How to use Crypto To send Money Abroad for free The story of crypto is not too old as it just began 14 year ago with the creation of Bitcoin in 2009.
Bitcoin was designed to be decentralize & P2P system for making Digital Transactions without the need of intermediary such as Bank.
P2P model is a revolutionary concept which is challenging the traditional financial institution and their monopoly on the transfer of money.
Traditional V/S Cryptocurrencies Money transfer In our daily lives, we often rely on traditional banking systems to transfer funds, whether it’s a local or international payment especially international payments can be a challenging and expensive ordeal if we do it through banks because of the high fees they charge from the Customer.
However, this process can be time-consuming, expensive, and fraught with numerous intermediaries. But with the advent of cryptocurrency, we have a new and revolutionary way to transfer funds without the need for a middleman, and with far lower fees. Moreover, the process of using cryptocurrency for payments is user-friendly and straightforward.
All that’s required is the wallet address of the recipient, which can be easily generated by the recipient’s digital wallet. Unlike traditional banking systems, transactions can be completed within minutes, irrespective of the time or location of the parties involved. Cryptocurrencies are digital assets, often compared to gold, that have a global price that remains the same, regardless of any location. Although there are numerous cryptocurrencies available today, people typically prefer stable cryptocurrencies such as BUSD and USDT to transfer funds or make payments through crypto.
These stable cryptocurrencies have a fixed value, which is usually pegged to the value of the US dollar.
Pros and cons of traditional banks and money transfer operator compared to P2P exchange
Pros: · Security:
Traditional banks are highly regulated and are required to follow strict security measures to ensure that customers’ funds and personal information are kept safe where as Cryptocurrencies also provide security but if a user transfers funds to the wrong address, it cannot be recovered, unlike in traditional banking where there is a chance of recovery.
· Convenience:
Traditional banks have physical branches and ATMs, making it easy for customers to access their accounts and withdraw or deposit funds and Many MTOs have a large network of agents and physical locations, making it easy for customers to access their services.
· Financial services:
Banks offer a wide range of financial services, including loans, credit cards, and savings accounts, Cryptocurrencies offer a range of other options through decentralized finance (DeFi) and staking.
· Speed:
MTOs often offer fast and reliable transfer services, allowing customers to send and receive funds quickly. However, with cryptocurrencies, transactions can be completed in less than a minute, providing an even faster option for transferring funds.
Cons: · Fees: While traditional banks often charge high fees for services such as wire transfers and overdrafts, cryptocurrency transfers have significantly lower fees. The cost of transferring cryptocurrencies is negligible compared to traditional banking fees.
· Limited accessibility:
Traditional banks can be inconvenient for some customers due to limited availability of branches or customer service hours, making it challenging to access funds or receive assistance. However, cryptocurrencies are easily accessible worldwide and offer 24/7 transfers using blockchain technology, providing greater convenience to users, in this you just need to find another user who want to buy or sell these assets.
· Slow processing times:
Bank transactions may take several days to process, which can be frustrating for customers who need to send or receive funds quickly. Cryptocurrencies, transactions can be completed in less than a minute,
· Security:
MTOs may not have the same level of security as traditional banks, which can make customers vulnerable to fraud or theft. Cryptocurrencies provide the highest level of privacy How to use Crypto to Send money abroad for free To transfer money abroad using cryptocurrency, you must first acquire a crypto asset by purchasing it from a reputable exchange through a peer-to-peer (P2P) transaction.
This involves transferring money to the account of the crypto seller, who will then send the purchased crypto asset to your account on a platform such as Binance. Upon receipt of the crypto asset, you can then transfer it to the intended recipient overseas through their wallet address.
Subsequently, the recipient can convert the crypto asset back to their local fiat currency by following the same P2P process, thereby avoiding transaction fees. Exchanges like Binance provide the option of “Binance pay “ in their app through which you can transfer the assets into someone’s wallet without paying any extra fees. How to buy crypto with fiat As we are talking about Binance here so we will see how to buy Crypto or stable coin there :-
Step 1: Log in to your Binance application and click on Trades, followed by P2P in the top right corner.
Step 2: Then tap P2P on the top left of the corner
Step 3: Then tap on buy if you want to buy
At the bottom, you will find the seller’s payment information and any terms they may have. Choose a seller that agrees with your terms and tap “Buy.” Enter the total amount of USDT you wish to purchase and click “Buy with zero fees.”
Step 4:- Step 4: Click “Make Payment,” and you will be shown the seller’s preferred payment method. Within the payment time limit, transfer the funds to their account accordingly. Finally, tap “Transferred” and notify the seller. You may contact the seller at any time during the transaction by tapping “Chat.”
Step 5: To transfer the funds, click on the “Transfer” option. The seller’s bank account details will appear, and you can transfer the money to them. Once the transfer is complete, click “Notify the Seller.”
Upon completion of the transaction, the seller will proceed to verify the payment, and upon confirmation, release the cryptocurrency to your account, resulting in a successful acquisition.
How to transfer Crypto from one to another
1. Log in to your cryptocurrency wallet or exchange account and then tap on spot and the coins you are holding will be shown there only those coin can be transfer click on that coin which you want to transfer.
2. Once you have selected the coin you want to transfer, proceed by clicking on the “Withdrawal” option. Here, you will be prompted to choose between two options — “Binance Pay” or “Wallet Transfer.” It is important to note that Binance Pay is only suitable for transfers within the Binance platform. Therefore, if you intend to transfer the cryptocurrency to a wallet outside of Binance, select the “Via Crypto Network” option to proceed.
3. Once you have selected the “Via Crypto Network” option, you will be prompted to fill in the recipient’s wallet address, the network on which the wallet operates, and the precise amount of cryptocurrency you wish to transfer. After inputting these details, proceed by clicking on the “Withdrawal” button. To ensure the security of the transaction, you will receive two-factor authentication codes, one via email and another on your registered mobile number. After successfully entering these codes, the transfer will be initiated, and the cryptocurrency will be seamlessly transferred to the recipient’s wallet.
In conclusion, peer-to-peer (P2P) cryptocurrency trading is a decentralized and secure method of buying and selling digital assets that has gained tremendous popularity in recent years. This form of trading enables individuals to transact directly with one another, without the need for intermediaries or centralized exchanges. P2P trading has revolutionized the cryptocurrency industry by allowing for greater autonomy, transparency, and accessibility. As the crypto market continues to evolve, P2P trading is expected to remain a significant player in the ecosystem, offering users a more flexible and personalized trading experience.
