I think Libra will be an altcoin that has functions for several other platforms and may compete in the XRP and XLM classes, but I heard a number of issues stating that Libra was rejected as an alternative payment so I feel Libra still has no potential certainty resulting from.
In my opinion, Libra will shutdown sooner than later because of its partners that are now backing out. XRP is better than Libra because it is already existing and it proves a lot of things compare to its competitor. XRP may not be a good investment for some people but it is a good altcoin to use as a form of gateway for sending and receiving money. 
Topic: Cryptocurrency and Remittences - page 2. (Read 600 times)
I think Libra will be an altcoin that has functions for several other platforms and may compete in the XRP and XLM classes, but I heard a number of issues stating that Libra was rejected as an alternative payment so I feel Libra still has no potential certainty resulting from.
I think remittances is one area wherein Libra was put into works, It's a billion dollar industry and Mark wanted to take a slice out of that big pie that remittance company are serving between themselves. And as per WB this year alone, it could reach around $500 - $500 billion globally. And Facebook wanted to disrupt it by joining the picture in 2020. However, with so many backlash, we don't know if they can release it as per schedule or might be some delays because of companies dropping out their partnership even before the said launch.
That's the point, Libra/Mark wants something out from this venue of business the very reason that this project was been introduced, though there's still a lots of debates regarding to this project full implementations the team behind will do their very best to push it thru and make it possible.Money will talk with big business owners that will still proceed and support this for their very own benefits.
The only problem with bitcoin is the fees and the delays when the price rises and the mempool gets backlogged.
Did you use Bitcoin recently? Segwit adoption has gone up a lot resulting in piss low fees. I haven't paid more than ~$0.08 in fees for my last transactions. In case there is a sudden increase in transactions I use RBF to bump the fee a bit. Times are different now. USDT's shift to ERC20 helped a lot too. Please don't tell me that $0.08 is still too high. 
Low fees for now, but wait until the price suddenly pumped, skyrocket to the sky, backlogged will flood the mempool and our transactions might be stuck for days even weeks unless we are willing to pay extra high fees.
We will see the fate of libra to be at stake next week when Mark Zuckerberg heads to the US House of Representatives, his enemies are government and central banks.
I think remittances is one area wherein Libra was put into works, It's a billion dollar industry and Mark wanted to take a slice out of that big pie that remittance company are serving between themselves. And as per WB this year alone, it could reach around $500 - $500 billion globally. And Facebook wanted to disrupt it by joining the picture in 2020. However, with so many backlash, we don't know if they can release it as per schedule or might be some delays because of companies dropping out their partnership even before the said launch.
Facebook's Libra was really aimed at the remittence market (which is why they proposed a stablecoin).
I really liked the idea of that Facebook Libra, though not more than I like Bitcoin, but I think it was a really good idea and I don't like that it wasn't a success. Last time I checked the news PayPal has pulled off and a week after, other companies: Visa, MasterCard and eBay all said they were pulling off from the project. The Facebook Libra is now facing Exodus of partners, before you know what's happening, they are all gone.
they pulled off because libra didn't work with regulators before the partnership and since libra can harm the relationship of these payment companies, they left the association. facebook can still go on, they just have to become a payment company itself like paypal and work with the regulators. paypal and visa will come running back when they'll finally approved.
The problem is that they are comparing Bitcoin's fees and delays to the perfection that Bitcoin could become.
Close. Most people complaining about the fees of Bitcoin do that because they have used one of the many shitcoins with fast and cheap transactions, and then almost blame Bitcoin for being slow and expensive.People don't understand that shitcoins don't experience any use, so the transactions are always fast and cheap. Bitcoin can't compete with that and never will, but the best thing is that it doesn't have to because it works well enough.
At the end of the day, people are free to shift to any other crypto currency, but they don't do so because they know that not many are accepting the fast and cheap shitcoins. Instead, they continue to use Bitcoin and continue to complain.
Facebook's Libra was really aimed at the remittence market (which is why they proposed a stablecoin).
