Using Bitcoin for money transfers?

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tomsax
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Using Bitcoin for money transfers?

Postby tomsax » Mon Aug 18, 2014 11:17 am

According to this article people are using Bitcoin for money transfers now. The article suggests that companies are using Bitcoin to lower costs of small amount remitances from overseas to countries like Peru which often can have high commision charges for small amounts.

http://www.theguardian.com/global-devel ... gital-cash

Anyone heard of this in Peru? I was curious of the economic of using bitcoin about six months ago and worked out what the effective overall % loss would be using Bitcoin and it was certainly more than a cheap money transfer. But maybe things are changing over time and it was based on the only website I could easily find. Sending to another person anywhere in the world via Bitcoin is instantaneous and costs next to nothing but then there are exchange costs for converting between Sol/Bitcoin, other currency/Bitcoin. I suspect in Peru the exchange rate is poor because few people use it, like the exchange rates are poor if you want to buy and sell Pounds Sterling for instance but if more people used it there the rates could quickly improve.


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Re: Using Bitcoin for money transfers?

Postby tomsax » Tue Aug 19, 2014 8:31 am

There an interesting link in the comments under the article

http://letstalkbitcoin.com/blog/post/in ... ew-bitpesa

Explains how a system can work and contains a review of the sort of service they are talking about in Kenya. It may be a case of Kenya being ahead of Peru I guess.
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Re: Using Bitcoin for money transfers?

Postby Alan » Sun Aug 24, 2014 5:21 pm

Interesting articles, Tom. To answer your question, no, it doesn´s appear that anyone is managing remission transfers using Bitcoin as the intermediate currency. I suspect that Peru doesn´t have the need of micro transfers that exists in Africa. When remissions are larger, the flat flat transfer fee isn´t as onerous so they just grin and bear it here.. for now, anyway. It was also interesting to read how African countries are light years ahead of Peru in terms of integrating digital currency with the cell phone systems! No technical reason that couldn´t be done here, but lots of vested interests with the banking system who don´t want to surrender that ability to new competitors.
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Re: Using Bitcoin for money transfers?

Postby tomsax » Thu Aug 28, 2014 6:43 pm

Thanks for the answer Alan.

I found this site where Peruvians are arranging to meet up in Starbucks to buy bitcoins as well as buying and selling online via bank transfer.
https://localbitcoins.com/ad/112889/sel ... -lima-peru

For it to really take off I imagine that casa de cambios would need to trade bitcoins with people doing this by bringing in their smart phone on which they would have their bitcoin client. That way they could see that they had recieved their bitcoins for the money they had handed over.

I predict that this will happen and the rates will get much more competitive. Then it would be a good way to get money sent out to you from your account overseas.
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adrian Thorne
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Re: Using Bitcoin for money transfers?

Postby adrian Thorne » Fri Aug 29, 2014 9:06 am

This is a very interesting subject, which I am following quite closely. There are a few dealers here in Peru, who are internationally based and subject to a thorough vetting, could be a fantastic way forward for the transfer of larger sums of money at a small cost than present. An example being http://cambistabitcoin.com/ The rates are a little high at present, but I am sure these will fall as they become established and as you say Tom this will happen. Even the present rates beat the banks and government charges. It also opens up the online trading for the man in the street who only handles small sums for general purchases of consumables.
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Re: Using Bitcoin for money transfers?

Postby lyndelld » Fri Dec 15, 2017 1:55 pm

What is the current situation? Can we use bitcoin for transfers?
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Re: Using Bitcoin for money transfers?

Postby Alpineprince » Fri Dec 15, 2017 2:08 pm

https://www.surbtc.com/chile now accepts accounts in Peru.
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Re: Using Bitcoin for money transfers?

Postby Alpineprince » Mon Dec 18, 2017 5:49 pm

adrian Thorne wrote:This is a very interesting subject, which I am following quite closely. There are a few dealers here in Peru, who are internationally based and subject to a thorough vetting, could be a fantastic way forward for the transfer of larger sums of money at a small cost than present. An example being http://cambistabitcoin.com/ The rates are a little high at present, but I am sure these will fall as they become established and as you say Tom this will happen. Even the present rates beat the banks and government charges. It also opens up the online trading for the man in the street who only handles small sums for general purchases of consumables.

Wow, just looked and they are marking 1 bitcoin up $2,655.00!
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Re: Using Bitcoin for money transfers?

Postby toughrider » Wed Jan 17, 2018 6:56 pm

Use them quick. It won't last long before they are worthless.
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Re: Using Bitcoin for money transfers?

Postby adrian Thorne » Thu Jan 18, 2018 6:59 am

toughrider wrote:Use them quick. It won't last long before they are worthless.

No worries Cheech. Sold half a year ago, which gave a nice return thank you.
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Re: Using Bitcoin for money transfers?

Postby Slippin' Jimmy » Wed Jan 24, 2018 11:40 am

adrian Thorne wrote:
toughrider wrote:Use them quick. It won't last long before they are worthless.

No worries Cheech. Sold half a year ago, which gave a nice return thank you.


Good to hear that, Chong.
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Re: Using Bitcoin for money transfers?

Postby Juan de los Altos » Fri Jul 13, 2018 9:35 pm

You can buy and sell via localbitcoin or localethereum. It isn't really being used so much for transactions here, but I have seen one place that accepts it. I think that it is best used for money transfers. I have used Buda.com (formerly SurBTC) and have had a great experience. I highly recommend it. You can transfer hundreds of dollars to anywhere in the world with Ethereum in a matter of seconds and for pennies. Cashing out here via Buda.com the charge is roughly S/4 (compared to the minimum $17 USD from Paypal & Interbank) and can take a few hours to 1 business day.

It takes a little while to set up and a major drawback is that there are not that many people using it here so you can pay a premium, but at the same time there are arbitrage opportunities. There can be major price fluctuations and some people won't want to invest the time to learn it or keep track of things, but to be able to securely keep funds on your computer/phone (out of the hands of the bank/govt) and to be able to send these transfers/make these transactions so smoothly is definitely interesting and I can't wait to see where we go with it in time.

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