London, UK, Binary News Network, Victoria-Coins Broker David Mossington says that cryptocurrencies have risen in popularity over the last few years because they have an interesting value proposition that is not offered by traditional financial tools. The value proposition of cryptocurrencies is the ability to transfer value in a secure and borderless way. This security makes people feel comfortable about sending money internationally because they know there is no one that can interfere with the transferor holding their money from them.
Cryptos are also borderless meaning the transfer is not limited by national boundaries so there is no need to worry about capital controls. The other important aspect of cryptocurrencies for the purpose of international transfers is that they are fast, much faster than traditional money sending methods. You can send ETH or BTC to anyone in seconds anywhere in the world.
Mr Mossington thinks that another area where cryptos are competing with traditional financial tools is in fees. The crypto transfer fee can be much lower than the correspondent bank fee you have to pay when transferring money internationally. As a result of this, many people who work abroad and send their remittances home using a traditional method have started looking into cryptocurrencies as a solution for them.
Crypto as source of income
Cryptos offer a cheap and fast way to send money but they still have a long way until they become a mainstream method for international transfers. Cryptos are not widely accepted as a form of payment so many people cannot buy them or convert their cryptos into the local fiat currency that is required. In addition to this, most cryptocurrency exchanges do not allow you to withdraw fiat money without having to verify your identity which can be time-consuming for people who want to do an international transfer and move the funds quickly.
Crypto is a source of income for many people around the world, particularly in Africa where remittance is a big industry. Mr Mossington has helped us pick a few crypto stocks that can be a great choice for investors who wish to make full use of the good that crypto has to offer while they wait for the industry to mature.
Coinbase is one of the biggest cryptocurrency exchanges out there. It first entered the market as a wallet service but quickly started operating an exchange for cryptocurrencies too. Coinbase allows you to trade on its platform using your bank account and it will charge you lower per transaction which is relatively low compared with most other conventional foreign exchange services.
Coinbase is a good choice for people who want to make use of cryptos as a way to transfer funds internationally because the fees are low compared to other exchanges. In addition to this, Coinbase seems secure and has been around for quite some time now so it is unlikely that someone will scam you out of your coins if you choose Coinbase as their service provider.
Binance is another popular cryptocurrency exchange that offers its own token (BNB). The main aim of the Binance team is to create a lean and fast platform that can handle as much traffic as possible. This means that they have managed to develop a platform with very low latency and a high rate of transactions processed per second.
Binance can be used for trading but it is also a good choice for people who want to convert their cryptos into fiat money quickly because the exchange offers relatively low fees when compared with other exchanges in its league. Mr Mossington says that Binance is a good choice for people who want to use cryptos as an international money transfer service. Because you can only trade using cryptocurrencies on their platform, your funds are safe and transactions are quick.
Coinmama is another cryptocurrency exchange that can be used for trading but it offers different options when compared to Binance. Coinmama is very easy to use because all you have to do is enter the amount of crypto you want to buy and your wallet address, the rest will be done by the platform.
One good thing about Coinmama is that it allows you to buy cryptos using your credit card. This means that the transaction will be quick and easy for people who are used to buying things online. Coinmama charges higher fees than Binance but they also offer more features which makes this platform a good choice if you want maximum flexibility in choosing how you want to trade your cryptos.
Mr Mossington has listed Coinbase, Binance and Coinmama as some of the best platforms to use if you want to make full use of cryptos. They will help you trade your cryptocurrencies for fiat money which can be used by people to send remittances across borders. You just have to choose the stock that suits your needs best.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.