Sending money overseas? Explore how cryptocurrency makes international transfers faster, cheaper and securer for your loved ones.
On May 22, 2010, Laszlo Hanyecz made history by using Bitcoin to buy two Papa John’s pizzas, trading 10,000 Bitcoin (BTC) — then worth just $25 — for the delivery. At the time, little did anyone know that cryptocurrency would emerge as a viable solution for international money transfers.
But why is crypto considered for cross-border transactions?
Traditional remittance methods carry high fees and take up considerable processing time. For example, if you’re in the United Kingdom, sending 1,000 British pounds to Los Angeles through a bank could cost you between 10 and 15 pounds in fees (depending upon the chosen banks), and the processing time can be a real hassle — often taking many business days.
