Africa is considered as one of the regions in the world where remittances play a vital role in the lives of the average family. It is a common occurrence within the continent for Africans working abroad to send money back home to family and friends.
These remittances have, over the years, increased as the number of Africans abroad increased. It has become a major source of foreign exchange for the countries.
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It can be said that remittances gained more ground in Africa because many Africans have left the continent in search of greener pastures abroad. They simply want a better and high paying job. Unfortunately, one challenge that these people face when sending money back home to their loved ones or for a project is the high transaction fees that are attached.
Cross border transactions have become more expensive in recent years as traditional institutions sometimes charge as much as 25% in transaction fees. This is extremely high and results in the sender having to spend more money on transactions.
Bitcoin as a solution
Cryptocurrencies have emerged in the past few years as a novel solution to these problems as it allows for cross border transactions with little to no fees. Chief among different cryptocurrencies is Bitcoin.
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Bitcoin is the pioneer cryptocurrency and dominates the market with 58% of the total market share. The premier coin is accepted in thousands of businesses. The potential that Bitcoin can bring as a remittance currency is endless.
It costs African nationals abroad little transaction fees to send money using Bitcoin. According to research, using Bitcoin would save over $2 billion in fees for migrant workers. That’s a whopping amount of money, isn’t it?
However, one problem that Bitcoin has in Africa is the lack of awareness and the dearth of crypto exchanges that cater specifically to Africans. There is also the question of security of funds and the simplicity of the platform that would be used to initiate transactions.
This is where CoinCola P2P Bitcoin trading platform comes as one of the best and reliable for Africans.
It is regarded as one of the fastest growing exchanges and has received excellent reviews from a number of Africans that use the platform to send money.
CoinCola utilizes fast and secure algorithms in its platform that ensures quick transfer of funds from one wallet to another within its ecosystem.
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- Low transaction fees
Unlike traditional cross border platforms that collect 10-45% as transaction fees, CoinCola collects just 0.7 percent of the fees. This means that if you are sending $1000 worth of money via bitcoin you would be charged $7 but for traditional methods, that’s $100.
- Secure platform
One major fear in the minds of many Africans is the security problems whereby funds can be stolen through hacking. CoinCola offers a full guarantee of your funds as it uses bank-grade secured algorithms to keep your transactions safe.
There has been no report of hacks or loss of funds on the platform. This makes it a reliable and secure platform.
- Diverse means of receiving and making payments
CoinCola allows users to trade between themselves as it does not buy or sell cryptos from users. You can send Bitcoin to any country in Africa and get paid via different means as the trade is between users.
You can choose the best payment system that suits you which could be via western union, PayPal, Bank accounts etc. Once you receive the payment via the preferred means, you authorize the release of the amount of Bitcoin to the buyer.
This makes CoinCola an attractive option for Africans as there are more options than the traditional crypto exchange.
The platform is also certified by regulatory agencies which ensure that funds are secure and readily available.
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In conclusion, Bitcoin is a revolutionary currency that would help reduce the problems of remittance transaction fees while CoinCola has positioned itself as a platform for transactions to be successful and affordable.
