Topic: How exactly bitcoin is going to help the underbanked in our country? (Read 2812 times)
Because they could sell their bitcoins for cash in street markets or via localbitcoins.com
June 18, 2014, 02:58:08 PM
I can see BTC being paired with fiat for short term. I can even see in short term a traditional MTO offering to convert BTC in to cash for you, just like Bitpesa. A friend of mine works for one the largest MTO's in the world and he told me that cryptocurrencies are something they regularly discuss during meetings and they definely are aware of the advantages & disadvantages of trading in cryptocurrencies. They are more concerned with the volatility of BTC and how certain banks might behave when they start trading in BTC. You can lose banking services from your house bank if they find out that you deal in BTC. Even Bitpesa has diffuclties doing international transfers in fiat.
To come back to cuddaloreappu's question regarding underbanked people in India. There is a solution I am working on right now, and that is convincing MTO's to accept Bitcoins from senders and convert in to fiat and pay out the recipient in cash. Recipient would only need to show passport and mention code (just like western union).
service should work like this
MRC=money transfer operator
1. Sender logs in on website or first time members register on website (copy passport + proof of residency)
2. Sender fills in who the recipient is >> location identified >> address for local MRC assigned/created
3. Sender sends x amount of BTC to assigned address of local MRC
4. MRC receives and accepts signal of incoming assignment and verifies sender’s ID & requests
5. MRC pay’s out recipient in cash
6. MRC sells BTC @ exchange and gets credited in fiat on bank account
I need to work out the AML/KYC part, security and some other stuff before I can approach MTO's.
if someone has advice or input then please let me know.
To come back to cuddaloreappu's question regarding underbanked people in India. There is a solution I am working on right now, and that is convincing MTO's to accept Bitcoins from senders and convert in to fiat and pay out the recipient in cash. Recipient would only need to show passport and mention code (just like western union).
service should work like this
MRC=money transfer operator
1. Sender logs in on website or first time members register on website (copy passport + proof of residency)
2. Sender fills in who the recipient is >> location identified >> address for local MRC assigned/created
3. Sender sends x amount of BTC to assigned address of local MRC
4. MRC receives and accepts signal of incoming assignment and verifies sender’s ID & requests
5. MRC pay’s out recipient in cash
6. MRC sells BTC @ exchange and gets credited in fiat on bank account
I need to work out the AML/KYC part, security and some other stuff before I can approach MTO's.
if someone has advice or input then please let me know.
May 12, 2014, 12:13:46 PM
Andreas antonopolous keeps lecturing bitcoin will greatly help the underbanked in developing countries, but how exactly...
India is the largest remittance market in the world and most of the money is going to southern states,
Typical example, in tamil nadu northern districts the man of the house goes to gulf to help build burj kalifa, send the money through western union and that really helps them because they get cash in hand..
But if they adopt to bitcoin, the recipient here,which is usully the wife or children has to exchange the bitcoins to cash at one of the Indian exchanges, which require banking information as part of KYC.
Now what difference does it make? if they have bank accounts in the first place, the sender would send it through SWIFT to the recipient bank account.
In case of transaction fees if western union and swift could cut some, then compare it with buy and sell prices of bitcoins in all our exchanges...that would put it on the same line....
so what is the difference?
I wouldn't touch Andreas antonopolous with a 10 inch pole if it came to economics. His work as neobee's "technical advisor" (which he says was in limited capability) is enough for me to doubt any thing coming out of his mouth.India is the largest remittance market in the world and most of the money is going to southern states,
Typical example, in tamil nadu northern districts the man of the house goes to gulf to help build burj kalifa, send the money through western union and that really helps them because they get cash in hand..
But if they adopt to bitcoin, the recipient here,which is usully the wife or children has to exchange the bitcoins to cash at one of the Indian exchanges, which require banking information as part of KYC.
Now what difference does it make? if they have bank accounts in the first place, the sender would send it through SWIFT to the recipient bank account.
In case of transaction fees if western union and swift could cut some, then compare it with buy and sell prices of bitcoins in all our exchanges...that would put it on the same line....
so what is the difference?
That said, as Benson said at a time when BTC can be used for goods a transaction fee of 0.0001 btc will be lower than what WU could afford to set up. Not to mention the instantaneous transfer of money. For now, yes it is not really ideal.
May 07, 2014, 12:10:37 PM
Andreas antonopolous keeps lecturing bitcoin will greatly help the underbanked in developing countries, but how exactly...
