Money transmitters will soon start lobbying to put regulations in place for these remittances.
They have too much at stake to give up easily.
Topic: Bitcoins hit Africa's money transfer traditions - page 3. (Read 3805 times)
remittance market will be decimated by crypto in time
Western Onion became too greedy. They charge as much as 15% to transfer money to Africa. I don't know whether crypto will replace them, but I am sure that this sick corporation is going to die off very soon.
remittance market will be decimated by crypto in time
it deserves this, had it too good for too long
western union shareholders will be bagholders
it deserves this, had it too good for too long
western union shareholders will be bagholders
Cnn seems to be bitcoin friendly. The documentary done by Morgan Spurlock about living only on bitcoin was great and now we have this.
I doubt that. Check their coverage of the SR and SR 2.0 scandals. IMO, Russia Today is much more pro-Bitcoin, when compared to CNN or BBC.
http://buzz.money.cnn.com/2013/10/24/bitcoin/?iid=EL
http://money.cnn.com/2013/10/25/news/economy/bitcoins-silk-road/
Cnn seems to be bitcoin friendly. The documentary done by Morgan Spurlock about living only on bitcoin was great and now we have this.
Was great? Past-tense? Have you seen it early?
Cnn seems to be bitcoin friendly. The documentary done by Morgan Spurlock about living only on bitcoin was great and now we have this.
Finally, positive press of BTC after all this exchange shit, good to see.
Already posted this in Press board, but think it's worth the main board.
You don't often see CNN saying positive things about Bitcoin, but here it is:
Breaking the bank: Bitcoins hit Africa's money transfer traditions
http://edition.cnn.com/2015/02/17/business/bitcoin-africa-unbanked/
You don't often see CNN saying positive things about Bitcoin, but here it is:
Breaking the bank: Bitcoins hit Africa's money transfer traditions
http://edition.cnn.com/2015/02/17/business/bitcoin-africa-unbanked/
Quote
CNN Marketplace Africa covers the macro trends impacting the region and also focuses on the continent's key industries and corporations.
(CNN)Money makes the world go round, they say, but what if notes and coins were replaced with online code?
Bitcoin -- the world's much talked about cryptocurrency -- is just that. It can't be printed, it can't be directly controlled by governments or central banks, but it can be sent around the world instantly at a low cost.
And in sub-Saharan Africa, where 75% of the population don't have a bank account, experts say the currency could help millions of people pay bills and get to grips with their finances.
Transferring cash via a bank or a Money Transfer Operator (MTOs) like Western Union or MoneyGram can be costly. According to the Overseas Development Institute, the average charge to transfer $200 to Africa using traditional money transfer services is 12%. If you send $200, you pay $24. The ODI added up all the transfers that happen in a year, and found remittance fees cost the African continent $1.8 billion a year.
What if that money could be spent on things, rather than fees?
As Bitcoin is a virtual peer-to-peer currency -- designed to operate on the border-less internet -- the costs of transferring money can be radically cheaper than traditional methods, and the process is much quicker.
"Bitcoin can greatly alter the remittances industry and beyond," says Michael Kimani, who heads the African Digital Currency Association, a Kenya-based group launched last May to promote digital currency technologies. "From seven days [for a transaction to clear] using banks & PayPal, down to 20 minutes speaks volumes."
(CNN)Money makes the world go round, they say, but what if notes and coins were replaced with online code?
Bitcoin -- the world's much talked about cryptocurrency -- is just that. It can't be printed, it can't be directly controlled by governments or central banks, but it can be sent around the world instantly at a low cost.
And in sub-Saharan Africa, where 75% of the population don't have a bank account, experts say the currency could help millions of people pay bills and get to grips with their finances.
Transferring cash via a bank or a Money Transfer Operator (MTOs) like Western Union or MoneyGram can be costly. According to the Overseas Development Institute, the average charge to transfer $200 to Africa using traditional money transfer services is 12%. If you send $200, you pay $24. The ODI added up all the transfers that happen in a year, and found remittance fees cost the African continent $1.8 billion a year.
What if that money could be spent on things, rather than fees?
As Bitcoin is a virtual peer-to-peer currency -- designed to operate on the border-less internet -- the costs of transferring money can be radically cheaper than traditional methods, and the process is much quicker.
"Bitcoin can greatly alter the remittances industry and beyond," says Michael Kimani, who heads the African Digital Currency Association, a Kenya-based group launched last May to promote digital currency technologies. "From seven days [for a transaction to clear] using banks & PayPal, down to 20 minutes speaks volumes."
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