Phillipino nannies remit over $20billion yr

[franky1]

for every american household with a filipino au pair, i bet there are 20 households of single guys paying western union to girls on filipino webcam chatrooms....
for every american household with a filipino au pair, i bet there are 2 businesses paying western union to suppliers/warehouses for products and stock
for every american household with a filipino au pair, i bet there are 5 households paying western union to scam/con artists in the Philippines

so although i do not think its all 'au pair' based.. the volume of remittance alone per year is enough for someone to set up a conversion service.

[elephantas1]

actually its a good idea...

of course it is too bad its impossible i think

[Kipsy89]

Wow that is a lot of money, man! Imagine just a fraction of that going through Bitcoin!! We wouldn't even need all that money in Bitcoin constantly, but just use Bitcoin as a means of transacting it, or only a small fraction. It would have a massively positive influence on Bitcoin, still!

[Guido]

op some decent links to back up?

[Unbelive]

Phillipino nannies remit over $20billion yr. If the nannies switch to bitcoin the savings from fees etc would be enormous, maybe over $100mill per year..

Try thinking exactly how this would work. Foreign workers sending money to their home countries cannot switch to Bitcoin until either of the two conditions is met:

1. Bitcoins can be spent directly for goods and services in their home countries, or

2. Bitcoins can be exchanged to the local currency at the cost lower than existing fiat-transfer fees. Note, even if this condition is met, there would be a huge imbalance in the direction of trade - coins coming into the country, not going out. To balance things out, arbitrage/fiat exchange is needed, with all the old cost we are trying to avoid here.

Option 1 is the only sustainable option in thr long term, and we are nowhere close to realizing it.

Option one s not needed at all. First its a world wide network not a country by country network therefore coins going in and out of a certain  country actually have no effect on diection of trade. in addition option 1 was not the original reason bitcoin was created, option 2 was. And we already have ways to change our bitcoins into the peso its called localbitcoins I do it every week and yes it is cheaper than western union or anywhere else, because it eliminates the sending fees the pick up fees and the exchange fees.

Almost 2 years passed in mean time. And even now local bitcoins or ATM prices at least in my country are quite different from bit coin exchange rates. I am not sure if can compete with westeren union fees. But i am sure 2 years ago they could. MAybe 2 more years and 1. Bitcoins can be spent directly for goods and services in their home countries, or  will be happening in Philippines.

[flipstyle]

LOL@thinking one of the poorest 3rd world southeast asian countries will adopt bitcoin, most especially elderly nannies who don't even have high school educations and don't know how to power on a computer


And this is coming from a filipino.

Outside of certain wealthy districts in Manilla...you guys are living a pipe dream.  The Phillippines and filipino people have a lot more to worry about than taking computing courses and riding a jeepney 30 minutes to a nearby internet cafe solely to jump through hurdles to download 'virtual currency.'  It's hassle enough for well versed computer nerds like myself, let alone some person living without air conditioning and sanitary water and doesn't know what a 'computer bit' is.

I'm convinced most everyone in this thread has not been to the phillippines themselves.  Then again, most of the people are on this forum are 18 years old just looking at this from a money making standpoint. 

You guys really want to be philanthropists and make a difference there? Try actually donating money to the millions of families living in wastelands without electricity in cardboard huts.

[Rassah]

Wait, what? Why do you need to know about computers, or have one, to use bitcoin? You can just use it on a phone. Even a dumb phone, with SMS, through Coinapult. If there is a bitcoin ATM somewhere, or a local trader willing to swap, then you just receive coins from overseas through SMS, and then cash it out locally.

[Bitcoinpro]

Wait till they are earning in Crypto

wat chance you think they will convert to fiat and send ?

[cbeast]

LOL@thinking one of the poorest 3rd world southeast asian countries will adopt bitcoin, most especially elderly nannies who don't even have high school educations and don't know how to power on a computer


And this is coming from a filipino.

Outside of certain wealthy districts in Manilla...you guys are living a pipe dream.  The Phillippines and filipino people have a lot more to worry about than taking computing courses and riding a jeepney 30 minutes to a nearby internet cafe solely to jump through hurdles to download 'virtual currency.'  It's hassle enough for well versed computer nerds like myself, let alone some person living without air conditioning and sanitary water and doesn't know what a 'computer bit' is.

I'm convinced most everyone in this thread has not been to the phillippines themselves.  Then again, most of the people are on this forum are 18 years old just looking at this from a money making standpoint. 

You guys really want to be philanthropists and make a difference there? Try actually donating money to the millions of families living in wastelands without electricity in cardboard huts.

I am in Mindanao. I am trying to teach filpinos about Bitcoin, but you are right, it is hard. Most youngsters are online and there are cybercafes everywhere. There is fiber optics in most big cities. They understand the basics of Bitcoin. We need cheap, easy, and secure cold storage and hot wallets that anyone can use. We are years away from that, but it's still a good time to teach about the technology.

