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Title: Call for very low cost solutions. Post by: cbeast on March 04, 2014, 02:14:05 AM I am in the southern Philippine island of Mindanao setting up a network of people interested in promoting Bitcoin. Most Bitcoin development centers around high tech security solutions, but most folks here are lucky to have a web enabled phone let alone a tablet or computer. They use shared computers. What I am looking for is the best means of storing, transferring, and trading bitcoins as cheaply and securely as possible. I have complete faith that the people will grasp the importance of security and will themselves develop creative solutions. I do have a business plan for the future, but that is a whole 'nuther set of issues. This project is my passion because I believe in the Philippine people. The niche here is that over 60% of the Philippine income comes from Overseas Foreign Workers, OFWs that have access to computers, smartphones, and Bitcoin exchanges.
(The figures are approximate) Private microloans will be given by sole proprietor lenders at 20% per month (240% APR) that will be discounted to 10% per month (120% APR) if payed back in Bitcoin. The 20% is the typical rate due default and costs of filing claims. The idea is to find borrowers with OFW friends and family willing to use Bitcoin. The 10% is far less than Western Union charges, but plenty for money lenders to make a profit. This will meet the demands of immediate money needs for impoverished people. I am working on an ATM solution, but that is a long term project and given the resourcefulness of filipinos, I have every confidence that they will adapt quickly to bitcoin. Eventually, they will develop great solutions, but in the meantime we need to get them started. Now all I need is a cheap and secure way for poor people to secure Bitcoin wallets and trade with money lenders that cannot entirely be trusted. What will be their minimal requirements for complete security and how will they have means to secure some for their own savings if they don't have any way to print QR bills? There are very old methods of securing private messages and I welcome those suggestions as well. Title: Re: Call for very low cost solutions. Post by: BittBurger on March 04, 2014, 02:17:57 AM I would recommend that you literally copy and paste this message and send it to Andreas Antonopoulos.
He has been consulting with people in many countries overseas about how they can begin to incorporate Bitcoin into their specific cultures, with all the limitations and risks. I truly believe he will have something to offer to the conversation that will be worth its weight in gold. I will PM you his email address. -B- Title: Re: Call for very low cost solutions. Post by: franky1 on March 04, 2014, 02:51:38 AM costs from most expensive at top to cheapest at bottom
pc/laptop with home internet via land line using full node (lots of data) pc/laptop with mobile internet internet stick using basic android wallet app (small data costs) chromebook with mobile internet internet stick using basic android wallet app (small data costs) android tablet with mobile internet internet stick using basic android wallet app (small data costs) android phone being a credit union where people come to you (imagine a bank scenario, but in a cyber cafe) paper wallets with tamper proof labels Title: Re: Call for very low cost solutions. Post by: cbeast on March 06, 2014, 10:53:08 PM I was thinking of having people write down their public address and private key manually on carbonless copy paper so they have a backup copy. Hopefully they can borrow a trusted friend's smartphone if they don't have one. I like deterministic mnemonic seeds, but there is no standardization yet between wallets.
Incidentally, I sent a friend a small amount of bitcoin a couple years ago. She used blockchain.info and I talked her through it. She forgot the password but found the seed and was pleasantly surprised at the balance. |