Developing Crypto Remittances
Hello all.
My name is Freddy, a MSc Mining (not Crypto mining!) Engineering student from Zimbabwe currently in the UK. I have been in the crypto space for 3 years now but as a casual adopter. I have mainly used BTC to build profits for Christmas etc (basically short investment).
Currently resident in the UK, I am fascinated by the ability of cryptos to disrupt remittances. The diaspora currently contribute approximately $32Bn (2015, World Bank Report). Imagine if all that money was to be send as crypto? The infrastructure might be lacking in Africa but we already have a world class mobile money system. In the future i hope this will be possible on a grand scale.
Currently I am day trading and also HODLin' the top ten cryptos for personal financial goals. I am convinced that i have joined a great community and I look forward to interacting with you all.
Cheers To the future!
Hello! Welcome to steemit. I'm barely new also and I'm down to bitcoin trends, blockchain and cryptocurrency in general.
Check out my blog if you want to, there you can find some info about BTC and sure we can grow together. @menez.trending
Thank you for your warm welcome. I have followed your blog and I look forward to more and more productive interaction.
A lot of legal problems around it.
Not hard to move the value across the border. In most cases the assets are not moved but rather counted towards offsetting traffic in opposite directions.
But the problem is with local laws and regulations - they easily target the local "entry/exit" points where actual money changing hands.
It becomes too complex and too risky for small local operators.
That's why Western Union and other remittance companies exist and banks still charge exorbitant fees for wire transfers.
As people get fed up with it they move to crypto currencies.
But wide adoption is still a challenge. Also it's relatively hard for an average consumer to get the money in and out of crypto. Even though transferring is easy.
With wider adoption remittance will no longer be needed. Anybody should be able to transfer anything to anyone and it should cost nothing like an email.
"With wider adoption remittance will no longer be needed."
We agree here, the only difference is that I somehow was still referring to that as 'remittance'. DASH is embarking on an ambitious project with a local partner in Zimbabwe although I don't have the full details yet. I hope as more and more people adopt cryptos, Western Union, Money Gram and the big banks will either conform or face extinction .
Thank you for highlighting the legal challenges.
It's true that WestU and banks have monopoly over the remittance industry, but this can change with cryptocurrency. Bitspark is working in Tajikistan to pilot cryptocurrency remittances with a cash in and cash out component whereby the user does not have to use banks or expensive third parties. It does this with a platform that is given to money transfer shops that are agents and provide an easy way for them to buy and sell crypto without any tech knowledge nessesary. All ready this is working in eight countries.
Welcome to Steemit! A great community you have joined! Look forward to more posts. Zimbabwe is in a little turmoil right now. Are you happy to have moved out of the country to look for more opportunity?
Hello, I am on a gap year just to study and I will certainly be going back home after graduation (December 2019). I have lived in South Africa (4 years) and the UK (1.5 years - end of next year) both economically more developed countries more than Zimbabwe. What i love about this experience is that it allows one to see opportunities back home (Zim) that maybe s/he could not have recognised had s/he not travelled.
So far I am happy with the UK but I miss the sun, the food and the comfort of being home. Thank you for your warm welcome, looking forward to more and more interactions.
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