costs the services advertise a reliable and honest service, however compared to digital currencies such as Bitcoin you might be able to get a better deal saving time and money which is more important when considering remittances. Western union have been known for their comparatively high costs and while they do cover most of Nigeria, forex gains do apply which means transfers can be costly. Wire transfers are extremely costly for those wanting to remit back and from Nigeria.
Bitcoin on the other hand allows for instant remittances if you want to transfer bitcoin to Nigeria. These transaction are also nearly costless and considering current stable prices of Bitcoin itself allow you to rest in piece as all of your money will be transferred at face value in most cases. With the aid of NairaEX, Bitcoin can be transferred to fiat if you prefer and is sent to a Nigerian Bank account with a matter of 24 hours. The service has also become popular for allowing users to sell and buy bitcoin with some of the best Naira rates around.
To conclude, Bitcoin inherently is much, much faster at transferring assets and value. Transactions can be made in a fraction of a second and with services such as Blockchain.info, they are also made in a secure environment preventing unwanted access to your money. With services such as NairaEx building on the benefits of bitcoin you can remit in bitcoin or Fiat and compared to western union or world remit the overall cost will be much lower.