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Cryptocurrency has brought a revolutionary change in the global money transfer or cross-border payment system. Challenging the long-term and high costs of the traditional banking system, crypto is now established as one of the fastest and most affordable means of international transactions.

1. Traditional Banking vs. Cryptocurrency Transactions

In traditional banking channels (such as SWIFT), there are many steps to go through to send money from one country to another, which are not available in cryptocurrencies. It can take 3 to 7 business days to complete an international transaction through a bank. On the other hand, it is possible to send money to any part of the world within a few seconds or minutes using cryptocurrencies (such as Solana, Ripple or Stablecoins). Banking transactions can cost 3% to 7%, including intermediary fees, currency conversion fees and hidden charges. Crypto transactions do not involve any intermediaries, so the costs are very low (sometimes less than $1). Banks operate at specific times and on specific days. Crypto networks operate 24/7, 365 days a year.

2. Remittance Impact

The economies of developing countries (such as Bangladesh, India, Philippines) are largely dependent on remittances. Expatriates are forced to pay a large portion of their income in fees. Using cryptocurrencies, especially stablecoins (USDT, USDC), they can send money directly to their families. In many countries, the value of local currencies is rapidly decreasing. By accepting stablecoins with a dollar equivalent through cryptocurrencies, the recipient can avoid the risk of inflation.

3. The Role of Stablecoins

Stablecoins are now more popular than Bitcoin in global money transfers. Even if the price of Bitcoin fluctuates, the price of USDT or USDC always remains equal to $1. As a result, the sender and recipient are assured that the amount of money will not decrease. Many international payment gateways are now accepting stablecoins and offering the facility of cashing them out directly in local currency.

4. Institutional and Corporate Payments

Large companies are now settling their supply chain and international trade payments in crypto. Using blockchain smart contracts, conditional payments can be made. That is, it is possible to create a system where payments will be automatically released after the goods are received, which increases business trust. Many banks are now using the Ripple network to complete their internal cross-border settlements more quickly.

5. Challenges and Legal Obligations

Although fast and cheap, there are still challenges in some cases. Various countries are enacting strict laws to prevent money laundering. As a result, KYC (Know Your Customer) verification is now becoming mandatory during transactions. Using crypto wallets and understanding blockchain addresses is still a bit complicated for the common man. Many countries still lack a legal and easy way to convert crypto into local cash or fiat currency.

Conclusion

Cryptocurrency has transformed global money transfer into the "Internet of Value". It is now possible to send money in the same way that we can send instant emails. This has increased the mobility of money in the global economy and reduced people's dependence on intermediaries. Today's discussion concludes here. I hope you've found it interesting. Please share your thoughts on today's topic. Prayers for everyone. May everyone be well. Amen.

Me behind the camera & keyboard

I’ve always loved sharing my passions with you — from crypto and movie reviews to photography, storytelling, and blogging. Now, continuing that creative journey, I’ve stepped into a brand-new world — Gaming ! 🎮 | 🎥 On my YouTube channel Bokhtiar The Survivor — I’m consistently working to bring you the raw thrill of my gaming experiences — the emotions, the excitement, and those unforgettable moments that make every game feel alive.