• Research shows that crypto transfers are growing with covid-19.
• Crypto remittances are the most reliable option to send money to other countries.
Crypto remittances have been on the rise since the beginning of the year because cryptos have improved their retail and wholesale market share. Cryptocurrency-based international transfers are popular because the fees are low, and the process is fast.
These upward cryptographic movements would explain why over 16 percent of international transfers in the United States have disappeared. The country has established a mark on these crypto transactions, sending at least 76,000 each year.
Research on crypto remittances
The PYMNTS organization has investigated crypto remittances on the rise within countries like the United States and Nigeria. Based on the data collected, over 50 percent of the people who use these global transfers store cryptocurrencies. This is a huge figure compared to the 12 percent of people in North America who have no ties to cryptos.
The researchers also verified that crypto remittances rose after the Covid 19 pandemic arrived. This occurs because crypto transactions have cheaper fees compared to fiat currency transfers.
But cryptocurrencies are being accepted as a payment method in several countries worldwide without being questioned. Tokens like Bitcoin, Litecoin, and Bitcoin Cash are the priority for these people who get used to moving crypto remittances.
The analysis organization surveyed over two thousand people in the United States, of which the vast majority know the cryptocurrency market. The study reveals that over 23 percent of respondents have sent cryptocurrencies to other countries, leaving aside fiat currency transactions that usually take a long to process.
Crypto users take advantage of mobile wallets
Crypto remittances study found that most fans use mobile wallets. These people usually download, register, and send their funds in cryptocurrencies through their mobile phone, being the most feasible option due to the speed it guarantees.
Only 30 percent of users limited to sending cryptocurrencies use mobile wallets with their local currency. However, these transactions are deficient, which causes the financial market to decline after facing new technologies.
But economically growing countries like Nigeria and Africa have expanded into the crypto remittances market. These new entrants have improved the crypto adoptions volumes, mainly Bitcoin trading at $41,599.81.
According to the researchers, crypto transactions in these countries exceed $400 million, where more than one million movements are registered monthly.
The research concludes by saying these cryptocurrency transfers between countries are just beginning; this market will grow as the crypto price become more relevant.