transferring money as a service

[tyler]

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

[LobsterMan]

I think this may be considered money laundering and you may want to check your local laws 

[nanotube]

also you should look into ripple-project.org

[tyler]

also you should look into ripple-project.org

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

[S3052]

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.

[nanotube]

also you should look into ripple-project.org

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.

[tyler]

I think this may be considered money laundering and you may want to check your local laws 

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