Topic: Remittances Using Bitcoin - page 2. (Read 1538 times)
Have experienced it.Usually when I receive money from relatives from the US,the conversion rates always peek the remittance,our currency being lower in numbers compared with US $1.Either way works out great for me,wheather it be $$ or bitcoins.However,the tax cuts and bank service charges on international transfer actually cut a huge sum of money out of the total transfer which is why bitcoin wins it again.Nice post.
Yeah good idea but i had heard that there was not alot of volume in India, not sure how true that is. 
It's funny indeed. However the KYC terror imposed by governmental control freaks will surely reduce the number of people actually doing it. Of course it might still be possible to privately sell BTC against fiat cash, if fiat cash is available...
In my view Bitcoin will only succeed if fiat is taken out of the equation in the long term. Converting BTC to fiat is destroying all advantages of Bitcoin by adding costs, surveillance and centralized control over funds that could flow without such restrictions. this is especially true for most remittance applications. What we need is a closed-loop Bitcoin economy, where bitcoin are no longer converted to fiat anymore, but directly spent for goods and services by the receiver. That would eliminate all risks associated with conversion practices and show the full power of Bitcoin on a global and local scale.
ya.ya.yo!
In my view Bitcoin will only succeed if fiat is taken out of the equation in the long term. Converting BTC to fiat is destroying all advantages of Bitcoin by adding costs, surveillance and centralized control over funds that could flow without such restrictions. this is especially true for most remittance applications. What we need is a closed-loop Bitcoin economy, where bitcoin are no longer converted to fiat anymore, but directly spent for goods and services by the receiver. That would eliminate all risks associated with conversion practices and show the full power of Bitcoin on a global and local scale.
ya.ya.yo!
I think that it isnt funny at all, but you are right about the kyc control but i think as well that it is not the main objective of this current move. As take closer to it. This is much more of a slowly taking process and this move is to remove current process of western union as stated above
In my view Bitcoin will only succeed if fiat is taken out of the equation in the long term. Converting BTC to fiat is destroying all advantages of Bitcoin by adding costs, surveillance and centralized control over funds that could flow without such restrictions. this is especially true for most remittance applications. What we need is a closed-loop Bitcoin economy, where bitcoin are no longer converted to fiat anymore, but directly spent for goods and services by the receiver. That would eliminate all risks associated with conversion practices and show the full power of Bitcoin on a global and local scale.
ya.ya.yo!
ya.ya.yo!
Goods producers and service providers would still need to maintain accounting and keep records, even in Bitcoins, as well as pay taxes or whatever compulsory payments the government may decide to impose on them. So I don't think it is ever possible to create an all-out full-scale Bitcoin economy that would be self-sufficient and completely free from any type of government intervention at that.
It is true that bitcoin price is near $900 in local exchangers like unocoin due to limited bitcoin supply and high demand recently after government band high value notes to fight against black money. So if people start to send remittance in the form of bitcoin than the receiver in india can easily sell them for profit but when there will be more and more people sending remittance in bitcoin supply will be high and bitcoin price may be same like in global market. Also if majority of remittance start to come in bitcoin, indian government will surely implement lots of limitation and restrictions to bitcoin exchange platform which will surely add tax, exchanging cost or even they may ask about the source of fund.
Government is getting very high amount in tax from all those remittance so they will always support traditional types of long and really expensive remittance method, services.
Government is getting very high amount in tax from all those remittance so they will always support traditional types of long and really expensive remittance method, services.
It's funny indeed. However the KYC terror imposed by governmental control freaks will surely reduce the number of people actually doing it. Of course it might still be possible to privately sell BTC against fiat cash, if fiat cash is available...
In my view Bitcoin will only succeed if fiat is taken out of the equation in the long term. Converting BTC to fiat is destroying all advantages of Bitcoin by adding costs, surveillance and centralized control over funds that could flow without such restrictions. this is especially true for most remittance applications. What we need is a closed-loop Bitcoin economy, where bitcoin are no longer converted to fiat anymore, but directly spent for goods and services by the receiver. That would eliminate all risks associated with conversion practices and show the full power of Bitcoin on a global and local scale.
ya.ya.yo!
In my view Bitcoin will only succeed if fiat is taken out of the equation in the long term. Converting BTC to fiat is destroying all advantages of Bitcoin by adding costs, surveillance and centralized control over funds that could flow without such restrictions. this is especially true for most remittance applications. What we need is a closed-loop Bitcoin economy, where bitcoin are no longer converted to fiat anymore, but directly spent for goods and services by the receiver. That would eliminate all risks associated with conversion practices and show the full power of Bitcoin on a global and local scale.
ya.ya.yo!
Taking fiat out of the equation might work if there are enough bitcoin users. To get a ton of people interested in bitcoin, such advantages (discount on purchases, profit on remittances) might be just what is required. Once you have enough people in the Bitcoin ecosystem, you can work on taking fiat out of the equation.
It's funny indeed. However the KYC terror imposed by governmental control freaks will surely reduce the number of people actually doing it. Of course it might still be possible to privately sell BTC against fiat cash, if fiat cash is available...
In my view Bitcoin will only succeed if fiat is taken out of the equation in the long term. Converting BTC to fiat is destroying all advantages of Bitcoin by adding costs, surveillance and centralized control over funds that could flow without such restrictions. this is especially true for most remittance applications. What we need is a closed-loop Bitcoin economy, where bitcoin are no longer converted to fiat anymore, but directly spent for goods and services by the receiver. That would eliminate all risks associated with conversion practices and show the full power of Bitcoin on a global and local scale.
ya.ya.yo!
In my view Bitcoin will only succeed if fiat is taken out of the equation in the long term. Converting BTC to fiat is destroying all advantages of Bitcoin by adding costs, surveillance and centralized control over funds that could flow without such restrictions. this is especially true for most remittance applications. What we need is a closed-loop Bitcoin economy, where bitcoin are no longer converted to fiat anymore, but directly spent for goods and services by the receiver. That would eliminate all risks associated with conversion practices and show the full power of Bitcoin on a global and local scale.
ya.ya.yo!
A lot has been written about using Bitcoin to cut remittance costs and putting the Western Unions of this world out of business.
But given the premium that bitcoin commands in India, users can actually profit while remitting funds to India.
That is a nice thought!
https://cointelegraph.com/news/receiving-remittances-in-india-with-rupee-you-lose-with-bitcoin-you-profit
But given the premium that bitcoin commands in India, users can actually profit while remitting funds to India.
That is a nice thought!
https://cointelegraph.com/news/receiving-remittances-in-india-with-rupee-you-lose-with-bitcoin-you-profit
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