bitcoin:

Guardian - Remittances Around The World
The photo above accompanies a Guardian article featuring an interactive map that shows the remittance flows for the particular nation selected.

The ability to explore the map on a nation-by-nation basis (as shown above for Peru) is available only after clicking the “Leave Tour” button from the application.
Bitcoin, as a decentralized digital currency with no authorative source is beginning to gain some traction as a remittance payment method.  Bitcoins are becoming fairly easy to acquire inexpensively in many areas (e.g., U.S., UK, Canada, and Europe) which correspond to areas where much of the remittance flows originate.
Since most remittance recipients use the funds for paying expenses and shopping, bitcoins aren’t (yet) quite useful to them and there are still just few methods to cash out bitcoins with a local exchanger.  These methods are improving with independent exchange agents listed on LocalBitcoins.com now providing cash-out service in over 700 cities worldwide and the upcoming launch of BitcoinWireless which will let bitcoins be used to pay for mobiile phone service in more than 100 countries.
Bitcoin may have an even bigger impact for those who currently send remittances by enabling investment capital to flow quickly and cheaply to where the opportunities lie.  If there is more work near a worker’s home then there is less need for that worker to live away from the family in order to provide for them.  Knowledge workers are already the first to be able to work for a foreign employer without having to live abroad.  And since bitcoin payments have no concept of borders, the employer can sent bitcoins to the employee at a lesser cost to both employer and employee.  Increasingly these knowledge workers with foreign employers are requesting that their compensation be paid in bitcoins, and employers are increasingly willing to oblige.

Previous Posts - Twitter: @Bitcoindia

bitcoin:

Guardian - Remittances Around The World

The photo above accompanies a Guardian article featuring an interactive map that shows the remittance flows for the particular nation selected.

Remittance Flows for Peru

The ability to explore the map on a nation-by-nation basis (as shown above for Peru) is available only after clicking the “Leave Tour” button from the application.

Bitcoin, as a decentralized digital currency with no authorative source is beginning to gain some traction as a remittance payment method.  Bitcoins are becoming fairly easy to acquire inexpensively in many areas (e.g., U.S., UK, Canada, and Europe) which correspond to areas where much of the remittance flows originate.

Since most remittance recipients use the funds for paying expenses and shopping, bitcoins aren’t (yet) quite useful to them and there are still just few methods to cash out bitcoins with a local exchanger.  These methods are improving with independent exchange agents listed on LocalBitcoins.com now providing cash-out service in over 700 cities worldwide and the upcoming launch of BitcoinWireless which will let bitcoins be used to pay for mobiile phone service in more than 100 countries.

Bitcoin may have an even bigger impact for those who currently send remittances by enabling investment capital to flow quickly and cheaply to where the opportunities lie.  If there is more work near a worker’s home then there is less need for that worker to live away from the family in order to provide for them.  Knowledge workers are already the first to be able to work for a foreign employer without having to live abroad.  And since bitcoin payments have no concept of borders, the employer can sent bitcoins to the employee at a lesser cost to both employer and employee.  Increasingly these knowledge workers with foreign employers are requesting that their compensation be paid in bitcoins, and employers are increasingly willing to oblige.

Previous Posts - Twitter: @Bitcoindia

'Cash deposit' Method For Buying Bitcoins Reaches India
Bitcoin exchanges have found the magic formula that allows funds to flow and a new exchange, Mr. Bitcoins, is taking it to India!
For the first time ever for the country, those wishing to buy bitcoins can simply bring their Rupees to a bank (HDFC) and make a deposit into a special account for the exchange.  Those funds are then converted to bitcoins and the digital currency is delivered to the Bitcoin address the customer specified.
Mr. Bitcoins launched in May and offers this cash deposit method in Australia and the United States as well.  The exchange is operated by Kenseycol PTY LTD out of Australia.
This method will likely be valuable for its convenience — funds from cash deposits are converted either the same day or next business day.
The exchange rate that is quoted is real-time but it is somewhat higher than the BTC/USD exchange rate after further converting it using the USD/INR conversion rate.  There are no additional fees however, causing this method to be cheaper than sending an international bank wire or other money transfer service such as Western Union.
Update: We’ve been asked to explain in more detail how to use this service:
Visit Mr. Bitcoins, click on the INR tab.
Enter your e-mail address, your bitcoin address (e.g., from Instawallet), and the amount (in BTCs) that you wish to buy.  Then click the Buy Bitcoins button.
You will then see a receipt with the HDFC account name, account number and the amount (in INRs) to deposit.
Print the receipt and take it with you to the nearest HDFC where you deposit cash into the account shown on the receipt.  Once Mr. Bitcoins sends the bitcoins, you can monitor the transaction’s progress towards getting confirmed using Blockchain.info.
Previous Posts - Twitter: @Bitcoindia

'Cash deposit' Method For Buying Bitcoins Reaches India

Bitcoin exchanges have found the magic formula that allows funds to flow and a new exchange, Mr. Bitcoins, is taking it to India!

For the first time ever for the country, those wishing to buy bitcoins can simply bring their Rupees to a bank (HDFC) and make a deposit into a special account for the exchange.  Those funds are then converted to bitcoins and the digital currency is delivered to the Bitcoin address the customer specified.

Mr. Bitcoins launched in May and offers this cash deposit method in Australia and the United States as well.  The exchange is operated by Kenseycol PTY LTD out of Australia.

This method will likely be valuable for its convenience — funds from cash deposits are converted either the same day or next business day.

The exchange rate that is quoted is real-time but it is somewhat higher than the BTC/USD exchange rate after further converting it using the USD/INR conversion rate.  There are no additional fees however, causing this method to be cheaper than sending an international bank wire or other money transfer service such as Western Union.


Update: We’ve been asked to explain in more detail how to use this service:

  • Visit Mr. Bitcoins, click on the INR tab.
  • Enter your e-mail address, your bitcoin address (e.g., from Instawallet), and the amount (in BTCs) that you wish to buy.  Then click the Buy Bitcoins button.
  • You will then see a receipt with the HDFC account name, account number and the amount (in INRs) to deposit.
  • Print the receipt and take it with you to the nearest HDFC where you deposit cash into the account shown on the receipt.  Once Mr. Bitcoins sends the bitcoins, you can monitor the transaction’s progress towards getting confirmed using Blockchain.info.

Previous Posts - Twitter: @Bitcoindia

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