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Author Topic: Someone from France sent $6 to me in the Philippines, BTC to fiat in 15 minutes.  (Read 698 times)
Godfreee
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January 21, 2016, 06:31:23 AM
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It cost him about 1% to buy the coins and then about 5% on the third party cash pickup fees. This might sound big (six percent is about the global average of sending to the PH) but considering the amount sent across borders ($6.00~), this would be impractical with any other method available today.

So-called experts will argue that this is the same amount as the average remittance cost of sending money to the Philippines using traditional channels, therefore bitcoin remittance is redundant and just makes things more complicated and not cheaper for the user.

What those numbers don't tell is that 6% is the average number for a $200 remittance. The smaller the amounts, the higher these fees become. I don't even think it is possible to send $6 internationally and have it picked up in cash within minutes. Maybe it is, but expect to pay more than $6 in fees for that.

When workers abroad can remit money to their loved ones back home in real time and in small amounts, it eliminates a lot of problems like misappropriation of funds and risks of holding more cash than needed. They can even directly pay their bills or buy mobile airtime credits as well.

This is what bitcoin is all about: making things considered unfeasible or even impossible to do a reality. Sending $6.00 across the world, converted to local currency, within minutes, all from a simple web or mobile app.

Ideally they should not need to convert to fiat, but we're a long way from there. For now, this is a solid use-case for what Bitcoin can do right now.

Disclaimer: I am one of the founders of www.Rebit.ph, the company that facilitated this transaction.
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jacee
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January 21, 2016, 06:39:25 AM
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Honestly I didn't understand what you are trying to say here. We already know how bitcoin works. And yes it does makes remittances more easier specially the lower fee it'll cost in transactions and the fact tht you will not need to wait because transactions are instant.

I see that you are from rebit.ph. Welcome to the forum.
Kindly visit our subforum here.
https://bitcointalk.org/index.php?board=219.0
pedrog
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January 21, 2016, 08:59:34 AM
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In the near future $6 transaction may be considered spam or with the rising fees the minimum transaction fee a couple of dollars, the small value remittances may not long last.

a7mos
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January 21, 2016, 01:28:29 PM
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In the near future $6 transaction may be considered spam or with the rising fees the minimum transaction fee a couple of dollars, the small value remittances may not long last.

2 dollars as a transaction fees !! I do not this this will happen soon even after next halving. or maybe it will happen when $2 has no value if dollar system collapse Cheesy so it is not gonna happen in the NEAR future at all IMO
zodiac3011
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January 21, 2016, 02:01:31 PM
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Currency exchanges section is where you may want to pay a visit. Just get there and find a reputable exchanger who can make a deal with Philippines currency
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January 21, 2016, 02:20:34 PM
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Currency exchanges section is where you may want to pay a visit. Just get there and find a reputable exchanger who can make a deal with Philippines currency

Its about remittances it would be hassle for people to deal with a third party exchanger and then the exchanger needs to remit it to the person in the other country. So, it would be a good if their would be an option if people can exchange the bitcoin to fiat without paying a high fee.

You don't pay enough.
zodiac3011
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January 21, 2016, 02:36:09 PM
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Currency exchanges section is where you may want to pay a visit. Just get there and find a reputable exchanger who can make a deal with Philippines currency

Its about remittances it would be hassle for people to deal with a third party exchanger and then the exchanger needs to remit it to the person in the other country. So, it would be a good if their would be an option if people can exchange the bitcoin to fiat without paying a high fee.
local person can be found in currency exchange I believe. That will reduce the fee for the conversion a lot Grin but if he can find a auto exchange that would be better! In my country, you can exchange BTC-E code for fiat instantly into my bank account Grin
Snorek
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January 21, 2016, 03:01:54 PM
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Yes, Op is right. Sending BTC within current system is tedious, complicated and problematic. But there is a perfect solution for all these problems. Direct adoption of bitcoin.
Now imagine you don't have to exchange bitcoin to your local fiat, you don't have to pay fees to any exchange or any withdrawal fees to your bank. We all waiting for that scenario to be a reality.
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January 21, 2016, 03:03:43 PM
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the subject of this thread
Quote
Someone from France sent $6 to me in the Philippines, BTC to fiat in 15 minutes
is kinda misleading to me.
I tried registering on that site and it says
Quote
$7 is the minimum and your money is ready for pick-up within 2 to 4 working hours

so whats the real deal?
pedrog
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January 21, 2016, 03:44:04 PM
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In the near future $6 transaction may be considered spam or with the rising fees the minimum transaction fee a couple of dollars, the small value remittances may not long last.

2 dollars as a transaction fees !! I do not this this will happen soon even after next halving. or maybe it will happen when $2 has no value if dollar system collapse Cheesy so it is not gonna happen in the NEAR future at all IMO

It's already happening.

Quote
I just crafted a #bitcoin transaction with a 10USD fee (the tx is 90kB in size, and horrible congestion). This needs to be fixed yesterday.

https://twitter.com/Falkvinge/status/689914706631458818

You can check network stats at:

https://blockchain.info/unconfirmed-transactions

https://chain.btc.com/en/

https://tradeblock.com/bitcoin

Jet Cash
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January 21, 2016, 04:22:10 PM
 #11

No wonder it takes so long to download the blockchain

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