Recently i had to send some money for my cousin who is staying in other country He was in real trouble . It was urgent money he needed . It was less than 100$ . I went all money transfer exchanges asked for sending money as he need urgently Every where i found same answer we cant send less than 100$ . Even if we want to send there will be huge process. Beneficiary should have that countries bank account even he is traveller . Minimum there was at least for 500$ and also it will take 2 to 3 days for transferring this money to beneficiary account.
Some were i found answer we cant send money apart from our blood relations (I mean sibblings and Parents) . For that they required proof
Thats when i realised the real potential of Bitcoin . Then after Came back to crypto space after long time . I got real trust . Then after market also started to move towards bullish run (Coincident) . Now i am feeling proud that i am in crypto community.
It's not just necessary but it's the imminent future for the remittance industry.
However, I am not sure if bitcoin will be the gamechanger, but definitely some virtual currency will take over the remittance industry and that's where Ripple is trying to establish their business to cover this exact gap.
Either these remittance providers will have to move to some kind of blockchain supported currencies for cheaper and faster transactions, or they will become extinct. Every business idea comes with an expiry date and they need to evolve continuously to sustain the competition. From where I see, Virtual currencies will become a norm in remittance business within few years!
