[2014-08-18] Bitcoin shakes up remittances as poorer people offered digital deal

[cescan]

http://www.theguardian.com/global-development/2014/aug/18/bitcoin-remittances-market-digital-cash

Social entrepreneurs in developing countries are using mobile phones and the controversial digital currency bitcoin to increase the speed, and slash the price, of international money transfers, raising the prospect of a revolution in the $600bn annual global remittance market.

Soaring rates of mobile phone use in developing countries are helping the entrepreneurs compete with more usual forms of money transfer in countries where remittance rates and fees are highest.

[1714915140]

1714915140

[1714915140]

1714915140

[1714915140]

1714915140

[1714915140]

1714915140

[1714915140]

1714915140

[Fat Ronaldo]

Remittance market will be a big boost to bitcoin and those who have difficulty with banks or getting accounts.

[bitcool]

Bitcoin's advantage in providing international remittance service is beyond any doubt;   this kind of transition will take time though, the infrastructure is being built, bit by bit, country by country.

[drporschef]

Bitcoin's advantage in providing international remittance service is beyond any doubt;   this kind of transition will take time though, the infrastructure is being built, bit by bit, country by country.

The truth is it could do with some serious investment from big organisations or governments.

[Scott J]

Bitcoin's advantage in providing international remittance service is beyond any doubt;   this kind of transition will take time though, the infrastructure is being built, bit by bit, country by country.

This.

Remittance is the most obvious global use of Bitcoin and will become widespread before e-commerce use does.

[Chef Ramsay]

This article has me imagining how excited the recipients of foreign family money will be when they have their wallet set up while they're talking overseas to their donor and immediately money shows up on their screen. And vice versa for the family members whose sending it, realizing their brethren has immediate access and able to put food on the table that night assuming there's an exchange nearby or items can be immediately purchased with BTC at the local store.