Should I use crypto to send money internationally? - Episode 316 - by cryptohunt.it

Should I use crypto to send money internationally?

Welcome to the Cryptohunt Jam, where we spend one minute a day explaining crypto. In plain English - so that you can form your own opinions to be safer out there in the wild crypto space.

Ever sent money to friends and family in another country? Then you'll have suffered from the sky-high fees that banks and transfer companies charge. Crypto is often said to be the answer you're looking for – make international payments in minutes, with fees that usually much lower than traditional methods. It's supposed to be a magic wand for your money!

But, as with any magic trick, not all is perfect. There are drawbacks to using crypto for international transactions. For one, it can be highly volatile, which makes it risky to send. Additionally, the legal and regulatory landscape for cryptocurrency is still evolving, so it can be difficult for you to know if you are braking a law simply by sending your cousin some Bitcoin.

Still, the benefits of using cryptocurrency for international transactions are significant. Not only can it save you money on fees, but it can also enable faster and more secure payments that can't be stopped at random by banks or governments. And as the technology and infrastructure around crypto continue to improve, these benefits are only likely to increase.

So, as always, be sure to do your research and carefully weigh the pros and cons. And who knows, maybe you'll be able to wave your magic wand and make all your international payment woes disappear!

And tomorrow back to another topic of international debate: An update on FTX, because Sam Bankman-Fried will testify in front of the US Congress today.

This podcast is produced by Cryptohunt.it, the easiest place to learn crypto. Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, design is done by Carmen Rincon, and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.

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.