India is the largest remittance market in the world and most of the money is going to southern states,
Typical example, in tamil nadu northern districts the man of the house goes to gulf to help build burj kalifa, send the money through western union and that really helps them because they get cash in hand..
But if they adopt to bitcoin, the recipient here,which is usully the wife or children has to exchange the bitcoins to cash at one of the Indian exchanges, which require banking information as part of KYC.
Now what difference does it make? if they have bank accounts in the first place, the sender would send it through SWIFT to the recipient bank account.
In case of transaction fees if western union and swift could cut some, then compare it with buy and sell prices of bitcoins in all our exchanges...that would put it on the same line....
so what is the difference?
India is the largest remittance market in the world and most of the money is going to southern states,
Typical example, in tamil nadu northern districts the man of the house goes to gulf to help build burj kalifa, send the money through western union and that really helps them because they get cash in hand..
But if they adopt to bitcoin, the recipient here,which is usully the wife or children has to exchange the bitcoins to cash at one of the Indian exchanges, which require banking information as part of KYC.
Now what difference does it make? if they have bank accounts in the first place, the sender would send it through SWIFT to the recipient bank account.
In case of transaction fees if western union and swift could cut some, then compare it with buy and sell prices of bitcoins in all our exchanges...that would put it on the same line....
so what is the difference?
Bitcoin can be used to purchase goods or services directly.
Does not need to be converted in the long run.
May 06, 2014, 09:53:31 PM
Andreas antonopolous keeps lecturing bitcoin will greatly help the underbanked in developing countries, but how exactly...
India is the largest remittance market in the world and most of the money is going to southern states,
Typical example, in tamil nadu northern districts the man of the house goes to gulf to help build burj kalifa, send the money through western union and that really helps them because they get cash in hand..
But if they adopt to bitcoin, the recipient here,which is usully the wife or children has to exchange the bitcoins to cash at one of the Indian exchanges, which require banking information as part of KYC.
Now what difference does it make? if they have bank accounts in the first place, the sender would send it through SWIFT to the recipient bank account.
In case of transaction fees if western union and swift could cut some, then compare it with buy and sell prices of bitcoins in all our exchanges...that would put it on the same line....
so what is the difference?
India is the largest remittance market in the world and most of the money is going to southern states,
Typical example, in tamil nadu northern districts the man of the house goes to gulf to help build burj kalifa, send the money through western union and that really helps them because they get cash in hand..
But if they adopt to bitcoin, the recipient here,which is usully the wife or children has to exchange the bitcoins to cash at one of the Indian exchanges, which require banking information as part of KYC.
Now what difference does it make? if they have bank accounts in the first place, the sender would send it through SWIFT to the recipient bank account.
In case of transaction fees if western union and swift could cut some, then compare it with buy and sell prices of bitcoins in all our exchanges...that would put it on the same line....
so what is the difference?
Pairing it with a Fiat is never going to help. The revolution will happen when bitcoin becomes the currency. It will take time, but it will. Check out a a tiny potential of what crypto can do to the realm of corruption and poloitics. Its half hour long, but worth every minute
https://www.youtube.com/watch?v=_bmlVqs9qSY
May 06, 2014, 08:45:50 PM
Andreas antonopolous keeps lecturing bitcoin will greatly help the underbanked in developing countries, but how exactly...
India is the largest remittance market in the world and most of the money is going to southern states,
Typical example, in tamil nadu northern districts the man of the house goes to gulf to help build burj kalifa, send the money through western union and that really helps them because they get cash in hand..
But if they adopt to bitcoin, the recipient here,which is usully the wife or children has to exchange the bitcoins to cash at one of the Indian exchanges, which require banking information as part of KYC.
Now what difference does it make? if they have bank accounts in the first place, the sender would send it through SWIFT to the recipient bank account.
In case of transaction fees if western union and swift could cut some, then compare it with buy and sell prices of bitcoins in all our exchanges...that would put it on the same line....
so what is the difference?
India is the largest remittance market in the world and most of the money is going to southern states,
Typical example, in tamil nadu northern districts the man of the house goes to gulf to help build burj kalifa, send the money through western union and that really helps them because they get cash in hand..
But if they adopt to bitcoin, the recipient here,which is usully the wife or children has to exchange the bitcoins to cash at one of the Indian exchanges, which require banking information as part of KYC.
Now what difference does it make? if they have bank accounts in the first place, the sender would send it through SWIFT to the recipient bank account.
In case of transaction fees if western union and swift could cut some, then compare it with buy and sell prices of bitcoins in all our exchanges...that would put it on the same line....
so what is the difference?
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