How to use cryptocurrencies to send money abroad
If you live in a certain country but come from a different one, and if you still have friends or relatives in your place of origin, maybe you have had to send money back home at some point. When trying to do so, you may have seen that, until now, there were very few available methods. Basically, you could choose between bank transfers or specialized companies whose trade is to deal with this kind of affairs.
If you have dealt with it, you may have noticed that those methods to send money abroad are often less than satisfactory. They’re extremely expensive, they charge plenty of not always properly justified fees, they work rather slowly and, sometimes, they force you to go to their premises, which may be far away from your residence, to be able to perform the operation. There’s no doubt that the only reasons people keep using them is because they’re customary… and because most consumers still believe there are no better alternatives.
But are there? Of course! Current technological progress in digitalization has developed an innovative, fast, safe and accessible system for everybody: cryptocurrencies. Thanks to them, sending money abroad is now easier than it has ever been. Would you like to know how do they work? Carry on reading!
Understanding the concept of cryptocurrency
Before explaining how can they help us sending money abroad, we need to understand the concept of cryptocurrencies. It’s a new form of conceiving economical assets that provides a series of advantages when compared to fiat money (that is, euros, dollars or legal tender in each place). Notice that, even if it can be easily exchanged for the same cash we normally use in our daily life, we aren’t talking about a palpable reality: it exists in a virtual way, thanks to the Internet.
Cryptocurrencies are a completely digitalized and decentralized means for exchanging goods. That is, there’s no entity backing them such as a bank or a country’s government. Their value is based on the activity their users have with them. These users interact among themselves directly, without any intermediaries, and all performed operations are stored in a system called “blockchain”. Therefore, a cryptocurrency doesn’t depend on political decisions governors may take at a certain point, as it isn’t restricted to territorial boundaries like common cash.
Using a cryptocurrency such as Davies may seem complex, but it’s actually a quite simple process. Like any other resource, cryptocurrencies have a value that quotes high or low depending on supply and demand. Users can buy and sell them whenever they want in several different ways, depending on what possibilities each currency offers. Davies, for example, has a web platform which you can enter from any browser, apart from mobile apps both for Android and iOS. With the purchased Davies, any kind of operation can be fulfilled: transfer them to other people, use them to finance loans and get profit, or even directly pay with them. Increasingly more companies, either with physical shops or in e-commerce, are allowing customers to buy their goods and services using cryptocurrencies, and there is every reason to believe that the trend will continue in next years.
This is how cryptocurrencies can help you send money abroad
Let’s turn back to the point: you need to send money abroad and are looking for a reliable tool which is more efficient than bank transfers and the specialized companies you were using so far. How can cryptocurrencies help you?
The process is extremely easy to understand. Instead of sending euros, dollars, or whatever fiat money you would need in each case, it’s all about directly delivering cryptocurrencies. For example, someone in Spain can send Davies to other person in any country in Latin America, like Colombia or Venezuela, without the need of converting his euros to dollars, pesos or bolivars. Doing it this way, a great part of the bureaucracy becomes redundant and the operation is way simpler.
Apart from that, using cryptocurrencies to send money abroad involves other additional advantages that must be noted. Thanks to their features, they adapt quickly to the needs of people who are far away from their countries and need to send money to their loved ones, adding several benefits that traditional systems lack.
For example, being a totally virtual currency and not a physical unit, all operations related to it are also done in virtual environments, such as Davies App or its web platform. That means you won’t need to personally visit any office of an agency or any bank branch. You can complete the business from anywhere, even from the comfort of your own home, and at any moment, not caring about timetables anymore.
The facts of always working with the same currency and of it being digital also mean that delivery times are way shorter. The process of sending money abroad, which could take up to several days before, now becomes immediate. As soon as you enter Davies app and type the amount you want to transfer, only a few seconds will be needed for the receiver to get the money. Furthermore, since intermediaries have been removed, many commissions and fees also disappear, so costs are way smaller.
For the end we have left probably the most important advantage: using cryptocurrencies to send money abroad is extremely safe. Blockchain technology works by logging all and every performed operation in a block in the chain, linked to others, which means, on the one hand, that it’s impossible to modify or delete them, and on the other hand, that they can be traced if needed. Scamming is impossible!
As you can see, cryptocurrencies are nowadays the most reliable and safe method to send money abroad, but they also have many other uses that make them a very convenient economical resource. Follow our blog to keep learning about them!