[flipstyle]

LOL@thinking one of the poorest 3rd world southeast asian countries will adopt bitcoin, most especially elderly nannies who don't even have high school educations and don't know how to power on a computer


And this is coming from a filipino.

Outside of certain wealthy districts in Manilla...you guys are living a pipe dream.  The Phillippines and filipino people have a lot more to worry about than taking computing courses and riding a jeepney 30 minutes to a nearby internet cafe solely to jump through hurdles to download 'virtual currency.'  It's hassle enough for well versed computer nerds like myself, let alone some person living without air conditioning and sanitary water and doesn't know what a 'computer bit' is.

I'm convinced most everyone in this thread has not been to the phillippines themselves.  Then again, most of the people are on this forum are 18 years old just looking at this from a money making standpoint. 

You guys really want to be philanthropists and make a difference there? Try actually donating money to the millions of families living in wastelands without electricity in cardboard huts.

I am in Mindanao. I am trying to teach filpinos about Bitcoin, but you are right, it is hard. Most youngsters are online and there are cybercafes everywhere. There is fiber optics in most big cities. They understand the basics of Bitcoin. We need cheap, easy, and secure cold storage and hot wallets that anyone can use. We are years away from that, but it's still a good time to teach about the technology.

I mean, it's great from an idealistic perspective, but most in this thread know absolutely zero about the phillippines or the exact disparity there is between the rich class and being dirt poor.   They're just looking at it from a 'hey look here's some people in a foreign country we can capitalize bitcoin on and raise our holding prices!!' 

 And by dirt poor, I'm talking burning your trash in your backyard...having a cellphone or even a 200 dollar netbook is nowhere remotely in their train of thought.

I salute you for trying to make a difference.  But man...with how corrupt the government is...it just seems like a neverending cycle of corruption and more poverty. 

[Elwar]

https://rebit.ph/

[pawel7777]

You don't necessarily need to know what is bitcoin and how it works to use it for remittance. There are a bunch of start-ups that offer bitcoin remittance services.

http://www.coindesk.com/philippines-startups-fulfil-bitcoins-remittance-promise/

http://www.coindesk.com/bitcoin-firm-enables-remittance-withdrawals-450-philippine-bank-atms/

https://rebit.ph/how-it-works

I've read about one of such businesses (can't find a link) enabled both senders and recipients to pay/receive in fiat, so they wouldn't even have to know that bitcoins have been used for transfer.

[Southampton]

The remittance market is huge all over the world and there's much more to it than Phillipino nannies. I really think this is an industry where bitcoin can thrive. You don't even need to know bitcoin is involved if you use other companies that take advantage of bitcoin for you, but you could also do it yourself too.

[flipstyle]

The remittance market is huge all over the world and there's much more to it than Phillipino nannies. I really think this is an industry where bitcoin can thrive. You don't even need to know bitcoin is involved if you use other companies that take advantage of bitcoin for you, but you could also do it yourself too.

Then you realize none of the local shops in 3rd world countries accept bitcoin nor have the means to.    What advantage does a 40 year old nanny who doesn't know a lick of computing have to switch over to bitcoin when they're already being paid in readily usable cash?

Good god, the IQ level on this forum is astounding. 

[Lauda]

The remittance market is huge all over the world and there's much more to it than Phillipino nannies. I really think this is an industry where bitcoin can thrive. You don't even need to know bitcoin is involved if you use other companies that take advantage of bitcoin for you, but you could also do it yourself too.

Then you realize none of the local shops in 3rd world countries accept bitcoin nor have the means to.    What advantage does a 40 year old nanny who doesn't know a lick of computing have to switch over to bitcoin when they're already being paid in readily usable cash?

Good god, the IQ level on this forum is astounding. 

They have the means to. They got to have some old and shitty computer lying around somewhere, but you're right.
The adoption there is almost non existent.

[cbeast]

The remittance market is huge all over the world and there's much more to it than Phillipino nannies. I really think this is an industry where bitcoin can thrive. You don't even need to know bitcoin is involved if you use other companies that take advantage of bitcoin for you, but you could also do it yourself too.

Then you realize none of the local shops in 3rd world countries accept bitcoin nor have the means to.    What advantage does a 40 year old nanny who doesn't know a lick of computing have to switch over to bitcoin when they're already being paid in readily usable cash?

Good god, the IQ level on this forum is astounding. 

The term 3rd world is so 1980's. The Philippines is dirt poor compared to its PAC rim neighbors, but in the bigger cities they have many many large malls with 5th Avenue stores and Manhattan prices on imported goods. It's insane how much foreign investment is coming in to sell fashion in a country without clean tap water. There is plenty of money, but its poorly distributed. There are all the world' car dealerships and many SUV's on the streets. They are certainly not getting much tax benefit from all this wealth. I'm not making a political complaint, because I don't think the government here is as corrupt as the USA. They just need a money that is not trickled down so honest work can demand honest pay.

