Cryptocurrency and Remittences

[lobat999]

But you'd be really surprised to learn that Bitcoin remittance is already a thing. It's how I send money home (not directly, but selling my bitcoin instead, for example, is soooo much cheaper than sending dollars home). In fact, choosing to accept Bitcoin as payment and using that to send money home? It's not just saved me on fees, the sell rate is so good I end up sending home a bit more that I sold.

Indeed! Bitcoin is now a very viable tool for remittance purposes because it has an  increasing number of local merchants or remittance partners willing to accept it in exchange for local currency whereas Libra has yet to establish its major partners and don't even have grassroots local adoption and localized infrastructure and partners to support it, that is why I doubt they will be serious in conquering the remittance industry.

I really agree with idea of Libra tapping into remittance market.

For Libra to achieve presence in the remittance industry, they must do partnership first on local brick and mortar remittance centers that will enable it to be exchanged for fiat money or local currency but I'm afraid this hasn't been done, not  to mention that they didn't even bother to get a major partnership with a well known international remittance company which could hasten their plans to conquer the industry if ever they have plans about it.

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[JeffBrad12]

The fees climbing up when the network is crowded is like the nature of blockchain and if Libra is about to use blockchain aswell they will definitely face the same problem. it is not like paypal that is a centralized company basically all the transaction doesn't need hash power and no need confirmation aswell blockchain is different to that and I think that's what you lose when you are expecting something decentralized. Crypto is indeed quite behind in term of remmitances but there are plenty of cryptos out there that can be used for remmitances and still fast anyway. About Libra, it's not even released yet so we can only wait.

[figmentofmyass]

The only problem with bitcoin is the fees and the delays when the price rises and the mempool gets backlogged.

what's the basis for comparison? moneygram typically charges 2% or more for international transfers, plus a hefty currency conversion fee. if you try to send $100 from america to thailand you'll pay $2 in fees and the recipient will get $95 worth of THB.

that's a 7% fee. and that's with online bank transfer = 3-4 days processing time. if you want instant processing, debit/credit or cash dropoff will cost you an additional 3-7%!

i'm pretty sure bitcoin can compete with that......

[Periodik]

The only problem with bitcoin is the fees and the delays when the price rises and the mempool gets backlogged.

what's the basis for comparison? moneygram typically charges 2% or more for international transfers, plus a hefty currency conversion fee. if you try to send $100 from america to thailand you'll pay $2 in fees and the recipient will get $95 worth of THB.

that's a 7% fee. and that's with online bank transfer = 3-4 days processing time. if you want instant processing, debit/credit or cash dropoff will cost you an additional 3-7%!

i'm pretty sure bitcoin can compete with that......

The problem is that they are comparing Bitcoin's fees and delays to the perfection that Bitcoin could become. Instead of celebrating that there is an alternative such as that, a much better one, as compared to similar fiat-based services that are offered in the mainstream world, they are complaining that Bitcoin is not this and not that. While I believe that we will come to that situation in the future, for now let us be satisfied with it, use it, and promote it.

[sana54210]

Facebook's Libra was really aimed at the remittence market (which is why they proposed a stablecoin).

I really liked the idea of that Facebook Libra, though not more than I like Bitcoin, but I think it was a really good idea and I don't like that it wasn't a success. Last time I checked the news PayPal has pulled off and a week after, other companies: Visa, MasterCard and eBay all said they were pulling off from the project. The Facebook Libra is now facing Exodus of partners, before you know what's happening, they are all gone.

Judging from the graphics you have posted here it seems like most of them have already given up on the project. But I know for sure that they will start dragging for a seat on the table once the project becomes a success. Let's watch and see. Libra is just another stablecoin whereas these partners are having lots of other options for a stablecoin. It means Libra may have lots of competitors when considering its core purposes.

[BitHodler]

The problem is that they are comparing Bitcoin's fees and delays to the perfection that Bitcoin could become.

Close. Most people complaining about the fees of Bitcoin do that because they have used one of the many shitcoins with fast and cheap transactions, and then almost blame Bitcoin for being slow and expensive.

People don't understand that shitcoins don't experience any use, so the transactions are always fast and cheap. Bitcoin can't compete with that and never will, but the best thing is that it doesn't have to because it works well enough.

At the end of the day, people are free to shift to any other crypto currency, but they don't do so because they know that not many are accepting the fast and cheap shitcoins. Instead, they continue to use Bitcoin and continue to complain.