I really liked the idea of that Facebook Libra, though not more than I like Bitcoin, but I think it was a really good idea and I don't like that it wasn't a success. Last time I checked the news PayPal has pulled off and a week after, other companies: Visa, MasterCard and eBay all said they were pulling off from the project. The Facebook Libra is now facing Exodus of partners, before you know what's happening, they are all gone.The only problem with bitcoin is the fees and the delays when the price rises and the mempool gets backlogged.
what's the basis for comparison? moneygram typically charges 2% or more for international transfers, plus a hefty currency conversion fee. if you try to send $100 from america to thailand you'll pay $2 in fees and the recipient will get $95 worth of THB.
that's a 7% fee. and that's with online bank transfer = 3-4 days processing time. if you want instant processing, debit/credit or cash dropoff will cost you an additional 3-7%!
i'm pretty sure bitcoin can compete with that......
The problem is that they are comparing Bitcoin's fees and delays to the perfection that Bitcoin could become. Instead of celebrating that there is an alternative such as that, a much better one, as compared to similar fiat-based services that are offered in the mainstream world, they are complaining that Bitcoin is not this and not that. While I believe that we will come to that situation in the future, for now let us be satisfied with it, use it, and promote it.
The only problem with bitcoin is the fees and the delays when the price rises and the mempool gets backlogged.
what's the basis for comparison? moneygram typically charges 2% or more for international transfers, plus a hefty currency conversion fee. if you try to send $100 from america to thailand you'll pay $2 in fees and the recipient will get $95 worth of THB.
that's a 7% fee. and that's with online bank transfer = 3-4 days processing time. if you want instant processing, debit/credit or cash dropoff will cost you an additional 3-7%!
i'm pretty sure bitcoin can compete with that......
The fees climbing up when the network is crowded is like the nature of blockchain and if Libra is about to use blockchain aswell they will definitely face the same problem. it is not like paypal that is a centralized company basically all the transaction doesn't need hash power and no need confirmation aswell blockchain is different to that and I think that's what you lose when you are expecting something decentralized. Crypto is indeed quite behind in term of remmitances but there are plenty of cryptos out there that can be used for remmitances and still fast anyway. About Libra, it's not even released yet so we can only wait.
But you'd be really surprised to learn that Bitcoin remittance is already a thing. It's how I send money home (not directly, but selling my bitcoin instead, for example, is soooo much cheaper than sending dollars home). In fact, choosing to accept Bitcoin as payment and using that to send money home? It's not just saved me on fees, the sell rate is so good I end up sending home a bit more that I sold.
Indeed! Bitcoin is now a very viable tool for remittance purposes because it has an increasing number of local merchants or remittance partners willing to accept it in exchange for local currency whereas Libra has yet to establish its major partners and don't even have grassroots local adoption and localized infrastructure and partners to support it, that is why I doubt they will be serious in conquering the remittance industry.
I really agree with idea of Libra tapping into remittance market.
For Libra to achieve presence in the remittance industry, they must do partnership first on local brick and mortar remittance centers that will enable it to be exchanged for fiat money or local currency but I'm afraid this hasn't been done, not to mention that they didn't even bother to get a major partnership with a well known international remittance company which could hasten their plans to conquer the industry if ever they have plans about it.
I have. The fees are only low when the price is down. Everytime the price surges, the mempool fills up and the fees climb.
That's normal. I'm not sure what address format you are transacting in, but when you use bech32 (addresses starting with bc1) you can save like a third in fees easily.
If you use the legacy format addresses then you are pretty much robbing yourself. In case you haven't already, switch to Electrum (they have both desktop and mobile wallets) and enjoy lower fees. Bitcoin Core is an option too, but you have to download a lot of block data and the data has to be validated, which most people understandably rather avoid.
Hm... They might still have a shot.
Firstly. Great post, there are too many random people who just randomally shit on Libra even though they had a decent idea and approach to the remittance market.
There is a decent chance it doesn't die yet though. Sure some big partners pulled out, but Facebook are teasing another 180 new companies to join their partnership scheme.
Firstly. Great post, there are too many random people who just randomally shit on Libra even though they had a decent idea and approach to the remittance market.
