B2B websites are providing a global business marketplace for buyer and sellers from all over the world. Now a days to expose your business worldwide is very easy you have to just register on b2b portals like http://www.exportersindia.com,Indiamart.com,Alibaba.com etc.You have to provide some details of your products and you are ready to get lots of business enquiries from all over the world.
Doing this is very easy and cost effective.
Topic: Use of Bitcoin for international B2B commerce (import/export)? (Read 1013 times)
Absolutely. In fact I think bitcoin will revolutionize this space.
We currently send between $15K ~ $40K USD overseas each week using traditional payment infrastructure. It is timely and expensive.
I am currently in the process of working out how to best use bitcoin to pay our suppliers. They are scared/confused and do not want to accept it standalone so I am trying to use it as method of sending fiat quickly overseas, rather than simply sending bitcoins to the supplier. Either way would work our far cheaper and more efficient than what we are currently doing.
We currently use bitcoin for international B2C trade and it is far superior than any other method I've used. Quick, irreversible payments have allowed us to do business in some very tough markets. See our order map here.
We currently send between $15K ~ $40K USD overseas each week using traditional payment infrastructure. It is timely and expensive.
I am currently in the process of working out how to best use bitcoin to pay our suppliers. They are scared/confused and do not want to accept it standalone so I am trying to use it as method of sending fiat quickly overseas, rather than simply sending bitcoins to the supplier. Either way would work our far cheaper and more efficient than what we are currently doing.
We currently use bitcoin for international B2C trade and it is far superior than any other method I've used. Quick, irreversible payments have allowed us to do business in some very tough markets. See our order map here.
You could use Bitpay, or create your own Bitpay in those countries (China?) and bootstrap it with your own B2B payments.
For intl fiat payments I use a corp here that does instant payments worldwide. I pay them locally with an account here and they have correspondent accounts that instantly pay out across the world in 25 different currencies, for a flat rate of $50, no fee if over $100k. I lose about 1% in exchange rate difference which is typically what you would pay to Bitpay or an exchanger anyways so I don't see the advantage for Bitcoin yet unless you're sending to a 3rd world country or Iran.
As for L/C most importers want to use this method, because they can reduce risks importing. This has been the standard for ages it will never change as shipping insurance and customs is involved. L/C are also used by suppliers to gain access to bank credit themselves, since L/C are pledged by exporters as security against working capital loans so nobody will want to touch Bitcoin it offers them nothing, esp in developing countries who need working capital.
Belarus and Iran might want to use Bitcoin though for imports/exports since they are under financial embargo, same with Sudan, Somalia, probably Syria
I'm involved in international trade and considered a Bitcoin start-up along this space. That was before I was Goxed. Still somewhat interested, just more cautious.
I definitely think bitcoin will revolutionize B2B sales, but mainly only for tech type businesses and ones that have stayed current with the change of tides in the financial world. Getting a "mom and pop" shop that barely uses the internet will be a tough task until bitcoin is much more mainstream.
Absolutely. In fact I think bitcoin will revolutionize this space.
We currently send between $15K ~ $40K USD overseas each week using traditional payment infrastructure. It is timely and expensive.
I am currently in the process of working out how to best use bitcoin to pay our suppliers. They are scared/confused and do not want to accept it standalone so I am trying to use it as method of sending fiat quickly overseas, rather than simply sending bitcoins to the supplier. Either way would work our far cheaper and more efficient than what we are currently doing.
We currently use bitcoin for international B2C trade and it is far superior than any other method I've used. Quick, irreversible payments have allowed us to do business in some very tough markets. See our order map here.
We currently send between $15K ~ $40K USD overseas each week using traditional payment infrastructure. It is timely and expensive.
I am currently in the process of working out how to best use bitcoin to pay our suppliers. They are scared/confused and do not want to accept it standalone so I am trying to use it as method of sending fiat quickly overseas, rather than simply sending bitcoins to the supplier. Either way would work our far cheaper and more efficient than what we are currently doing.
We currently use bitcoin for international B2C trade and it is far superior than any other method I've used. Quick, irreversible payments have allowed us to do business in some very tough markets. See our order map here.
Thanks, it's good to get some feedback from someone who is actually in the field.
I guess the intermediate option of sending BTC to make the seller get fiat quickly (I have done this personally to send money to Argentina through a contact on Localbitcoins) is a first step in the right direction but of course the person/company exchanging the BTC at the destination will want to get his/her cut and it will increase the cost of the transaction.
How much do you think you could save if you used BTC for your B2B payments?
Absolutely. In fact I think bitcoin will revolutionize this space.
We currently send between $15K ~ $40K USD overseas each week using traditional payment infrastructure. It is timely and expensive.
I am currently in the process of working out how to best use bitcoin to pay our suppliers. They are scared/confused and do not want to accept it standalone so I am trying to use it as method of sending fiat quickly overseas, rather than simply sending bitcoins to the supplier. Either way would work our far cheaper and more efficient than what we are currently doing.
We currently use bitcoin for international B2C trade and it is far superior than any other method I've used. Quick, irreversible payments have allowed us to do business in some very tough markets. See our order map here.
We currently send between $15K ~ $40K USD overseas each week using traditional payment infrastructure. It is timely and expensive.
I am currently in the process of working out how to best use bitcoin to pay our suppliers. They are scared/confused and do not want to accept it standalone so I am trying to use it as method of sending fiat quickly overseas, rather than simply sending bitcoins to the supplier. Either way would work our far cheaper and more efficient than what we are currently doing.
We currently use bitcoin for international B2C trade and it is far superior than any other method I've used. Quick, irreversible payments have allowed us to do business in some very tough markets. See our order map here.
Do you think BTC could be used for international B2B trade? Could it eventually replace the USD as the de facto currency for international transactions?
I can see several advantages for companies that adopt BTC for their import/export operations:
- lower transaction fees (no banks involved)
- letter of credit (high fees) could be implemented in a more economic way (through a trusted escrow service)
- the trade would be probably considered as barter (as BTC is not considered a currency but a commodity), thus possibly reducing taxes/import duties
- avoidance of currency manipulation by Government (in countries with parallel currency markets like Argentina or Venezuela)
- instant and provable transfer of money
Could it be implemented legally? What issues can you think about?
I can see several advantages for companies that adopt BTC for their import/export operations:
- lower transaction fees (no banks involved)
- letter of credit (high fees) could be implemented in a more economic way (through a trusted escrow service)
- the trade would be probably considered as barter (as BTC is not considered a currency but a commodity), thus possibly reducing taxes/import duties
- avoidance of currency manipulation by Government (in countries with parallel currency markets like Argentina or Venezuela)
- instant and provable transfer of money
Could it be implemented legally? What issues can you think about?
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