[electronicash]

Facebook's Libra was really aimed at the remittence market (which is why they proposed a stablecoin).

I really liked the idea of that Facebook Libra, though not more than I like Bitcoin, but I think it was a really good idea and I don't like that it wasn't a success. Last time I checked the news PayPal has pulled off and a week after, other companies: Visa, MasterCard and eBay all said they were pulling off from the project. The Facebook Libra is now facing Exodus of partners, before you know what's happening, they are all gone.

Judging from the graphics you have posted here it seems like most of them have already given up on the project. But I know for sure that they will start dragging for a seat on the table once the project becomes a success. Let's watch and see. Libra is just another stablecoin whereas these partners are having lots of other options for a stablecoin. It means Libra may have lots of competitors when considering its core purposes.

they pulled off because libra didn't work with regulators before the partnership and since libra can harm the relationship of these payment companies, they left the association. facebook can still go on, they just have to become a payment company itself like paypal and work with the regulators. paypal and visa will come running back when they'll finally approved.

[Baofeng]

I think remittances is one area wherein Libra was put into works, It's a billion dollar industry and Mark wanted to take a slice out of that big pie that remittance company are serving between themselves. And as per WB this year alone, it could reach around $500 - $500 billion globally. And Facebook wanted to disrupt it by joining the picture in 2020. However, with so many backlash, we don't know if they can release it as per schedule or might be some delays because of companies dropping out their partnership even before the said launch.

[error08]

The only problem with bitcoin is the fees and the delays when the price rises and the mempool gets backlogged.

Did you use Bitcoin recently? Segwit adoption has gone up a lot resulting in piss low fees. I haven't paid more than ~$0.08 in fees for my last transactions. In case there is a sudden increase in transactions I use RBF to bump the fee a bit. Times are different now. USDT's shift to ERC20 helped a lot too. Please don't tell me that $0.08 is still too high. 

Low fees for now, but wait until the price suddenly pumped, skyrocket to the sky, backlogged will flood the mempool and our transactions might be stuck for days even weeks unless we are willing to pay extra high fees.
We will see the fate of libra to be at stake next week when Mark Zuckerberg heads to the US House of Representatives, his enemies are government and central banks.

[ardentvolcanoes]

I think remittances is one area wherein Libra was put into works, It's a billion dollar industry and Mark wanted to take a slice out of that big pie that remittance company are serving between themselves. And as per WB this year alone, it could reach around $500 - $500 billion globally. And Facebook wanted to disrupt it by joining the picture in 2020. However, with so many backlash, we don't know if they can release it as per schedule or might be some delays because of companies dropping out their partnership even before the said launch.

That's the point, Libra/Mark wants something out from this venue of business the very reason that this project was been introduced, though there's still a lots of debates regarding to this project full implementations the team behind will do their very best to push it thru and make it possible.

Money will talk with big business owners that will still proceed and support this for their very own benefits.

[Google+]

I think Libra will be an altcoin that has functions for several other platforms and may compete in the XRP and XLM classes, but I heard a number of issues stating that Libra was rejected as an alternative payment so I feel Libra still has no potential certainty resulting from.

[meliodas]

I think Libra will be an altcoin that has functions for several other platforms and may compete in the XRP and XLM classes, but I heard a number of issues stating that Libra was rejected as an alternative payment so I feel Libra still has no potential certainty resulting from.

In my opinion, Libra will shutdown sooner than later because of its partners that are now backing out. XRP is better than Libra because it is already existing and it proves a lot of things compare to its competitor. XRP may not be a good investment for some people but it is a good altcoin to use as a form of gateway for sending and receiving money.

[Murat]

That's another misconception regarding this platform, some people think Bitcoin requires a huge fee and time whereas other coins don't need as like Bitcoin, but they don't know that the most coin is not compatible to the market and those are not using as a payment tool so the Bitcoin is not comparable to the other coin at this stage, but I think remittance is not being hampered due to Bitcoin or cryptocurrency, because when we sell Bitcoin and convert into USD then it must include a fee for western union, MoneyGram and so many platforms, so remittance is related to this platform I think and libra was not also bad tool for this current situation also because every cryptocurrency would play a vital role in this platform.

[NathanJB]

I think Libra will be an altcoin that has functions for several other platforms and may compete in the XRP and XLM classes, but I heard a number of issues stating that Libra was rejected as an alternative payment so I feel Libra still has no potential certainty resulting from.

