Bitcoin is now listed as a payment method on many online platforms. This is especially true for the service industry and cross-border transactions.
Its global adoption can be attributed to numerous factors, including its high market liquidity, decentralized nature, large market capitalization, and established infrastructure.
This article will explore the benefits of using Bitcoin for international money transfers and the role of Bitcoin ATM machines in facilitating such transfers.
Lower Transaction Fees than Banking and Remittance Services
Conventional banking and remittance institutions charge high fees for international transfers, typically 3-4% of the total amount. The charges can rise to 5-10% for established companies such as PayPal, Wells Fargo, and Bank of America.
This can add up to a significant amount when sending large sums frequently. Bitcoin transaction fees can go as low as a few dollars, albeit fluctuating depending on network congestion, the size of the transfer, and the desired speed of confirmation.
This makes Bitcoin a more cost-effective option for sending money internationally, especially for frequent transfers involving significant money.
Near-Instantaneous Transfer Times
Suppose you are sending money internationally, especially lump sums. In that case, you will likely be held up for days or weeks due to stringent bank policies, verification processes, and other regulatory red tape.
Your money must also go through multiple intermediaries in various countries as your banking institution cooperates with foreign banks to facilitate the transfer.
Differences in time zones can extend the waiting period, as some transactions must be processed manually during business hours.
Bitcoin transactions generally take 10-60 minutes to confirm and transfer to the recipient’s wallet. While this is subject to network congestion, it is much faster than international wire transfers.
Besides, transfer methods and the transfer time can be reduced by paying a higher miner’s fee, and transactions are not restricted by banking hours.
Also, transferring BTC between identical wallets, such as Binance to Binance, is instantaneous due to internal ledger updates.
Greater Financial Inclusion
Access to banking services is limited in many parts of the world. In addition, many banking institutions impose high monthly maintenance fees and minimum balance requirements, making it difficult for low-income earners to maintain an account.
Bitcoin has no geographical or economic barriers. Users only need a connected smartphone or computer and government-issued documents to buy and transact Bitcoin.
Also, Bitcoin has no minimum balance requirements or account maintenance fees, making it accessible to a broader range of individuals.
Decentralized Nature
The decentralized nature of the Bitcoin network enhances security by reducing vulnerability to cyberattacks and manipulation. Accessibility and convenience are also improved as Bitcoin can be accessed 24/7 from anywhere in the world.
Also, the blockchain network is transparent and immutable, which ensures traceability and eliminates the possibility of fraudulent activities.
No Chargeback
Traditional payment methods, mostly credit cards and PayPal, are infamous for chargebacks. This is when a buyer files for a return of funds after receiving goods or services paid with their card or account.
While this can be justified in fraud cases, it has also been used to exploit merchants. Bitcoin transactions cannot be reversed, preventing the risk of fraudulent chargebacks.
This can be important, especially when dealing with international customers, where buyers’ reputations and trustworthiness may not be easily verified and where the legal process to dispute chargebacks can be complicated and costly.
Financial Privacy
Transactions on the Bitcoin blockchain may be public, but users can use stealth addresses to mask their identities. These one-time public keys are generated for each transaction to prevent tracking of transactions to a particular wallet or individual.
It’s important to mention that these proxies aren’t immune to scrutiny by authorities. Therefore, they should not be used for illicit activities.
Role of Bitcoin ATM Machines
Despite offering multiple benefits that aren’t available with traditional banking or remittance services, Bitcoin is still sidelined by many who consider it too complex. Many cite a steep learning curve in buying and transacting it.
Bitcoin ATM machines are changing this narrative by offering an intuitive interface to buy, sell, or transfer BTC. Unlike crypto exchanges, ATM machines allow users to conveniently purchase BTC using cash, debit, or credit cards.
They also offer instant wallet creation services, making the process more efficient.
Enjoy a Streamlined Bitcoin Purchasing Experience With CoinMover’s Cash-to-Bitcoin ATM Machines
CoinMover is a U.S. Department of Treasury-registered money service business that operates cash-to-Bitcoin ATMs across the U.S. Its ATMs offer a secure, fast, and easy way to purchase Bitcoin with cash or debit/credit cards.
Its services are fully compliant with Bank Secrecy Act (BSA), Know Your Customer (KYC), and Anti-Money Laundering (AML) regulations.
Find a CoinMover ATM near you and experience the convenience of buying Bitcoin with cash.