Topic: BitCoin Remit Service (Read 481 times)

Trust is the most contentious and challenging issue when it comes to transactions such as the type you are proposing here. What makes trust an even more important element of the relationship is when the agreement involves significant amounts of money.

The money remittance systems in the UAE and the rest of the Gulf region makes life so much easier for migrant workers and expatriate investors to move funds overseas. Far less hassle than the rest of the world, I admit. BitOasis as a Gulf-focused exchange makes this a potentially even more promising project for you and I hope you will find the financial resources and logistical support to turn this into a successful business.

The first step would be to find investors who are prepared to inject cryptocurrency resources into this project. This is a challenging step and it might involve you presenting a business plan and a feasibility study of everything from projected costs to expected gains (based on remittance trends in the UAE). Communication is key to everything and if you can successfully and properly communicate your intentions across people with significant disposable bitcoin reserves, then this might work after all.

And of course, you would have to consider the regulatory landscape in the UAE. I did read something about bitcoin ATMs being disallowed a a few years ago so I'm not sure how your plans stand against current restrictions and rules of the UAE government.

As for escrow, I'm not sure how you would approach this aspect, given the complex structure of a remittance system involving enormous amounts of money. I hope you will find suitable and appropriate advice about this.

Is BitOasis already involved in remittances?

Are you aware of any trusted escrow service?  Seems all companies are like anything else in this space, in a beta stage and/or completely unheard of.

Also, there is a chicken or the egg problem.  How can I cashout and remit bitcoin to paper currency without having said coins in my hands?

I do not see any other way to have this system work without the sender's trust in my business.  It's why I encourage to only send small enough amounts that make them comfortable.  If there is any other way you could see to offload risk of both parties I would like to hear them.

Yes, the hardest part is establishing trust.  I am verified with BitOasis and have done large transactions with them personally.  The idea is to verify myself enough to a client so as to win their trust.

At the same time I do not want them to verify with myself for their privacy.  As the wallet/trading platform are located in the same country as myself it is same day bank transfers between coins and the local currency.

The only unknown right now is how long it takes for bitcoin to reach the wallet here as I have only traded the local currency for coins and have not sold any of my coins.  However, the purchase of such coins was almost instantaneous through their platform, sacrificing marginal value for speed of procurement.  Certainly I understand peoples' hesitation for placing their trust in myself.

Yes, I may get a wildcard certificate in the future.  At the moment I do not see a need for it because there is no login/communication happening on the domain.  Email is provided by Tutanota for the moment, and they certainly do a better job of managing email security and reputation than I could at the moment.  Hence my reasoning for not procuring an SSL certificate for the website currently.

Hopefully someone who could benefit from this service could establish contact and reach a point where they could trust the contact (myself) to handle their money.

I'll look into how escrow would work in this region.  The original plan was to establish a line of communication with a client and provide enough proof of identity which would allow them to feel more comfortable with sending their coins.  This is not a registered company, just a personal service at the moment.

It would take a while and some expenses to setup a proper company here and sort through the bureaucracy.  If the service warrants it in the future it is something I am prepared to do.  At the moment it is best to start with basics and see how the service evolves.

Hello... Your service is good for help the people who send the money via bitcoins on every countries, i have opened the link of website the interface of website is good and support be accessed by smartphone devices, but i don't find https on your website should you apply it, will be more secure for your service website and you must answer all of question from users of bitcointalk because your service is new and mostly users doesn't trust in new service, good luck for your business.

I too admit that Middle east is the best place for this type of Remit service. As, it is the largest Remit sending place in the world.
With such large flow of remit, no one would question the nature of remit coming from middle east.
All your service needs is trust.

Let me challenge you with the above statement: Would you give "a chance for a small risk" to see how the service works and, on the strength of faith alone, send the money to someone who promises to send the bitcoins later?

You will most certainly decline to take that risk.

You are forgetting (or intentionally avoiding) the topic of ESCROW.

ESCROW is a must here. You cannot expect people to simply send you bitcoins upfront and hope you will fulfill your part of the transaction. Would you send the money upfront without the bitcoins? No, right? Put yourself in the shoes of the person holding these bitcoins. Would you send the bitcoins upfront to a stranger half way across the planet?

I provide my personal information and am comfortable using any communication method a client wishes.  I have nothing to hide and do not want to know necessarily who I am dealing with, for their safety and mine.

Inshallah some will give a chance for a small risk to see how the service works and grow to trust the relationship.

Gulf states is really the only place left with safe infrastructure that does not have the federal agents monitoring BTC -> fiat currency transactions.  Hence why I offer the service.

The encrypted email contact can be the launch point for any further communication or could be the medium used for communication.  I have no preference.  It is easiest for receiving initial messages for me with decent security settings.

You are newbie here even though you claim yourself an old bitcoin miner so it will be hard for anyone to trust you. Will you use any escrow in between or not, if not than I don't think the service you are providing is secure enough. Also having conversation on encrypted email will not secure our personal information if you or any member of your team will leak it.

Hello guys,

Wanted to introduce myself to the community. Used to mine bitcoin myself personally around 2012 and stopped and cashed out after a few thousand dollars were made.  Have kept a pulse on the community since then.

The biggest problem I have seen in the community is a lack of a private, honest remit service for BitCoins to paper currency, especially without verification.  Living in the Middle East for the past few years I've seen it become the best place in the world for tax shelters and other financial setups.  It is the one place left in the world, it seems, to still have banking privacy with no Western/global groups getting their hands on the banking system.

For this reason I want to offer a low-overhead service to help people around the world convert their coins to paper currency.  The currency exchange rates here are the lowest I have seen in the world, even compared with southeast Asian countries.

Please give my website, Falcon CryptRemit, a view at http://cryptremit.com.

Thank you all and hope this may help some of you.