Igot bitcoin india - BestforextrainingNet

Igot bitcoin india

Cash to cash Walk into money transfer centres such as those operated by Western Union igot bitcoin india UAE Exchange, which work typically on a cash-to-cash basis. Hand over the money, which is converted to the currency of the destination country and picked up by the recipient, or in some countries, delivered to the recipient, either instantly or within a day or two. Western Union also offers account-based money transfers.

Most banks have this service, with faster delivery and lower fees if the transfer is to a partner bank. It can be arranged online or by phone by providing the account and routing numbers for both the sending and receiving banks. Fees are usually higher than those offered by MTOs. Customers first need to set up a bitcoin account and complete a cash deposit. Once this is done, the cash can be converted to bitcoins. The currency can only be stored in web-based wallets. At the other end, the recipient takes the bitcoins he has  received and convert them at a local exchange.

It is important to keep in mind that this is an emerging technology. Proper research is required before initiating any money transfers. There are other ways to transfer money — hawala and suitcase transfers — and although they are illegal, people do often resort to them. Hawala is based on a partnership between two individuals in the sending and receiving countries. The sender pays the money in cash to the hawala operator, who informs his partner in the destination country to pay the recipient an equivalent amount, minus the fees. Since there is no record of the transaction and it isn’t integrated into the financial services system, it’s classified as illegal.