I live in Russia & my family is in U.S. here's our experience using Bitcoin for remittance

crypto_coiner 2015-01-21 07:08:38 UTC #1

Cybnate 2015-01-21 07:29:47 UTC #2

The difficulties in signing up as a new user to an exchange or other organisation to buy coins are a big hurdle for many. I’ve tried it with a few friends, they see all the hassle of it and no value over their bank account. The best way around it is to distribute pre-paid cards to supermarkets and local dairies/shops especially in areas where bank fees are high and many are unbanked. Just like they do with pre-paid mobile phone cards. Or send them over snail mail with cash on delivery (COD), not sure if that is still possible these days. That can be set up pretty quickly.

Anyway, the challenge is the distribution of the cards and making sure people understand what they are for. Some way to go there.

Raythma 2015-01-21 12:54:36 UTC #3

Pre-paid cards will probably face a legal issues in most of the developing countries, or at least legalization will add too much cost to be useful.

Two days ago i had some money at last to buy some NuShares, the only way to access the online markets was to buy Bitcoins locally from LocalBitcoins.com for +10% price spread, gave the trader the Bitcoin address from ShapeShift.io and got my NuBits immediately to be safe from any surprising volatility, then I had my time to buy NuShares with the best price I can get from the exchanges.

The conclusion is, if NuBits got so popular to have a LocalNuBits.com , it will be the best option right now to access the cryptocurrencies markets and transfer money globally. however, there will always be a price spread for the local traders to profit, unless local traders are a custodians who get their profits from Nu to keep NuBits at $1 and keep Buy liquidity locally (offline) everywhere.

mhps 2015-01-21 13:45:40 UTC #4

I also think there has to be spread where Nunet’s tentacles can’t reach. In this post I proposed a “trading band” in which the market can set buy/sell spread to allow profit for the exchange service providers. Nubots will set walls at the edges of the trading band. This also brings in revenue to the bots.
It’s also possible that Nubots enforce narrow spread at large liquid exchanges and enforce trading bands in smaller exchanges.