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Author Topic: transferring money as a service  (Read 1167 times)
tyler
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November 26, 2010, 07:31:06 AM
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Just thought of a cool way to make money transfering real cash for people using bitcoin.

Person A in some city/country, wants to wire money ($500) to Person D in some city/country

Person B and Person C both use bitcoin.

Person A gives person B $500 cash plus a handling fee

Person B gives person C $500 worth of bitcoin plus a smaller handling fee

Person C gives person D $500 (in local currency)


Inspired by Hawala: http://en.wikipedia.org/wiki/Hawala

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There are several different types of Bitcoin clients. Header-only clients like MultiBit trust that the majority of mining power is honest for the purposes of enforcing network rules such as the 21 million BTC limit. Full clients do not trust miners in this way.
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November 26, 2010, 07:32:37 AM
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I think this may be considered money laundering and you may want to check your local laws  Cheesy
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November 26, 2010, 07:33:27 AM
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also you should look into ripple-project.org Smiley

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tyler
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November 26, 2010, 07:39:11 AM
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also you should look into ripple-project.org Smiley

I thought ripple was loaning money? Nobody is owed after this transaction, everyone is paid up front

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November 26, 2010, 07:47:00 AM
 #5

Just thought of a cool way to make money transfering real cash for people using bitcoin.

Person A in some city/country, wants to wire money ($500) to Person D in some city/country

Person B and Person C both use bitcoin.

Person A gives person B $500 cash plus a handling fee

Person B gives person C $500 worth of bitcoin plus a smaller handling fee

Person C gives person D $500 (in local currency)


Inspired by Hawala: http://en.wikipedia.org/wiki/Hawala

This is a great idea.

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November 26, 2010, 07:58:00 AM
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also you should look into ripple-project.org Smiley

I thought ripple was loaning money? Nobody is owed after this transaction, everyone is paid up front

my understanding is that you should be able to both pull (borrow) and push (prepay) along a credit path.

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tyler
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November 26, 2010, 08:01:20 AM
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I think this may be considered money laundering and you may want to check your local laws  Cheesy

It "has its origins in islamic law". can't be that bad, islam is a pretty moral religion

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