Remittance

Bitcoin remittances are direct payments between individuals on a peer-to-peer (P2P) network. Money can be sent by specifying the recipient's Bitcoin address. Bitcoin addresses are unique and do not overlap with any other Bitcoin addresses in the world.

Traditional remittance requires intervention by banks or other institutions. There is no equivalent of a bank with Bitcoin remittance. Since there is no intervening organization, the transaction fees are free or very inexpensive.