[2015-04-12] Nigerian Tribune - How to pay less for international money transfer

Rampton

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Quote from: bryant.coleman on April 14, 2015, 04:33:00 AM

Quote from: Rampton on April 14, 2015, 03:57:42 AM

How is it a problem? You can make that same argument for people using bitcoin as a currency but payment processors solve this issue and the remittance market will have their own processors. Send the money to the opposite side of the world within seconds and get your cash at the other end for the amount you agreed on when you sent it. Problem solved.

It is a problem, actually. Converting UKP to BTC in England, and then sending them to Nigeria may not be an issue. But once the coins have arrived in Nigeria, it might take some time to convert them back to the local currency. And during this time, the real value of BTC can fluctuate greatly.

How would it take time? I just explained how it will work. Is there a problem with getting dollars from bitpay etc? No. There will be companies set up especially to make it work efficiently. It's a simple solution.

bryant.coleman

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Quote from: Rampton on April 14, 2015, 03:57:42 AM

How is it a problem? You can make that same argument for people using bitcoin as a currency but payment processors solve this issue and the remittance market will have their own processors. Send the money to the opposite side of the world within seconds and get your cash at the other end for the amount you agreed on when you sent it. Problem solved.

It is a problem, actually. Converting UKP to BTC in England, and then sending them to Nigeria may not be an issue. But once the coins have arrived in Nigeria, it might take some time to convert them back to the local currency. And during this time, the real value of BTC can fluctuate greatly.

Rampton

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Quote from: bryant.coleman on April 14, 2015, 02:49:05 AM

Once the exchange rates are stabilized, I believe that more and more people will start Bitcoin as a medium for sending their remittances. But right now, the exchange rates are too volatile.

How is it a problem? You can make that same argument for people using bitcoin as a currency but payment processors solve this issue and the remittance market will have their own processors. Send the money to the opposite side of the world within seconds and get your cash at the other end for the amount you agreed on when you sent it. Problem solved.

bryant.coleman

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Once the exchange rates are stabilized, I believe that more and more people will start Bitcoin as a medium for sending their remittances. But right now, the exchange rates are too volatile.

stormia

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Good luck to this. Global remittance is an issue where the unique advantages of decentralized cryptocurrencies really come to light. And I feel like bitcoin really hasn't done that great of a job of capturing the market and providing its utility to the people who could use it the most.

srgkrgkj

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Quote from: chmod755 on April 13, 2015, 03:21:05 AM

I think that's the first time I hear about Bitcoin activity in Nigeria.

Good luck with your business @ OP.

That's probably because we are used to hearing more about the famous nigerian prince and his millions Wink

Developing countries can really benefit from Bitcoin because their finances are still unstable and having an alternative is important.

hmm thats questionable as the benefits for these nations are undoubtable Cheesy

but with unstable economies can bitcoin provide the best solution Huh

srgkrgkj

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Banking the unbanked in Nigeria is one of the main advantages of Bitcoin. Bitcoin is most beneficial in Africa with remittances high and fees sky high for money transfer Tongue

Rampton

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Quote from: Grand_Voyageur on April 12, 2015, 01:06:47 AM

Quote from: Bitstake on April 12, 2015, 12:12:40 AM

Digital currency offers a more affordable way to transfer money across borders and in less time. PAUL OMOROGBE engaged Ray Carlo, Senior Project Manager of Bitstake, a Bitcoin exchange, on how this new solution works and its attendant benefits.

http://tribune.com.ng/digital-savvy/item/33727-how-to-pay-less-for-international-money-transfer-roy-carlo

https://twitter.com/bitstake

Gaining acceptance in a developing country like Nigeria, with its millions of ethnic citizens living abroad, It's a further step toward common everyday use. I think it's worth to notice also the news of increased use of BTC in the separatist Eastern Ukraine - cointelegraph.com.

The remittance market is a huge industry that bitcoin needs to be adopted by and would definitely give bitcoin a massive boost. The benefits are clear to everyone as there's so much money to be saved so people that use remittance really need to get involved asap.

chmod755

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I think that's the first time I hear about Bitcoin activity in Nigeria.

Good luck with your business @ OP.

Kprawn

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They {Nigeria} are growing into one of the strongest economies in Africa, and they have MANY citizens living and working abroad.

Unfortunately they have received a lot of bad press from the media, with all the Nigerian scams, and most might feel threatened by them entering the Bitcoin scene.

Let's hope, we attract the good crowd, because there are a lot of them too. Wink

Kaneki

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I hope everyone can read this, and increase the confidence to transfer money using bitcoin.

Grand_Voyageur

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https://dadice.com | Click my signature to join!

Quote from: Bitstake on April 12, 2015, 12:12:40 AM

Digital currency offers a more affordable way to transfer money across borders and in less time. PAUL OMOROGBE engaged Ray Carlo, Senior Project Manager of Bitstake, a Bitcoin exchange, on how this new solution works and its attendant benefits.

http://tribune.com.ng/digital-savvy/item/33727-how-to-pay-less-for-international-money-transfer-roy-carlo

https://twitter.com/bitstake

Gaining acceptance in a developing country like Nigeria, with its millions of ethnic citizens living abroad, It's a further step toward common everyday use. I think it's worth to notice also the news of increased use of BTC in the separatist Eastern Ukraine - cointelegraph.com.

Bitstake

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Digital currency offers a more affordable way to transfer money across borders and in less time. PAUL OMOROGBE engaged Ray Carlo, Senior Project Manager of Bitstake, a Bitcoin exchange, on how this new solution works and its attendant benefits.

http://tribune.com.ng/digital-savvy/item/33727-how-to-pay-less-for-international-money-transfer-roy-carlo

https://twitter.com/bitstake

Topic: [2015-04-12] Nigerian Tribune - How to pay less for international money transfer (Read 1104 times)