87% Bitcoin holders regularly send or receive cross-border remittances: Survey

 

According to a survey conducted by tech firm Block, 87% of Bitcoin holders regularly engage in cross-border remittances, highlighting the role of the cryptocurrency in international money transfers. The survey gathered data from 6,600 adults across 15 countries.

Cross-border remittances are payments sent from one country to another, often by individuals to their families or friends in their home countries. These payments are an important source of financial support for many families and are crucial for the economies of developing countries. However, traditional remittance methods can be expensive and time-consuming, with high fees and long processing times.

Bitcoin, on the other hand, offers a potential solution to these challenges. It is a decentralized digital currency that operates on a technology called blockchain(click to learn more), which enables secure and transparent transactions without the need for intermediaries like banks. Bitcoin transactions can be sent and received quickly, and the fees involved are typically lower compared to traditional remittance methods.

The survey results indicate that a significant number of Bitcoin holders recognize and utilize the benefits of the cryptocurrency for cross-border remittances. By using Bitcoin, individuals can bypass the traditional financial system and transfer money directly to their recipients, regardless of their geographic location. This can reduce costs and increase the speed of transactions, making it an attractive option for those who regularly send or receive cross-border payments.

The findings of this survey align with other research that highlights the increasing importance of cross-border remittances in today's interconnected world. PYMNTS research reveals that 16% of United States consumers send a total of $76 billion annually in payments to friends and family in other countries, and this flow of money is growing. In fact, nearly 60% of consumers making cross-border remittances in the past year increased such payments under the pandemic, indicating the rising demand for efficient and cost-effective remittance solutions.

Overall, the survey results suggest that Bitcoin is playing a significant role in facilitating cross-border remittances. With its decentralized nature and efficient transaction capabilities, Bitcoin offers an alternative to traditional remittance methods, providing individuals with a faster and more cost-effective way to send money internationally. As the adoption of cryptocurrencies continues to grow, it is likely that we will see an increase in the use of Bitcoin and other cryptocurrencies for cross-border remittances, further transforming the global financial landscape.