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Across very cooperative borders in wealthy Europe, sure. Do you think it's as easy for those in India, China, or Kenya, for instance?
by alehul 7y ago
Across very cooperative borders in wealthy Europe, sure.
Do you think it's as easy for those in India, China, or Kenya, for instance?
- CaptainZapp 7y agoKenya is a relatively bad example. While a lot of people are underbanked mobile banking and - payments took off in a spectacular way.[1] It's probably easier to transfer funds via M-Pesa then from a bank account in Delaware to a bank account in Detroit And, at least in theory, America is a wealthy country without any borders. [1] https://en.wikipedia.org/wiki/M-Pesa https://en.wikipedia.org/wiki/M-Pesa
- eng101 7y agoYou’re right. I find it stupendously easy to move money within/into Kenya. I can easily pay a street seller from my US bank account, directly to his/her phone, in seconds. Pains me to say this because I had this international bank/credit card to M-Pesa transfers idea a decade ago, a professor dissuaded me from pursuing it. 5 years later, a bunch of services launched and many are thriving.
- A2017U1 7y agoEntirely this, many in the West have no idea how difficult crossborder banking actually is for the vast majority of human beings on Earth.
- ehrtt 7y agoAnd FBcoin won't make it any easier, capital controls in India and China won't just go away (not that FB is even allowed in China). Centralized entities will be regulated to maintain the status quo.
- tehsauce 7y agoYes, it's all legal issues. If the government doesn't want money to easily be sent in/out of the country, this isn't going to change that
- baby 7y ago"the West" being Europe. Transfers are still a huge pain in the US.
- rusticpenn 7y agoIndia has paytm, There are providers like worldremit who transfer money in a few hours. ( transfered recently from Europe to India)
- callmeal 7y ago>Do you think it's as easy for those in India, China, or Kenya, for instance? Actually yes. Take a look at xoom.com and it's competitors for example (flat rate money transfers at a fraction of swift fees). Only issue is getting money out of those countries. But that is a political and national issue.
- nicky0 7y agoAnd how about Venezuela? Or for people without a bank account?
- vkou 7y agoAre people actually using BTC in Venezuela, or do they just claim to be from Venezuela, and are asking for donations into their wallet? > Or for people without a bank account? I'm having strong doubts that you actually understand how the world banks. There are hundreds of millions of people who don't have bank accounts, and use electronic payments through their cell providers.
- roywiggins 7y agoWestern Union will let you put physical cash in someone's hand from across the world if you are willing to pay their fees. Venezuela barely has a functioning electrical grid, so cryptocurrency would not seem to be a foolproof solution there.
- aphextim 7y agoIBM is working in conjunction with the Stellar protocol to try to solve this issue. Check out IBM world wire. https://www.ibm.com/blockchain/solutions/world-wire https://www.ibm.com/blockchain/solutions/world-wire