African migrants using Bitcoin to send money home

turvarya

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Quote from: countryfree on March 12, 2015, 10:31:15 AM

Here's the service:

https://www.bitpesa.co/

I've read articles that this company has raised substantial capital, and I'm pretty surprised because it's obvious it has no future. It might only enjoy some success now because no shops accept BTC in Africa, but once BTC will be widespread, nobody would need it any longer.

There are a lot of businesses, that don't make any sense, once BTC is widespread. Doesn't mean, they don't make a lot of sense now.
Just look at purse.io. They don't make any sense, when Amazon starts accepting BTC.
Does that mean, they should stop their business now?

Your sense for business is horrifying.

countryfree

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Your country may be your worst enemy

Here's the service:

https://www.bitpesa.co/

I've read articles that this company has raised substantial capital, and I'm pretty surprised because it's obvious it has no future. It might only enjoy some success now because no shops accept BTC in Africa, but once BTC will be widespread, nobody would need it any longer.

allthingsluxury

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The fee's are much less than those of Western Union, which has ripped people off since its existence. BTC is its biggest threat.

OpenOcean

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Well, this is demographic Bitcoin was ideally designed to service so hopefully it works out. I am not just talking about a positive reflection on the price either, I mean I hope it works out for their standard of living.

harrymmmm

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Quote from: theskillzdatklls on March 11, 2015, 04:32:16 AM

how do bitpesa or the phillipino one work under the hood? like why is this any cheaper than WU?

i get that if one day someone could just send them btc and they could use the btc to buy food at pay rent in africa then mission accomplished. but the africans aint giving two fucks about btc so fiat conversion is still necessary. and given that parameter, what makes these remittance programs worth anything? why is it cheaper than operations already in place? is it because it can be sent directly to their phone and you don't need a brick and mortar location?

I can offer a bit of data about rebit.ph here...

Sending about $50 via western union looks like about 5% to western union and 5% to the bricks and mortar cashout location.

Sending via bitcoin to rebit.ph removes that first 5% at the moment. The recipient still loses the 5% cashout location's fee (but if they have a bank account this fee is zero too).

oblivi

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Great news, it's not only africa that has poor infractrustuctures, in places like india or even china... lots of places where bitcoin could inflitrate and spread like a nice virus.

manselr

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It's clear Africa is the best continent that can help simulate the price of Bitcoin as there are more business opportunities that can be created with Bitcoin and the Blockchain technology also help the millions unbanked to have access to financial freedom. Thats the reason why DBF wants to empower and mentor the young aspiring entrepreneurs in Africa to enter into crypto world to help them sell their products and services to the international market in exchange for BTC. You can check the article written by our founder Philip Agyei Asare on how Bitcoin is entering into African market via SMS. http://cointelegraph.com/news/112281/bitcoin-making-inroads-in-africa-via-sms

Amph

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well that's a good type of adoption, bitcoin should spread more like that, helping the poor with it it's a good way to use it

tss

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yes. great to see the BTC being used for what it is designed. free the people from the abusive fees from the monopolies.

Pingu

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Quote from: Daniel91 on March 11, 2015, 03:46:04 AM

I know personally some people in Africa and what I hear from them is that in many areas of Africa have problems with electricity and internet access.
So, Bitcoin can be good solution for them but only when they improve infrastructure.
Until then, I'm afraid that most Africans will still have to use other payment services, like Western Union.

Which parts of Africa? Africa is a huge continent and that's like comparing Romania to the UK. It's true there are large parts of countries in Africa that are without electricity and internet but the people that use the remittance market have to go where there are places with those to collect their money and if they can do that then they can use bitcoin too and save money in the process.

Q7

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While a lot of people would say 3 percent is outrageous, if you look at overall picture, it is still far cheaper than any of the money remittance services. Before bitcoin these people have no choice but to use whatever available sending options they at have at that time, and judging by what they earn it's a pity that a large portion ends up in another person pocket.

theskillzdatklls

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MintDice.com | TG: t.me/MintDice

how do bitpesa or the phillipino one work under the hood? like why is this any cheaper than WU?

i get that if one day someone could just send them btc and they could use the btc to buy food at pay rent in africa then mission accomplished. but the africans aint giving two fucks about btc so fiat conversion is still necessary. and given that parameter, what makes these remittance programs worth anything? why is it cheaper than operations already in place? is it because it can be sent directly to their phone and you don't need a brick and mortar location?

turvarya

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Quote from: Monetizer on March 10, 2015, 11:26:24 PM

3% is not too bad, to be able to buy bitcoin with my bank account in my country cost me nearly %15 above market price! It is not great but I should be able to make this money back easily when I go to sell more.

Which country? Could you walk me through the fees you are paying in detail?
Maybe we can find you a better way to buy Bitcoin.

Daniel91

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I know personally some people in Africa and what I hear from them is that in many areas of Africa have problems with electricity and internet access.
So, Bitcoin can be good solution for them but only when they improve infrastructure.
Until then, I'm afraid that most Africans will still have to use other payment services, like Western Union.

Kprawn

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Mobile money services are going to take over the Africa continent soon. Yes it is very successfull in Kenya, but it's growing fast. A lot of the kenyan people work just across the borders and they taking the technology to those countries.

M-pesa has been around on the mobile for years now... Bitpesa is just making the process of converting and payment a lot easier.

I have done some contract work in some of those countries, so I know a bit about M-pesa. {When smart phones take off there, the transition to Bitcoin or other crypto currencies will be a lot easier}

Still good news for Africa. Grin

steven.G999

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Quote from: orryde on March 11, 2015, 12:16:13 AM

Quote from: Possum577 on March 11, 2015, 12:10:11 AM

These guys are smart! This is the kind of news I've been looking for, seeing bitcoin genuinely benefit developing nations, the world's poorest folks. That's the best part of capitalism...no one is automatically excluded for any reason.

Seriously, if there's a will there's a way. That's capitalism...Bitcoin is a beautiful example.

Yes I was one example, bitcoin has been very helpful to me in a couple of months now and I am very grateful to people who make this all

I also helped with all of this, because I am just an unemployed

This may also be able to reduce poverty

yes I really thank all parties involved in this case Wink

orryde

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Re-Evolution

Quote from: Possum577 on March 11, 2015, 12:10:11 AM

These guys are smart! This is the kind of news I've been looking for, seeing bitcoin genuinely benefit developing nations, the world's poorest folks. That's the best part of capitalism...no one is automatically excluded for any reason.

Seriously, if there's a will there's a way. That's capitalism...Bitcoin is a beautiful example.

Yes I was one example, bitcoin has been very helpful to me in a couple of months now and I am very grateful to people who make this all

Possum577

sr. member

Activity: 434

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Loose lips sink sigs!

These guys are smart! This is the kind of news I've been looking for, seeing bitcoin genuinely benefit developing nations, the world's poorest folks. That's the best part of capitalism...no one is automatically excluded for any reason.

Seriously, if there's a will there's a way. That's capitalism...Bitcoin is a beautiful example.

Monetizer

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3% is not too bad, to be able to buy bitcoin with my bank account in my country cost me nearly %15 above market price! It is not great but I should be able to make this money back easily when I go to sell more.

OROBTC

legendary

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...

This is indeed great news. Migrants can send money for cheap back to their families living in very poor countries. Pay BTC "here", locals "there" get local currency.

I have to look into this for Peru. Getting that license (or whatever) to transmit money looks like the b!+chiest part though.

I hope that this idea takes off big-time. One of the very best reasons for Bitcoin to exist.

Topic: African migrants using Bitcoin to send money home (Read 1909 times)