Anybody here interested in or familiar with Bitcoin? This is a very interesting tool to address the Remittance market within Mexico. Send money to Mexico for far less than Western Union, etc. Ability to cash out into Pesos at the ATM with just a 4 digit code exists now. If you regularly send money to Mexico this method could be a better option for you. Sign up at this link to get $5.00 worth of Bitcoin for starters.
Ben,
I said cash out to Pesos not hold bitcoin. This remittance method helps to address the % of the population that is unbanked as well as those that do have a bank account. No debit card needed, just a 4 digit pin allows them to withdraw Pesos at the ATM. The fees are 3.5% and less for the sender regardless of the transaction size. It is a method in its infancy but will grow exponentially fast.
Good article and yes it is still at an early stage. But today a person can send bitcoin to a person in Mexico and that person can then go to a bank ATM and withdraw Pesos with the exchange rate locked in for that transaction. It is a manual cludgy process at the moment but the backend processes are being built to automate the exchange. Since the remittance market in Mexico is the 3rd largest in the world and Bitcoin removes barriers and high commissions and fees it could become, at some point down the short road, a dominant method for sending money back to Mexico. There is an active group of early adopters and venture capital that are pushing Bitcoin adoption in Mexico which will be interesting to watch.
It is still on the fringe for sure but in a few short years it will have crept into the mainstream. Reminds me of back in 2000 when we had to convince our clients that an email address and a website and good domain name were something that they were all going to need, want and require to stay competitive. The ones that rolled their eyes are the ones that ended up behind the 8 ball playing catch up,spending more money and having a web address like this lol SMALLBUSINESSOWNERSASSETPROTECTIONWEALTHBUILDINGESTATEPLANNING.COM
Regardless of how it all shakes out, disruptive technologies are sure fun to watch. The quote below is being thrown around a lot by the early adopters of Bitcoin.
"The power of accurate observation is commonly called cynicism by those who have not got it."
Regardless of how it all shakes out, disruptive technologies are sure fun to watch.
Couldn't agree more... I like what T-Mobile is starting with international plans and hope that catches on. Western Union's business model is indeed antiquated and it's just a matter of time before bitcoin or something else replaces them.
$795 and change a minute ago. These 2 links are a real time exchange
If you click on the map link on the page it will show you real time 24 hour transactions which is pretty cool. http://bitcointicker.co/
This link you can just keep open in a tab in your browser and it will display the average price based on 4 different exchanges. http://preev.com/
Also rumor has it that a restaurant or two or three will be accepting Bitcoin in Penasco very shortly. So get your free account at the link in the first post above.
I had 50 bucks worth that turned into 700 bucks worth I used on silkroad as an experiment...if I held on to it I think it would have been worth 14k a while ago!
I had 50 bucks worth that turned into 700 bucks worth I used on silkroad as an experiment...if I held on to it I think it would have been worth 14k a while ago!
