How to send money to friends and family with stablecoins - Crypto in Plain English - Episode 176 - by cryptohunt.it

How to send money to friends and family with stablecoins

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today, we explain how to use crypto to send money to friends and family, regardless of where they are.

To be precise, we are going to talk about using stable coins. So before we dive in here, let’s clarify a few things as always!

First: Why bother? Because sending money across borders and between currencies can be hard to do, cost ridiculous amounts of fees, and is very slow. Crypto is instant and in many cases much cheaper.

Second, for those of you just tuning in, stable coins are closely following a government-backed currency in value. For example, 1 USD Coin should always be worth very close to 1 real US Dollar. Unlike Bitcoin, for example, this makes stable coins great for sending money to others because their value doesn’t change while you are transferring.

But, third, the word stable coin is a bit misleading. Not all stable coins are really stable, do you research before you choose one, and listen to episode 111 of this podcast.

Ok, let’s get to it then. Here is what’s required: You need a crypto account that allows you to buy that stable coin, and your friend needs one that allows them to receive and sell it, and both of you will likely have to go through some required checks while opening those.

Once you are sure your stable coin of choice is accepted by both wallets, it’s as simple as using Paypal: You exchange your own currency for the stable coin, and send it to the recipient, who can exchange it back into their local currency.

And there you have it. You just sent money, possibly across the entire planet, without paying your bank a single cent in fees. Neat, isn’t it?

And next time, we’ll talk about those annoying wallet addresses you still have to deal with.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.