Over 100 Migrant Workers Test Blockchain Remittance in Thailand

[X7]

https://medium.com/everex/over-100-migrant-workers-test-blockchain-remittance-in-thailand-19d49505d732#.3fz8hfvdw

Over 100 migrant workers transferred money instantly over blockchain to their homes in Myanmar in the last months.

[~Bitcoin~]

To be global there are lots of challenges for any blockchain/ethereum based remittance platform like this. Crypto to cash platform will be needed in both countries from where payment are being sent and where it will be received.

Normally buy price for crypto will be high in the country from where payment have to be sended due to high demand while selling price will be lower than market rate in places where they will receive those cryptos due to high supply. This will make fee look even worst than normal remitance service.

To find cheaper way to do cross country transactions using blockchain and smart contract we need to wait for proper distribution and balance between supply/demand of crypto in every countries.

[Hazir]

You didn't mention in the op that this news has nothing to do with Bitcoin. Everex is using Ethereum's blockchain.

I have one question though, they said that: "Sending and currency conversion both happened in less than a minute and incurred no transaction fees."

So if there is no transaction fee so how Everex will gain profits from it? Is there an exchange fee or some other types of fees?

[franky1]

transparancy
no "fee":
but the middleman profit is in the exchange spread, users have to settle for the exchange rate handed to them which can be very different than what they expect.(much like localbitcoins exchange rate offers have different values)
its like not having to tip your waitress anymore but your coffee is now 18% more expensive as standard menu price

a co-founder:
can you trust a guy with this smile?