In terms of potential, Libra has a lot to be honest. If a certain project with limited funding has vast possibilities and potentials, Libra has much more of them with all their partner companies. Facebook alone has what it takes to create a coin full of potential. Together with their wealthy partner companies, they could hire the best people in the world in terms of blockchain technology development and programmers. But all these potentials are now fading with the project getting attacked by governments all over the world. 

[clickerz]

The fees climbing up when the network is crowded is like the nature of blockchain and if Libra is about to use blockchain aswell they will definitely face the same problem. it is not like paypal that is a centralized company basically all the transaction doesn't need hash power and no need confirmation aswell blockchain is different to that and I think that's what you lose when you are expecting something decentralized. Crypto is indeed quite behind in term of remmitances but there are plenty of cryptos out there that can be used for remmitances and still fast anyway. About Libra, it's not even released yet so we can only wait.

Not with Ripple, I think XRP is ideal for remittances. I already tried  using Ripple and I am overwhelmed by its transaction fees and so with fees, its way cheaper several times compared to other known cryptos. Also ripple partner with other big named business in remittance sector, which boost their market positioning in the said field.

Read: Ripple Announces Strategic Partnership with Money Transfer Giant, MoneyGram

[AicecreaME]

Ripple, which was the stablecoin that was supposed to be ideal for remittences seems to be a failure because you can only convert it to bitcoin and USD:

Ripple can be converted also in Philippine peso, is that valid enough to consider it not a failure? feel free to check it out, you might be outdated about it but coins.ph company adopted ripple a year ago, if I remember it correctly.

[Mometaskers]

I think Libra will be an altcoin that has functions for several other platforms and may compete in the XRP and XLM classes, but I heard a number of issues stating that Libra was rejected as an alternative payment so I feel Libra still has no potential certainty resulting from.

In terms of potential, Libra has a lot to be honest. If a certain project with limited funding has vast possibilities and potentials, Libra has much more of them with all their partner companies. Facebook alone has what it takes to create a coin full of potential. Together with their wealthy partner companies, they could hire the best people in the world in terms of blockchain technology development and programmers. But all these potentials are now fading with the project getting attacked by governments all over the world. 

They've ruined their reputation with all those info dumps so no wonder everyone's ganging up on them. It seems to be "cool" to diss the company.

People also fear that their Libra wallets could just be as easily locked down like how an FB account can get locked for expressing "wrongthink" or being mass reported by bots. Certainly doesn't inspire confidence. I'd also like an alt that is better integrated with various platforms to easily perform things that bitcoin can be currently inefficient with but I wouldn't like it to be by Facebook.

[NathanJB]

I think Libra will be an altcoin that has functions for several other platforms and may compete in the XRP and XLM classes, but I heard a number of issues stating that Libra was rejected as an alternative payment so I feel Libra still has no potential certainty resulting from.

In terms of potential, Libra has a lot to be honest. If a certain project with limited funding has vast possibilities and potentials, Libra has much more of them with all their partner companies. Facebook alone has what it takes to create a coin full of potential. Together with their wealthy partner companies, they could hire the best people in the world in terms of blockchain technology development and programmers. But all these potentials are now fading with the project getting attacked by governments all over the world. 

They've ruined their reputation with all those info dumps so no wonder everyone's ganging up on them. It seems to be "cool" to diss the company.

People also fear that their Libra wallets could just be as easily locked down like how an FB account can get locked for expressing "wrongthink" or being mass reported by bots. Certainly doesn't inspire confidence. I'd also like an alt that is better integrated with various platforms to easily perform things that bitcoin can be currently inefficient with but I wouldn't like it to be by Facebook.

I understand you and the rest of the huge populace that are seemingly afraid of what the name Facebook could bring to their wallets, information, location, etc. I even believe that the biggest factor why this project is like a dud from the very beginning is that it is being started by Facebook. It is the reason why the project is going to be a hard sell not just to the governments and their regulators but also to the rest of the common users.

[googol.star]

Why is the Libra dream dead? (Which I hope it is.)

[tsaroz]

Why is the Libra dream dead? (Which I hope it is.)

Maybe because it's backers are withdrawing from the project and Facebook's prime market US doesn't like Libra's concept.
For the use of remittance, bitcoin could still be a good option. Though it's fee seems large for small transactions, it's much better than swift fees or western union fees for sending remittance. There are other options like lightning network or the BEP2 token from binance but it would depend on the parties involved more than the choice of currency.