[flipstyle]

The remittance market is huge all over the world and there's much more to it than Phillipino nannies. I really think this is an industry where bitcoin can thrive. You don't even need to know bitcoin is involved if you use other companies that take advantage of bitcoin for you, but you could also do it yourself too.

Then you realize none of the local shops in 3rd world countries accept bitcoin nor have the means to.    What advantage does a 40 year old nanny who doesn't know a lick of computing have to switch over to bitcoin when they're already being paid in readily usable cash?

Good god, the IQ level on this forum is astounding. 

The term 3rd world is so 1980's. The Philippines is dirt poor compared to its PAC rim neighbors, but in the bigger cities they have many many large malls with 5th Avenue stores and Manhattan prices on imported goods. It's insane how much foreign investment is coming in to sell fashion in a country without clean tap water. There is plenty of money, but its poorly distributed. There are all the world' car dealerships and many SUV's on the streets. They are certainly not getting much tax benefit from all this wealth. I'm not making a political complaint, because I don't think the government here is as corrupt as the USA. They just need a money that is not trickled down so honest work can demand honest pay.

Oh, I wasn't debating that.  In fact, I even stated in my OP that Manilla and many of its districts are filled with rich people.  However, there is a HUGE contrast between the rich and poor there, and very few 'middle' class that we have here in america.  And guess who comprises most of these 'nannies' that the original post refers to?  Yes, the dirt poor.

They have zero use for bitcoin, and the best way to help them would be to firstly give them solid shelter and food rations, and then give them free educational courses (no, not bitcoin education, but junior high school and high school educations...then college).  Bitcoin should not be a consideration in their lives.

I donate a good portion of my salary and send food to my relatives in Olongapo yearly, because they need it.  Those basic essentials are luxuries for them.

But the original post does NOT work for nannies and the low level workers (arguably slave labor for how much they make each).  The wealthy elite? Sure it's a consideration.  But the rest of the population has no use for it right now.  There are much bigger issues at hand.

[cbeast]

The remittance market is huge all over the world and there's much more to it than Phillipino nannies. I really think this is an industry where bitcoin can thrive. You don't even need to know bitcoin is involved if you use other companies that take advantage of bitcoin for you, but you could also do it yourself too.

Then you realize none of the local shops in 3rd world countries accept bitcoin nor have the means to.    What advantage does a 40 year old nanny who doesn't know a lick of computing have to switch over to bitcoin when they're already being paid in readily usable cash?

Good god, the IQ level on this forum is astounding. 

The term 3rd world is so 1980's. The Philippines is dirt poor compared to its PAC rim neighbors, but in the bigger cities they have many many large malls with 5th Avenue stores and Manhattan prices on imported goods. It's insane how much foreign investment is coming in to sell fashion in a country without clean tap water. There is plenty of money, but its poorly distributed. There are all the world' car dealerships and many SUV's on the streets. They are certainly not getting much tax benefit from all this wealth. I'm not making a political complaint, because I don't think the government here is as corrupt as the USA. They just need a money that is not trickled down so honest work can demand honest pay.

Oh, I wasn't debating that.  In fact, I even stated in my OP that Manilla and many of its districts are filled with rich people.  However, there is a HUGE contrast between the rich and poor there, and very few 'middle' class that we have here in america.  And guess who comprises most of these 'nannies' that the original post refers to?  Yes, the dirt poor.

They have zero use for bitcoin, and the best way to help them would be to firstly give them solid shelter and food rations, and then give them free educational courses (no, not bitcoin education, but junior high school and high school educations...then college).  Bitcoin should not be a consideration in their lives.

I donate a good portion of my salary and send food to my relatives in Olongapo yearly, because they need it.  Those basic essentials are luxuries for them.

But the original post does NOT work for nannies and the low level workers (arguably slave labor for how much they make each).  The wealthy elite? Sure it's a consideration.  But the rest of the population has no use for it right now.  There are much bigger issues at hand.

The biggest potential users are OFWs and Balikbayans (repatriated Filipinos). They are sucking the wealth out of developed nations (and smartly so) and building their nest eggs back home in the provinces.

[TruthBear]

What doesn't make sense to me. Why not just use Ripple and they can send it in their local currency instantly and basically for free. Bitcoin is no longer a good remittance tool as new technologies (Ripple) can get the same task done without the extra step within 5 seconds (instead of up to 1 hour).


Why go USD>BTC>local currency when you can go USD>local currency*


*I have assumed the nannies are in the United States.

[mercistheman]

One of several professions that could be targeted.... I'm sure cruise ship workers would also be ranked highly among international transfers... oil workers... military etc.
The best way for direct targeting would be common interest forums & publications.
With increased awareness the failure has been not providing direct links for signing up with specific benefits & simple instructions.