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Once the remittance is received, how is it then exchanged for the currency the recipient needs?
by jfghi 4y ago
Once the remittance is received, how is it then exchanged for the currency the recipient needs?
- rafaelm 4y agoFrom my own experience, you can use a very popular exchange that has a huge P2P marketplace, precisely for this.
- missedthecue 4y agoWhat is this marketplace named?
- refsab 4y agoIt's Binance P2P. You can transfer crypto directly into local currency. It uses local residents as liquidity providers.
- deleted 4y ago[deleted]
- rafaelm 4y agoYep that's it. I just didn't want it to look like I was shilling something in the comments :) Locally, Binance P2P is used a lot for remittances, and plenty of establishments use it as a way to receive payments as well. I've seen the Binance QR code in a bunch of restaurants and autoparts stores, for example I used it earlier this year to send money to my sister in Argentina. Super fast, no fuss.
- throw101010 4y agoJust to balance this, Bisq is a decentralized alternative P2P marketplace (based on Bitcoin mainly) which will keep working even in adverse conditions, where a centralized company like Binance will generally restrict/stop their activity if a government shows their teeth.
- skybrian 4y agoHere's a pretty in-depth article about how things work in Argentina. I know nothing other than what's in the article, but apparently, many of the local black market exchanges ("cuevas") use cryptocurrency internally (instead of carrying stacks of US dollars around on motorcycles) and will exchange crypto for cash for their customers. https://www.freethink.com/technology/crypto-argentina-black-market-cash https://www.freethink.com/technology/crypto-argentina-black-...