Money transfers from developed countries to developing ones dominate the $582-billion global remittance market. In 2014 only 5 percent of transactions were digital, but the trend is shifting rapidly as mobile phones are becoming ubiquitous in developing countries. Digital transactions offer multiple advantages including significantly lower fees. Cryptocurrency Bitcoin, a decentralized virtual currency system that allows for direct transactions between parties, is emerging as an alternative to the current remittance models built around intermediaries. Discover the startups that are already sprouting to seize that fast-growing opportunity.
Bitcoin to facilitate money transfers from developed to developing countries
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