Hi Andeas, 3rd world country ("the other 6 billion") is here.
There is a problem with bitcoin-based remittances to a distant, small and poor country:
When bitcoins flow into a country, it creates a great supply of bitcoin in the country, but there is no demand for bitcoint which can catch up with a growing supply.
It means that someone has to take those bitcoins, sell them in a different country and, most important, bring cash back through customs, which effectively ruins everything (imaging taking a bag of cash through corrupted border officers).
Question: Please explain, how it is done in Uganda, Argentina, Philippines and Kenya? How did they manage to deal with this problem?
dvartanov43 karma
Hi Andeas, 3rd world country ("the other 6 billion") is here.
There is a problem with bitcoin-based remittances to a distant, small and poor country:
When bitcoins flow into a country, it creates a great supply of bitcoin in the country, but there is no demand for bitcoint which can catch up with a growing supply.
It means that someone has to take those bitcoins, sell them in a different country and, most important, bring cash back through customs, which effectively ruins everything (imaging taking a bag of cash through corrupted border officers).
Question: Please explain, how it is done in Uganda, Argentina, Philippines and Kenya? How did they manage to deal with this problem?
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