Bitcoin and remittance, where are we? - Fintastico
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This post was originally published on this siteThis post was originally published on this site Cubans are finding new ways to circumvent the embargo sanctions imposed by the U.S. government back in 1962. According to an October 26 report by Cuba’s AFP news agency, remittances sent from the U.S. to Cuba often pass through a clandestine network of “crypto enthusiasts” before being converted […]
Hey all, I have started working on an app/website that does remittances from the US to some parts of Asia and Africa. The way it works is similar to www.rebit.ph: Users who want to send money back home first convert the dollars to bitcoin, then send those bitcoins to the app/website's address, and from there we sell it on the receiving country's local market, and then pay their family/friend in local currency in the receiving country's. What I'm wondering is:
Do we have to get a Money Transmitter License or MSB license or any license of any sorts in the US to do this?
How much would it all cost?
I have read stuff online, but sometimes the advice given contradicts each other
What if we decided to accept dollars (credit cards, PayPal, etc..) from the US person and use it to transfer money abroad? Doesn't that mean we automatically become money transmitters? (Just making sure)
Why I love Bitcoin (remittance to USA from South Korea) Bank=$504 Bitcoin=$568
So I work in Korea but have to send money home every month to pay off student loans. If I use my Korean bank account ,KEB, and my american account, a local bank near my old house in MI, it cost me 18,000won from KEB, $12 from my local bank, and some $20 mystery fee. No idea where it goes. I just sent money home using bitcoin. I opened a Korbit account and transferred money to that bitcoin exchange. I bought 596,250won worth of bitcoin ($553.10) at an exchange rate of 1078won/dollar(KEB rate) which was 2.65 bitcoin. I also have a circle and coinbase account but I learned I get a better price with Circle.com, so I used them this time. When it entered my Circle account, 2.65 bitcoin was $568.77. Since they don't have a charge I will end up with 568.77 in my bank. I know this is what i'll get because I did this last month as well) Compared to KEB(Korean Exchange Bank-Local bank) I would get 596,250won-18,000won(KEB bank fee)=578,250/1078(KEB exchange rate)=$536.41 536.41-$12(local bank fee)-20(other hidden fee)=504.41 So using bitcoin I end up with $568.77 using bitcoin in my account. Using KEB bank I get $504.41 WINNER BITCOIN by $64.36 The only thing that sucks was opening the accounts and having to log on a few times to transfer the money and bitcoin. FYI other times I used bitcoin it wasn't as good but I have always come out better than using the bank. Right now the exchange rate and the differences in price of bitcoin were in my favor as well as the volatility of price didn't change too much.
Should You Use Bitcoin and Blockchain Technologies for Remittances?Bitcoin has for a while been seen as the future of currency. As a totally digitised form of money, it seems like the next logical step in the evolution of finance. After all, we don’t see most of the money we use. Coins and notes are soon to be a thing of the past.But Bitcoin hasn’t taken off like its founders expected it ... African Remittance Firm Beam Stops Bitcoin Service in Pivot Beam has announced it will no longer focus on using bitcoin in an attempt to disrupt the Ghanaian remittance market. With low demand for bitcoins in Ghana, exchanging Bitcoin to Cedi is relatively expensive, which undermines the business case for remittance using Bitcoin. Bitcoin and remittance. Bitcoin startups entered the remittance arena with the promise of friction free, extremely low fees, almost instantaneous payments, for any kind of customer all over the world. The case seems perfect: a huge global market where, often not well off, people that spend USD 37.5 billion per year in fees to send money back home to relatives, can dramatically reduce this ... Bitcoin VS remittance services. Bonpay. Aug 23, 2017 · 3 min read. To explain the popularity of Bitcoin for a typical citizen of the first World countries is not so easy. It is not difficult to ... Bitcoin does one thing great: instant cross-border settlements. Remittance companies today typically pre-fund a transfer which is how they are able to let a recipient collect a transfer immediately. Pre-funding presents currency exchange risks for operators the Bitcoin remittance companies do not face. By being able to move money faster across ...
Easy Remittances to the Philippines using Bitcoin - Duration: 6:01. BTC Sessions 10,178 views. 6:01. The first 20 hours -- how to learn anything Josh Kaufman TEDxCSU - Duration: 19:27. ... Featuring Luis Buenaventura, BloomSolutions Tags: fintech, Philippines, financial inclusion, remittance. Elizabeth Rossiello - Bitcoin, remittances and the developing world - Duration: 30:25. Bitcoin Events 4,483 views. 30:25. 5 Proven Methods To Make Money With Bitcoin - Cryptocurrency For Beginners ... Bitcoin Q&A: Remittances & smuggling in Venezuela - Duration: 3:40. aantonop Recommended for you. 3:40. Language: English Location: United States Restricted Mode: Off History Help ... Today I look at a great service called Coins.Ph that is available to people in the Philippines. Send money to someone there from anywhere in the world in around 30 minutes and minimal fees. Tip ...