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## The remittance market today is worth hundreds of billions. 

<center></center>This is expected to continue growing as well over the years to come. 

Millions of people around the world regularly send money back home to their family members, this is how they are able to survive. Some of the most popular methods that they use are services like Western Union, PayPal, and others. You might also use your bank to send it too depending on which one you are with and where you are trying to send funds. 

There are disadvantages though, such as operating hours for example, that consumers must confront when looking to accomplish the simple task of transferring some value to another.

Depending on the amount that is being sent there can also be high fees to deal with too and this is where cryptocurrencies like bitcoin come in. 

There are many vantage points to consider when discussing what cryptocurrencies are and what they might be able to achieve. For some advocates, like Cathie Wood, one of the more important topics is that of remittances and the benefits that cryptocurrencies can provide as an alternative for people who need to send money. 

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If there were a faster and cheaper way, wouldn't people want to know about it? It is believed that bitcoin and other cryptocurrencies are already being used in this way and have already started to offer an alternative to that market. 

Should people be left with only a few options that might be too costly for them? What if there were a cheaper alternative? What if the market came up with a faster alterative to traditional options that have been available? 

Embracing that competition and expanding those options in the market could help to increase the standard of living for people today by opening the door to something better. 

It can also influence those competitors to grow and adapt to new technology and trends who might not have felt the need or pressure to continue improving given their established presence in the market for so long.

Pics:
pixabay
*This is posted for information purposes only and is not to be taken as financial advice*.
sources:
https://qz.com/africa/1983610/bitcoin-draws-millions-of-workers-sending-their-money-abroad/
https://techcrunch.com/2021/10/09/crypto-remittances-are-a-lifeline-for-the-worlds-most-vulnerable/