Thanks for your feedback and comments Boussac.
I think you make a good point about what the real world costs are likely to be in different parts of the world as the exchange network matures. Let’s hope it comes to those that need it most.
Our suspicion is that commercial settlement for everyday business may be at least as big a driver for improvements to those exchanges, as remittance. Businesses may be more prepared to explore ways of reducing costs and be more forward thinking than the average user. I read with interest this article....
One way or another, we look forward to be able to inform people of the most efficient way to move money around the world with Bitcoin.
Topic: Announcing BTCTransit! (Read 1202 times)
Congrats for the launch of this new service: well done!
For money transfers within the "first world ", I believe we are getting there.
For international remittance however (from first world to emerging economies) the fees might be higher unfortunately.
The international remittance market is comprised of three segments: collection, transport, distribution.
Without bitcoin, each of these segments adds roughly 3% to the overall cost of remittance, 9% total.
Bitcoin can reduce drastically the cost of the transport segment and lower the barriers to entry in the other segments.
So the gain brought about by Bitcoin can be anywhere between 2% (minimal reduction of the transport segment costs) and 6.5%:
2.5% off the collection segment, virtually 3% off the transport segment and 1% off the distribution segment by lowering barriers to entry, that is reduce the costs down to 2.5% instead of the current 9%.
For money transfers within the "first world ", I believe we are getting there.
For international remittance however (from first world to emerging economies) the fees might be higher unfortunately.
The international remittance market is comprised of three segments: collection, transport, distribution.
Without bitcoin, each of these segments adds roughly 3% to the overall cost of remittance, 9% total.
Bitcoin can reduce drastically the cost of the transport segment and lower the barriers to entry in the other segments.
So the gain brought about by Bitcoin can be anywhere between 2% (minimal reduction of the transport segment costs) and 6.5%:
2.5% off the collection segment, virtually 3% off the transport segment and 1% off the distribution segment by lowering barriers to entry, that is reduce the costs down to 2.5% instead of the current 9%.
Dear Bitcointalkers
We would very much like your feedback on the V1.0 Beta release of our website BTCTransit
We have built this site because we want to help support what we consider to be one off the obvious Bitcoin “killer apps” which is international currency exchange, be it for remittance or international payments.
Simply select a source and destination currency with a specified unit amount and see the real-time cost (red arrow) or return (green arrow) for sending currency through the international exchange network.
There are plenty of additional features we are working on to improve the accuracy of real-world costs and to enhance user searches and filters, so watch this space.
We would love to hear what you think.
We would very much like your feedback on the V1.0 Beta release of our website BTCTransit
We have built this site because we want to help support what we consider to be one off the obvious Bitcoin “killer apps” which is international currency exchange, be it for remittance or international payments.
Simply select a source and destination currency with a specified unit amount and see the real-time cost (red arrow) or return (green arrow) for sending currency through the international exchange network.
There are plenty of additional features we are working on to improve the accuracy of real-world costs and to enhance user searches and filters, so watch this space.
We would love to hear what you think.
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