TD₿: Bitcoin Fixes Remittances by F. Cary Snyder
TL;DR The traditional financial system is ill-equipped to handle remittances, Bitcoin provides a better way to send value anywhere in the world.
Hey Bitcoiners,
Last week, I had a long day of travel as I flew to Turkey to spend some time with family and friends.
On the way to the airport, I had a great chat with my Sudanese Uber driver, Mohamed, who I learned had arrived in America 5 years ago after he won a lottery visa.
He told me how great America was because of all the work available and how he drives Uber at night so he can provide for his family still living in Sudan. He explained to me how he uses Western Union to send money to his loved ones despite the wait times and fees because he doesn’t know of any other way to get funds to them.
From there, I explained to him how he could get the money to his family in a way that was cheaper and faster than Western Union by using Bitcoin. I gave him some book recommendations, article/video tutorials, and had him download my favorite apps.
By using Bitcoin, my Uber driver will save nearly 9% on fees and cut days off of the time it takes for the funds to reach his loved ones.
F. Cary Snyder of Opennode Research wrote this blog post that succinctly explains how Bitcoin is a huge improvement compared to the antiquated remittance system that we have today. (08/01/2020)
After explaining it to Mohamed, he instantly got excited because he understood that by using Bitcoin, his family would ultimately end up with more money in their pockets. It’s with people like Mohamed that I find great joy in educating about Bitcoin because it can truly make a meaningful impact on him and his family’s lives.
When it comes down to it, Bitcoin will make grifting intermediaries like Western Union obsolete because it's just superior payments technology.
Tick tock next block,
Cory Klippsten
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