Remittance market is one of the biggest chances for Bitcoin to strive and might be one of the best use cases for Bitcoin. I have read somewhere that foreign workers pay more fees for sending money back home to their families yearly, then what the whole world gives as aid yearly to the poor countries.
This is staggering above if you are asking me and a living proof that the world richest are here only to take the skin of the back from the poorest. Something that Western Union has become a master at in its history of transferring money.
Topic: Bitcoin & developing countries (remittances) (Read 443 times)
Well there's a service here in our country that they call egivecash in which a bitcoin exchange could change bitcoin to our local currency for free. Though bitcoin is not that popular here, still there are many sprouting businesses here that focuses on the usage of bitcoin such as exchanges and some other platforms. Really cool that bitcoin somehow affects services here to adapt to this new technology of transmitting money.
There was an interesting article recently about the costs of remittance and how most of is happens at "last mile":
https://medium.com/@Cryptonight/bitcoin-doesn-t-make-remittances-cheaper-eb5f437849fe
Still I think that bitcoin can greatly reduce costs in the settlement done between the end-points.
https://medium.com/@Cryptonight/bitcoin-doesn-t-make-remittances-cheaper-eb5f437849fe
Still I think that bitcoin can greatly reduce costs in the settlement done between the end-points.
Bitcoin has more chances to be used as remittances in developing countries as transfer facilities and costs are that favorable in customers.Bitcoin will fill the space of lack of infrastructure and banking facilities successfully.Majority of the people from developing countries will embrace Bitcoin to send money in their home countries because they will not only save transferring charges but also will be faster than traditional ways.
Do you think that maximising the potential of remittances could be a significant source of external finance for many developing countries? Why? Nowadays it's well known people of many developing countries have been adopting the bitcoin like a solution for many economic problems, which is the actual economic situation in your country? which is the difference among your country with these countries?
Is your country far from living a situation that encourages the population to adopt the bitcoin as a currency as these countries are doing?
Is your country far from living a situation that encourages the population to adopt the bitcoin as a currency as these countries are doing?
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