I'll come up with first argument for you guys.
Good Morning teacher and everyone! I'm student of 7th D and today I'll be speaking in favour of "Remittance through Bitcoin". India is world's largest remitter who remitted approximately $70 billion dollar in 2013. Usually, these transfer are done by Western Union, Moneygram and other financial service provider which charges customer with 1-5% transaction fees. I think, this is not fair as we're living in technology era where money transmission is much easier then every before. Therefore, I wish that Bitcoin should be used as remittance medium because of its almost zero remittance cost.
Thank you!
*Public Claps*
Note: Please keep discussion point of point if you intend to have discussion.
Good Morning teacher and everyone! I'm student of 7th D and today I'll be speaking in favour of "Remittance through Bitcoin". India is world's largest remitter who remitted approximately $70 billion dollar in 2013. Usually, these transfer are done by Western Union, Moneygram and other financial service provider which charges customer with 1-5% transaction fees. I think, this is not fair as we're living in technology era where money transmission is much easier then every before. Therefore, I wish that Bitcoin should be used as remittance medium because of its almost zero remittance cost.
Thank you!
*Public Claps*
Note: Please keep discussion point of point if you intend to have discussion.
Let me add my point to start off.
What you say is absolutely true, it can be used as a remittance medium because of cost and fairly quick transfer. Again, this was what BTC was intended for.
My only issue with this is that, will this drive BTC adoption? Here we send BTC to someone in Delhi from Bangalore, what happens? The money transfer is immediate and the user can see the blockchain and confirm receipt. What does the person is Delhi do then? HE CONVERTS THE BTC TO RUPEES!
That defeats the whole purpose of the transfer. For conversion he visits LB for example, and ends up selling the BTC for a lower price than market price because the buyer is charged a TX fee! So there goes your argument of zero remittance
Next, in case he decides to keep the BTC for a few days and fails to convert to rupees immediately, BTC is very volatile as we all know.
He decides to pay his school fee with the BTC sent, yesterday it was worth 10K and that is the school fee. Today is worth 8K due to the volatility! He fails to pay his school fee!
I hope you understand what i am getting at! A long post, but worth it in my opinion!
Micky,
Thank you for pain of writing! I enjoyed listening your opinion. I'd prefer to wait for some time before commenting in order to have better idea about opinion of community on this. I'm exicted to see, how do they defend their argument? After all they've taken responsibility of "Bringing Bitcoin to India" and I'm sure they'd have done deeper research and analysis before coming up with huge self-proclaimed responsibility.
Let's wait for their argument and understand it before proposing counterview that, Bitcoin is much worse remittance solution then existing one.
