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Remittance is defined as an amount of money sent to pay for something. Remittance is often used to describe either a gift or a business transaction.
There is a lot of money to be made from sending money from one person or organization to another, especially global money transfer. Currently, many people are involved in an international money transfer. Cryptocurrencies aim to remove those people and organizations like banks from the remittance process reducing costs and transfer time.
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