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Author Topic: [Debate] Remittance through Bitcoin!  (Read 2286 times)
coinsecure
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December 13, 2014, 09:11:19 AM
 #21

" India is world's largest remitter who remitted approximately $70 billion dollar in 2013. Usually, these transfer are done by Western Union, Moneygram and other financial service provider which charges customer with 1-5% transaction fees."


Nice Debate but there's a small issue in your facts. India didn't remitted $70 billion dollar in 2013, India received those funds from other countries.
Indian's are not allowed to remit any money via western union or moneygram or any other financial service provider except banks.
http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=8093
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December 13, 2014, 10:08:05 AM
 #22

" India is world's largest remitter who remitted approximately $70 billion dollar in 2013. Usually, these transfer are done by Western Union, Moneygram and other financial service provider which charges customer with 1-5% transaction fees."


Nice Debate but there's a small issue in your facts. India didn't remitted $70 billion dollar in 2013, India received those funds from other countries.
Indian's are not allowed to remit any money via western union or moneygram or any other financial service provider except banks.
http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=8093

Dont be Hanuman. What is the relevance of link here? It would have been much helpful if you'd have quoted www.rbi.org as reference. Smiley

And in fact, $70 billion was remitted back in year 2013.

Link to Worldbank Report: http://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1288990760745/MigrationandDevelopmentBrief21.pdf

Page number 5 which clearly mentions India is top recipient of remittance which can also be rephrased as money send to India or money India remitted as most of sender are NRI's and people working abroad. And I gave example of WesternUnion and Money gram because Bitcoin remittance is generally compared to those and 1-5% estimation was very rough approximation for transaction fees.

Am I clear?
Get your fact-secure before striving to coin-secure!

He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
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December 15, 2014, 06:31:09 AM
 #23

Everytime when people talk about remittance through bitcoin I feel funny,
The reason is: why even bother to remit in bitcoin and convert back and forth with some other currency.

If BTC becomes well accepted currency, we will have only one global currency!
Everything from cup of coffee, salries to private jets could be denominated in BTC, so no funny business of back and forth conversions.

it just doesn't make sense to keep converting back and forth given the ease of handling BTC vs other currencies, except for few situations like people stuck on forest/hill with no electricity and internet they are going to prefer paper currencies (even they can have printed BTC bills)!

A lot of the remittances are used here. Try spending Bitcoins to buy groceries.

All those sending money may not even believe in Bitcoin. Having Bitcoin as a method increases adoption and liquidity.






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