One of the most socially compelling use-cases for Bitcoin is its potential to transform the remittance market, which involves the payment of money from one party to another, usually across borders. Whilst the cost of remittances has trended gradually downward, it is still relatively high compared to domestic bank transfer fees, particularly for smaller transfers of money. 

With the power of Bitcoin’s layer 2 protocols, chiefly the Lightning Network, the cost of remittances can be reduced to negligible amounts, allowing one to send and receive money almost instantly. This presents significant potential cost savings for the millions of people who send and receive remittances that would otherwise have to relinquish some of their money as a fee for traditional money transfer providers.

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