2014-07-07 - NYT - Government regulations making international transfers a no-go

[Room101]

http://dealbook.nytimes.com/2014/07/06/immigrants-from-latin-america-and-africa-squeezed-as-banks-curtail-international-money-transfers/

Another reason for people to start using BTC. As more and more merchants accept BTC, hopefully people can leave the USD further and further behind. Get paid in USD, convert to BTC, send home, family spends BTC directly on everything they need.

Given the rampant inflation in South America, hopefully soon the local supermarkets will start accepting proper hard currency instead of toilet paper that may not be worth anything in a months time!!

[CryptInvest]

Authorities help us. Each of the error, idiotic laws or failure of the banking system strengthens the network.

[runam0k]

These markets are begging for Bitcoin.

Basic education as to what Bitcoin is and how it works, plus simple means of exchange on both sides (street vendors, Bitcoin ATMs, local meetups, that sort of thing - given that we're talking about small amounts) and boom, Bitcoin is a no brainer.  It's only a matter of time.

In the meantime, there's considerable scope for making money.  Is anyone targeting the USA-to-Mexico remittance market?

[coinsolidation]

The comment are interesting, for example

"Silicon Valley should be able to develop an easy app to accessible at somewhere other than a bank, possibly at the post office, the library, the pharmacy, or Walmart, to allow funds to be dropped off somewhere in the US and picked up somewhere in Mexico or other countries. "

[medicine]

International transfers were what got me interested in bitcoin in the first place.  I now send money around the world monthly if not more frequently and usually earn a little money each time based on sending when exchange rates are in my favour.  I hope all ppl getting screwed by high fees find and start using this solution quickly.

And boy oh boy is this move by the banks going to curtail terrorist funding and activities.

[theblacksquid]

The comment are interesting, for example

"Silicon Valley should be able to develop an easy app to accessible at somewhere other than a bank, possibly at the post office, the library, the pharmacy, or Walmart, to allow funds to be dropped off somewhere in the US and picked up somewhere in Mexico or other countries. "

Newsflash: There already is. Bitcoin


(It's as if they are begging for bitcoin to be mentioned somewhere)

[freedomno1]

I'm tempted to try and find some people in Latin America to build their economy over there
But yes those places need Bitcoin

[coinsolidation]

The comment are interesting, for example

"Silicon Valley should be able to develop an easy app to accessible at somewhere other than a bank, possibly at the post office, the library, the pharmacy, or Walmart, to allow funds to be dropped off somewhere in the US and picked up somewhere in Mexico or other countries. "

Newsflash: There already is. Bitcoin

(It's as if they are begging for bitcoin to be mentioned somewhere)

Whilst that is a valid point, we could also read it to say that Bitcoin needs to be accessible "at the post office, the library, the pharmacy, or Walmart", offline if you will.

[theblacksquid]

The comment are interesting, for example

"Silicon Valley should be able to develop an easy app to accessible at somewhere other than a bank, possibly at the post office, the library, the pharmacy, or Walmart, to allow funds to be dropped off somewhere in the US and picked up somewhere in Mexico or other countries. "

Newsflash: There already is. Bitcoin

(It's as if they are begging for bitcoin to be mentioned somewhere)

Whilst that is a valid point, we could also read it to say that Bitcoin needs to be accessible "at the post office, the library, the pharmacy, or Walmart", offline if you will.

True. We really have to start pushing for more businesses to adopt bitcoin for payments, or otherwise employ BTC in some shape or form for it to have more VALUE outside of the speculative markets.