Transferring money using traditional methods is fairly easy. However, there are still a number of people who prefer to use banks especially when making international money transfers. Then again, with the onset of fast and better internet, doing online transfer services slowly gained popularity and is now of the mediums used when transferring money.
Steps Traditional Money Transfers
When using money transfer services, the following are what traditionally done:
- Inform the money transfer platform how much you like to transfer and who will be the recipient
- Send money using their platform
- Then last is to let the service provider take care of everything in sending the money
But this was for transferring paper money. Today, there’s another form of transfer performed which is through Bitcoin transfers.
A New Age of Financial Transactions
As you know, Bitcoin is a digital currency that is used for a number of applications, including sending/receiving.
However, the process for such would be a little bit different.
- Deposit fiat currency on a Bitcoin platform
- Buy and send Bitcoin to the recipient
- The recipient sells the Bitcoin received for fiat currency on the platform itself
- They withdraw the money directly to their bank account
The entire process may take more steps compared to the former. Furthermore, it is you who have to complete the process on behalf of the receiver.