[2015-03-10] BBC: Could Bitcoin ease the pain of Africa's migrant workforce?

[pawel7777]

Another bitcoin article by BBC, this time the subject is remittance

http://www.bbc.co.uk/news/business-31735976

Could Bitcoin ease the pain of Africa's migrant workforce?

Over 30 million Africans live in the diaspora. They sent almost $40bn (£26.5bn) home in 2014, a figure that is likely to grow significantly in the coming years.

While north African countries such as Morocco, Algeria and Egypt receive the most, east African countries are particularly dependent on remittances.

The average per migrant is almost $1,200, representing 5% of GDP on a country-by-country average.

Yet the cost of sending this money is high.
...

[Mowcore]

Wow, it's under business for a change!

[Lethn]

Holy shit it's funny seeing them report something we've known literally several months before hand.

https://www.youtube.com/watch?v=BrRXP1tp6Kw

[Kprawn]

It's something we already saw coming and it's already happening {Bitpesa}

The disruption of BTC will only take full affect, when the remmitance market is fully captured. It is painfull to see the poorest of people being exploited, when they want to send money home to families in a attempt to survive.

I can just imagine having to work in a foreign country, away from your family and in most cases not being very welcomed, and then having to give 10% or more to companies for fees.

Technology has made it possible for them, not to have to give away such huge % of their hard earned money, and we should embrace it. 

[medUSA]

It is sickening to see remittance companies taking a cut into overseas worker hard earned money and there is no alternative:

Western Union and MoneyGram control 50% or more of the remittance market in most Sub-Saharan African countries

I have always believed the truth strength of Bitcoin is sending money across borders. May it be getting paid for work, sending money home, mail order... We need more trusted exchanges around the world. As bitcoin becomes more accessible and liquid, there is no need for the workers to be paid in fiat. They could receive their wages directly in bitcoin, and send "money" home at a cost of 0.0001btc!

It's not only African countries who needs these Bitcoin remittance services. Countries such as India, China, Mexico, Philippines and many others could also benefit from Bitcoin.

[Solange]

The remittance market would be huge for bitcoin and I'm sad that it isn't already been massively used in this industry. The people who do remittance are wasting money. I hope it catches on sooner rather than later.

Holy shit it's funny seeing them report something we've known literally several months before hand.

https://www.youtube.com/watch?v=BrRXP1tp6Kw

The masses are sadly not as quick to adopt such great technology but hopefully they'll realize that one day and get on board.

[unamis76]

These kinds of news makes me remember those that appeared a few months ago about an agency on the Phillipines and China (if I'm not mistaken) that sends funds between countries for a minimal fee, to aid immigrants. These kinds of services are massively useful and should be everywhere. Bitcoin allows these people to save a lot of money in transacting fees.

Bitcoin would change these people's lives for the better, in many ways, it would affect them profoundly. I hope services like the one I referred start appearing around

[s.mouse]

It's not just African's this can benefit. There are millions of people around the world who use the remittance market.

These kinds of news makes me remember those that appeared a few months ago about an agency on the Phillipines and China (if I'm not mistaken) that sends funds between countries for a minimal fee, to aid immigrants. These kinds of services are massively useful and should be everywhere. Bitcoin allows these people to save a lot of money in transacting fees.

Bitcoin would change these people's lives for the better, in many ways, it would affect them profoundly. I hope services like the one I referred start appearing around

They're starting to come around but many people are just not aware of them. Keep spreading the word and we'll get there eventually.

[Armis]

Holy shit it's funny seeing them report something we've known literally several months before hand.

https://www.youtube.com/watch?v=BrRXP1tp6Kw

The bitcoin dude is the best bitcoin instructor in the world, what is his username on BCT