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Bitcoin sucks for remittance. Yes the tx fee from one Bitcoin address to another is super low, but you have to add the fee s for exchanging fiat into bitcoins and bitcoins into fiat which add up and end up the same or more than traditional wire transfers.
A good example of this is presented in this thread: INTJ - please forgive my weaknesses Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right If however you enjoyed my post: In a few years that will either no longer be true, or bitcoin will be dead.
This would not work as you can only buy bitcoins in countries where there are bitcoins. Remittance aside, why don't we hear about mining in India? Plenty of computers and geeks.
And what about Indians programmers, graphics designers, etc. I don't see it? Like it or not, the world is run by the media. It's possible that there just hasn't been much news about Bitcoin in Indian media. This combined with the regulation could be why Bitcoin is not used there yet. I regularly do work for a guy in India. When I suggested he pay in Bitcoin, this was his response: Thanks for introducing me to Bitcoins, a nice decentralized currency system and I guess it has real issues with money laundering.
I was able to download its client and for past few hours it is synchronizing with the network and it also gave me an address which I can use to request coins. Since I don't have any coins, to send you a payment, I will need to buy coins using a credit card and this step involves some processing fees. Lets stick with PayPal because it would help me to keep all accounting at one place and save time in long run. On top of that I would add a bonus component to the project amount for celebrating successful project completion and cover up any fees or misc.
Bitcoindia describes the first method available to the worlds second most populous nation, India, for buying and trading bitcoins: If you like what you read, gimme a bitcoin tip me here: Linux Outlaws — Bitcoin Discussion: Consumer Watchdog filed an anti-trust complaint with the Federal Trade Commission Tuesday requesting that the agency investigate Facebook and force the company to stop what it believes ar….
By GuestSunday, June 26, http: The following post provides an excellent summary of why it may be counterproductive to seek legal recognition for bitcoin. It was written by an anonymous guest in response to an a…. Two new online shopping cart services were introduced in the past 24 hours, BitWillet and Karsha.
Bitcoin is a decentralized digital currency created by developer Satoshi Nakamoto. It does not rely on a central server to process transactions or store funds. There are a maximum of 2,,,,, Bitcoin elements (called satoshis), which are currently most commonly measured in units of ,, known as. 30 Dec Bitcoin is a decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. The original Bitcoin software by. Thursday, 30 Jun Bitcoindia - First BTC/INR Trades Booked on TradeHill; Article: Bitcoin Comes Out Swinging off the Ropes; Linux Outlaws - Bitcoin Discussion; Consumer Watchdog - Facebookâ€™s Power Grab For Online Currency.