Bitcoin Forum

Digital currency offers a more affordable way to transfer money across borders and in less time. PAUL OMOROGBE engaged Ray Carlo, Senior Project Manager of Bitstake, a Bitcoin exchange, on how this new solution works and its attendant benefits.

http://tribune.com.ng/digital-savvy/item/33727-how-to-pay-less-for-international-money-transfer-roy-carlo

https://twitter.com/bitstake

Gaining acceptance in a developing country like Nigeria, with its millions of ethnic citizens living abroad (http://millions of ethnic Nigerians live abroad), It's a further step toward common everyday use. I think it's worth to notice also the news of increased use of BTC in the separatist Eastern Ukraine (https://bitcointalk.org/index.php?topic=518645.msg11054054#msg11054054) - cointelegraph.com (http://cointelegraph.com/news/113926/kievs-economic-blockade-boosts-bitcoin-usage-in-separatist-east?source=dogechain.info).

I hope everyone can read this, and increase the confidence to transfer money using bitcoin.

They {Nigeria} are growing into one of the strongest economies in Africa, and they have MANY citizens living and working abroad.

Unfortunately they have received a lot of bad press from the media, with all the Nigerian scams, and most might feel threatened by them entering the Bitcoin scene.

Let's hope, we attract the good crowd, because there are a lot of them too.  ;)

I think that's the first time I hear about Bitcoin activity in Nigeria.

Good luck with your business @ OP.

The remittance market is a huge industry that bitcoin needs to be adopted by and would definitely give bitcoin a massive boost. The benefits are clear to everyone as there's so much money to be saved so people that use remittance really need to get involved asap.

Banking the unbanked in Nigeria is one of the main advantages of Bitcoin. Bitcoin is most beneficial in Africa with remittances high and fees sky high for money transfer :P

hmm thats questionable as the benefits for these nations are undoubtable :D but with unstable economies can bitcoin provide the best solution ???

Good luck to this. Global remittance is an issue where the unique advantages of decentralized cryptocurrencies really come to light. And I feel like bitcoin really hasn't done that great of a job of capturing the market and providing its utility to the people who could use it the most.

Once the exchange rates are stabilized, I believe that more and more people will start Bitcoin as a medium for sending their remittances. But right now, the exchange rates are too volatile.

How is it a problem? You can make that same argument for people using bitcoin as a currency but payment processors solve this issue and the remittance market will have their own processors. Send the money to the opposite side of the world within seconds and get your cash at the other end for the amount you agreed on when you sent it. Problem solved.

It is a problem, actually. Converting UKP to BTC in England, and then sending them to Nigeria may not be an issue. But once the coins have arrived in Nigeria, it might take some time to convert them back to the local currency. And during this time, the real value of BTC can fluctuate greatly.

How would it take time? I just explained how it will work. Is there a problem with getting dollars from bitpay etc? No. There will be companies set up especially to make it work efficiently. It's a simple solution.