There is a decent chance it doesn't die yet though. Sure some big partners pulled out, but Facebook are teasing another 180 new companies to join their partnership scheme.
well now that the support of those partnerships like paypal and so on disovles, remittance is not possible market for libra anymore. that market remains for the fiat and btc again thanks to the regulators who oppose it, they got what they want and i guess they intend to get that piece of pie from libra. what is left for libra to go on with the partners that ain't getting involve to transferring value to someone across the globe? spotify?
Being able to use for remittances and being only for remittances are different things and they are really not even close. Libra could definitely be used for remittances but it wasn't for that, I doubt it will happen neither now, there are too many things going against Libra nowadays so they are going to stop for sure but even if they do not there are too many places that want to use Libra.
We are missing out on a huge deal here, a company that is globally used as a wallet for any crypto (add in thousands of options if possible, if not have at least 50) and have debit card and a mobile app that makes it possible for you to use that debit card or mobile app to pay anywhere even if they don't accept crypto would be a billion dollar market, that is what Libra was going after.
We are missing out on a huge deal here, a company that is globally used as a wallet for any crypto (add in thousands of options if possible, if not have at least 50) and have debit card and a mobile app that makes it possible for you to use that debit card or mobile app to pay anywhere even if they don't accept crypto would be a billion dollar market, that is what Libra was going after.
I really agree with idea of Libra tapping into remittance market. Indeed Bitcoin is very much convenient in that regard and cheaper too. With the size of Facebook and its wide usage. If they are to get regulatory approval in future. These initiatives are most likely to take the market by storm which ever strategy they choose to adopt regarding Libra coin.
Libra is dead - 7 payment processors have now backed out of the deal.
So the remittence market is going to be controlled by a crypto that can be exchanged for local fiat on a lot of exchanges.
At the moment bitcoin is winning. But if another coin wants to enter this market they need to focus on making sure they're on as many exchanges as possible, and pared with local fiat currencies.
But you'd be really surprised to learn that Bitcoin remittance is already a thing. It's how I send money home (not directly, but selling my bitcoin instead, for example, is soooo much cheaper than sending dollars home). In fact, choosing to accept Bitcoin as payment and using that to send money home? It's not just saved me on fees, the sell rate is so good I end up sending home a bit more that I sold.
I really agree with idea of Libra tapping into remittance market. Indeed Bitcoin is very much convenient in that regard and cheaper too. With the size of Facebook and its wide usage. If they are to get regulatory approval in future. These initiatives are most likely to take the market by storm which ever strategy they choose to adopt regarding Libra coin.
Not entirely wrong, but the ones really trying to attack remittance markets and doing a pretty good job of it is Alipay, for example. And then we've got all kinds of mobile money solutions in place for years already in countries like Kenya (mpesa is still amazing to me even today).
But you'd be really surprised to learn that Bitcoin remittance is already a thing. It's how I send money home (not directly, but selling my bitcoin instead, for example, is soooo much cheaper than sending dollars home). In fact, choosing to accept Bitcoin as payment and using that to send money home? It's not just saved me on fees, the sell rate is so good I end up sending home a bit more that I sold.
But you'd be really surprised to learn that Bitcoin remittance is already a thing. It's how I send money home (not directly, but selling my bitcoin instead, for example, is soooo much cheaper than sending dollars home). In fact, choosing to accept Bitcoin as payment and using that to send money home? It's not just saved me on fees, the sell rate is so good I end up sending home a bit more that I sold.
Although part of it might engage in remittances, their partners suggest that it would be used, as a stablecoin, as payment to different services that can be connected to the Facebook platform. In addition, we cannot consider Libra as dead, as of now. There are still posssibilities that it would indeed launch. I personally think that when Libra goes live, and innocent ones have been convinced of its convenience, it would become a success. The problem with Facebook is data privacy concerns.
This is the one that gives the most negative impact to the libra project, its ties with Facebook. Facebook's reputation is already dirty to the bones in terms of handling personal private data that people are now afraid to support libra. But I think it was already made clear before that libra is not run by facebook. Those companies in the image above are all supervising libra and facebook is just one of them. I think they all have equal stakes in the operation of libra.
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