September 20, 2024, 4:00 AM
September 20, 2024, 4:00 AM
Cryptocurrencies are assets that are transforming economic transactions facilitating faster, safer exchanges without the need for intermediaries. Experts on the subject highlighted that the commission paid for sending money orders abroad and vice versa is minimal, around US$1.
Currently, the Cryptocurrency wallets are online platforms where cryptocurrency is purchased, sell, exchange and store them. These are divided into decentralized wallets that give maximum control, but offer little assistance, training or help. Whereas centralized wallets are usually more secure.
Cryptocurrency expert Rolando Mendoza indicated that he always recommends the Binance centralized wallet because They have control and data of people to be able to exchange cryptocurrencies, But if you want to have “certainty and security”, like all the millionaires who move these digital assets, you can use decentralized wallets.
“But the disadvantage they (decentralized wallets) have is that they charge a fee every time you want to move money. On the other hand, On Binance, you only pay $1 and you can move up to $1 million if you want,” Mendoza gave as an example.
To use it, the user downloads the mobile application and logs in. Then, select between the wallet option or QR payment.
“You scan the wallet or QR code, I give it to the person and I get the money. You can also go to the Binance P2P (Person to Person) page.” to carry out the transaction and it is a simple procedure, “How to send money between banks using QR”.
Currently, this platform handles the exchange rate at Bs 11. “The price of the dollar is in line with current supply and demand,” he said.
Cryptocurrency expert Rodrigo Knebes also spoke about the commission charged for cryptocurrency transfers.
“It is very low, 0.05%. That is, I transfer my cryptos from my user to the recipient, which may be in Argentina or Spain, for example. When the recipient receives it, he cashes it and receives Argentine pesos or euros.”
Knebes also pointed out that the exchange rate for the dollar depends on the day’s “supply and demand”, for example, he said that yesterday it was quoted at Bs 10.60.
Last Monday, the Central Bank of Bolivia (BCB) reported that in the first half of 2024 Remittances sent to Bolivia had fallen by 8.87%, This is in relation to the same period in 2023. According to the state entity, during the first half of last year remittances worth US$705.93 million entered the country, while in the same period in 2024 this shipment fell to US$643.33 million.
Jaime Dunn, an economist, said that The reduction in remittances has several reasons, and one of them is that it has become very expensive “and complex to send remittances to Bolivia through the financial intermediation system.”
This did, the analyst added, that Bolivians see alternatives for sending remittances, One of them being cryptocurrencies, on the one hand, and secondly, many remittances are not recorded.
“That is, money is sent to friends, between $5,000 and $2,000, for example,” added the financial analyst.
