Although Bitcoin, Ethereum, and Dogecoin frequently make headlines, Litecoin is emerging as a potential disruptor in the international remittance sector.
In the US alone, over $12 billion (this is 2x more than Litecoin's market cap) is spent annually on fees to transfer money overseas, serving as a critical support for underbanked communities. These remittances allow recipients to purchase food, pay rent, and help with medical bills.
Regrettably, the traditional process of sending money abroad is both complicated and expensive, with an average fee of 6.18% in the US. This is where Litecoin steps in.
Litecoin transactions are substantially faster and over 99.99% more affordable, easing the burden on people supporting loved ones overseas. At an average cost of $0.01 per transaction, Litecoin offers a highly cost-effective alternative for global money transfers.
In comparison, Bitcoin transactions cost $2, Ethereum $4.5, and Dogecoin $0.12.
Despite increased connectivity, the global financial system remains disjointed, posing challenges for the 1 billion people depending on remittances.
Moreover, time is also a significant factor, with traditional remittances taking 1 to 10 days. Litecoin outperforms here as well, with transfers taking only 2.5 minutes on average.
The conventional financial system, which relies on international wire transfers, involves multiple intermediaries and operates within banking hours. Litecoin overcomes these limitations, providing uninterrupted 24/7, 365 access.
Individuals worldwide depend on remittances, especially in Latin America and Asia, where most American remittances are sent.
Litecoin holds the potential to transform the international remittance landscape with its speed, affordability, and accessibility. As Americans increasingly embrace cryptocurrencies like Litecoin for money transfers, the impact on global remittance could be profound.
Litecoin can be purchased from local ATMs, Coinbase, Robinhood, PayPal, Gemini, Binance, Kraken, and Abra and sent globally to any litecoin wallet.