People tend to send remittances using bitcoin and its brethren more shows new research by a BLT-centered research company. Such a spike can be explained by the high costs of sending money in a conventional way like with PayPal, Western Union and MoneyGram.
Cryptos Make Remittances More Enjoyable
Blockchain research company Clovr has published the results of a survey, carried out among 707 remittance senders. As it turned out, 15.8% out of them send remittances with the help of cryptos. The research report states that cryptos are cheaper and a faster means of money transfer. 85% of survey participants reported they were satisfied with bitcoin and its ilks as a sending method.
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At the same time, the research showed that people may use traditional ways of sending money home, such as MoneyGram and Western Union, because of their brand names. However, the respondents highlighted they lose money because of them due to «super-taxes.» Especially, it is relevant when sending the money to African countries. «These can result in surcharges of 13 to 20 percent beyond what a transfer to a non-African nation may cost,» says the report. Charges might be the reason why 10% of respondents are not satisfied with conventional services.
Who Uses Cryptos More?
According to the survey results, males tend to have tried using virtual assets for money transfers more than females. Younger men who have higher income are more likely to jump on a novel tech bandwagon. In turn, women might be less inclined to this due to their disadvantages with science and tech subjects.
Are People Aware of Bitcoin?
Among respondents, there were those who have not used cryptos. Out of them, 1 in 3 males and over 50% of females said they did not know what cryptos were or admitted they knew very little. They were even less sure about DLT than cryptos when it came to their awareness.
Reservations With Using Cryptos
40% of non-crypto-users admitted they were concerned the most about not knowing enough about how cryptos function. The second biggest group was afraid that paying someone in cryptos would bar them from being able to use the money for tangible goods. Meantime, 36% of crypto-users said they have no reservations using bitcoin and its pals.