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Title: [2015-09-04] Beam Drops Bitcoin Remittance In Ghana Post by: jdebunt on September 04, 2015, 11:52:34 AM http://digitalmoneytimes.com/crypto-news/beam-drops-bitcoin-remittance-ghana/
Bitcoin is being seen as the answer to all problems associated with the current remittance model. Sending money around the world is a tedious task and involves hefty fees. Wire transfers take weeks to clear, assuming the recipient has a bank account. Companies such as Western Union are dominating the remittance market and will continue to do so for quite some time. Bitcoin startup Beam is dropping their remittance plans for now. Title: Re: [2015-09-04] Beam Drops Bitcoin Remittance In Ghana Post by: RustyNomad on September 04, 2015, 12:56:54 PM This is not good.
I honestly thought that this would be the area where bitcoin will really take off. I mean if you look at the figures... Quote It is important to note that over 70% of people living in Ghana have no access to financial services whatsoever. That means there are no bank accounts, no credit or debit cards and only fiat currency stored away in secure locations. Traditional financial institutions are not expanding their services to countries such as Ghana, as the financing costs would far outweigh potential returns. This should be the ideal area for bitcoin. Would be nice to read a case study of why it did not work as expected. Seems like 'ease of use' in regards to debit cards might have been a big factor... Quote “Using an international debit or credit card, you can pay for utility bills, top up airtime, send gifts or even get errands done back home in Ghana. As a result, there are no direct cash payouts anymore and we no longer accept bitcoin as means of payment. But we have not given up on Bitcoin implementation altogether just yet. Hope they can make it work as it's bound to take off in neighbouring countries if it can work there. Title: Re: [2015-09-04] Beam Drops Bitcoin Remittance In Ghana Post by: jdebunt on September 06, 2015, 08:06:00 AM This is not good. Hope they can make it work as it's bound to take off in neighbouring countries if it can work there. A big part of this story is also how Beam decided to market themselves. Maybe their efforts weren't as strong as they thought, which could be part of the reason why the falling out occurred. |