I want to encourage my friends to use Bitcoin for remittance, but it’s simply too much of a hassle and not worth cost. When is using Bitcoin for remittance going to improve??

Standard

I’m currently working in South Korea, a place with many ex-pats. Here are the loops we have to go through just to remit using Bitcoin.

  1. Link bank account to Bitcoin exchange.

  2. Buy Bitcoin by transferring money from bank account to bank account of the Bitcoin exchange. Get charged small fee for transfer.

  3. Transfer to address. Hope that Bitcoin doesn’t lose much value in the HOUR it takes for the transaction to confirm.

  4. Once the transaction is confirmed, sell Bitcoin and get charged 2.9%.

If done through Coinbase or Circle, remitting 2,000 USD would cost 58 USD. 4,000 USD would cost 116 USD. I won’t rattle them off, but there are multiple other options through various banks here in Korea that makes this remittance process cheaper, easier, and less risky (Ex: using KEB Bank, it’s only 13 USD to transfer 2,000 USD, and can be easily done through an ATM).

If you’re working in South Korea, don’t bother using Bitcoin for remittance. Not trying to bash Bitcoin, but this is just a simple truth. No way people are going to use Bitcoin if they have to go through all these hoops and run the risk of their coins losing value in the time it takes to confirm a transaction. I know many people here that simply go to their ATM, press a few buttons, get charged a flat fee, and then it’s finished. The convenience factor alone makes it ridiculous to even bother considering using Bitcoin.

Sure, maybe Bitcoin would be better for remittance in developing nations where the fees for transfer are massively high, but don’t count on it getting into the remittance market between developed nations anytime soon.

submitted by SpontaneousDream
[link] [8 comments]

from Bitcoin http://ift.tt/1tBeb9N
via IFTTT

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s