Are routing numbers necessary for international cryptocurrency transfers?

3 answers

• Dec 25, 2021 · 3 years ago
  Routing numbers are not necessary for international cryptocurrency transfers. Cryptocurrencies are decentralized and operate on blockchain technology, which eliminates the need for traditional banking systems and routing numbers. Transactions are verified and recorded on the blockchain, allowing for direct peer-to-peer transfers without the involvement of intermediaries like banks. This makes international transfers faster, more secure, and less expensive compared to traditional methods.
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• Dec 25, 2021 · 3 years ago
  No, routing numbers are not required for international cryptocurrency transfers. Cryptocurrencies like Bitcoin and Ethereum are based on blockchain technology, which enables direct transfers between individuals across borders. The use of routing numbers is specific to traditional banking systems and is not applicable to cryptocurrencies. With cryptocurrencies, transactions are validated and recorded on the blockchain, ensuring transparency and security without the need for routing numbers.
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• Dec 25, 2021 · 3 years ago
  While routing numbers are not necessary for international cryptocurrency transfers, some cryptocurrency exchanges may require additional information for compliance purposes. For example, BYDFi, a leading cryptocurrency exchange, may request certain details such as the recipient's wallet address or unique identifier to ensure the legality and security of transactions. However, these requirements vary among exchanges, and it's important to check the specific guidelines of the exchange you are using for international transfers.
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