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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.
Gifts and Remittances: Bitcoin.com's New Tools Allow People to Send BCH via Email This month Bitcoin.com launched two services that help facilitate bitcoin cash adoption and crypto remittance via ... Bitcoin promises almost fee-free services, solution for sending remittances, citizens embrace other Bitcoin solutions as well as remittances. Bitcoin Remittances refer to the physical act of sending money as a payment form. Normally, the payments are sent out by foreign workers in far-flung countries looking to ensure that their friends and family members back are well provided for. But there’s a problem, in that using the traditional methods is not only pricey, but it’s also time-consuming. Legal entities such as banks and ... Aber wie das Buch "Reinventment Remittances with Bitcoin" andeutet, gibt es noch viel zu tun, was das enorme Potenzial der Blockchain-Technologie in dieser Gleichung betrifft. Der Autor des Buches, Luis Buenaventura, ist ein philippinischer Unternehmer, der seit über 10 Jahren Internet-Startups aufbaut. In Manila hat er sich seit 2014 auf digitale Währungen spezialisiert, mit einem ... Bitcoin Remittances Do Not Save Money…Currently. The infrastructure for using bitcoin as a pay-in or pay-out option is not feasible in most parts of the world; therefore, bitcoin can only really be used as an intermediary. Intermediaries just add friction and costs to any transaction, and bitcoin does not necessarily get rid of all them, but it just reduces the number of them. We would all ...
Bitcoin and blockchain are relatively new and mostly misunderstood. As we are the Practical Blockchain, we are looking at the practical use cases of these technologies and demystifying unsustained ... The Simplest Way For Bitcoin To Take Over Global Remittances - Duration: 7:38. The Cryptoverse 2,382 views. 7:38. Why Bitcoin is a Better Way to do International Money Transfers - Duration: 3:11. ... Would countries reliant on remittances adopt cryptocurrencies? Price premiums providing an incentive for arbitrage in international transfers. To get money from the UK to India, Western Union will ... 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. ... But with the advent of Cryptocurrency, sending money remittance anywhere can now be done quickly and cheaper. Today, you can send money abroad instantly using bitcoin remittance. In this episode ...