Author Topic: International Remittance through Cryptocurrency  (Read 564 times)

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Offline Mesum

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International Remittance through Cryptocurrency
« on: May 12, 2018, 07:02:42 am »
Dear All,

I am very new at this platform and trying to understand how can we send money from one country to another using cryptocurrency.

i want to understand which platform should i use to send money to different counties. Please note that i want to use for commercial use. I got business client and they want to see how much its beneficial for them to send through using this technology.

Please suggest me, guide me, how can i implement using any secure and reliable platform.

Offline bench

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Re: International Remittance through Cryptocurrency
« Reply #1 on: May 12, 2018, 12:18:19 pm »
You can use bitUSD, bitCNY or other smart coins to send any currency.
To trade bitFIAT to FIAT you can use Easy DEX (https://steemit.com/@easydex) or other trading pairs on the DEX.

To make things more clear look at the bitspark roadmap https://steemit.com/bitshares/@bitspark/bitspark-detail-roadmap-2018 and feel free to ask questions.

Offline abit

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Re: International Remittance through Cryptocurrency
« Reply #2 on: May 12, 2018, 09:26:12 pm »
Dear All,

I am very new at this platform and trying to understand how can we send money from one country to another using cryptocurrency.

i want to understand which platform should i use to send money to different counties. Please note that i want to use for commercial use. I got business client and they want to see how much its beneficial for them to send through using this technology.

Please suggest me, guide me, how can i implement using any secure and reliable platform.
The process is both simple and complicated. Depends on what form of money the senders have, and what form of money the receivers will accept. There are also legal concerns if for commercial use.

Basically, if sender has fiat only and receiver want fiat only, the process is: the sender locally buy certain crypto currency from someone (e.g. you, or an exchange, or other service providers), then send the crypto currency to the receiver, then the receiver locally sell the crypto currency for fiat. You can help your clients in the whole process or part of the process, as platform/service provider, market maker or etc.
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Offline Mesum

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Re: International Remittance through Cryptocurrency
« Reply #3 on: May 17, 2018, 01:49:09 pm »
You can use bitUSD, bitCNY or other smart coins to send any currency.
To trade bitFIAT to FIAT you can use Easy DEX (https://steemit.com/@easydex) or other trading pairs on the DEX.

To make things more clear look at the bitspark roadmap https://steemit.com/bitshares/@bitspark/bitspark-detail-roadmap-2018 and feel free to ask questions.

Hi

Thanks for your response...
l want to send payments to China or Hong Kong.... please suggest platform should i use which i save and quick. I want to send 40000 USD

Offline Mesum

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Re: International Remittance through Cryptocurrency
« Reply #4 on: May 17, 2018, 01:50:35 pm »
Hi

Thanks for your response...
l want to send payments to China or Hong Kong.... please suggest platform should i use which i save and quick. I want to send 40000 USD

Offline abit

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Re: International Remittance through Cryptocurrency
« Reply #5 on: May 18, 2018, 02:28:54 pm »
Hi

Thanks for your response...
l want to send payments to China or Hong Kong.... please suggest platform should i use which i save and quick. I want to send 40000 USD
I thought you're trying to build a remittance platform or you already own one platform and wanted to integrate crypto currencies (I thought the "commercial use" you mentioned was for the customers on that platform).

If we already have such a platform then all will be fine, and you can use it easily. Unfortunately I guess we don't have it. (https://easydex.net/ is trying to build one)

We do have MagicWallet(https://www.magicw.net/) which can be used to send CNY (not USD), but I guess it's only for individual use but not for "commercial use" (E.G. nobody would provide invoice aka "Fa Piao").

So, now you're trying to send payments for yourself, and is USD, and is only 40K, and is for "commercial use". I've mentioned the steps above

Basically, if sender has fiat only and receiver want fiat only, the process is: the sender locally buy certain crypto currency from someone (e.g. you, or an exchange, or other service providers), then send the crypto currency to the receiver, then the receiver locally sell the crypto currency for fiat.

To be safe, firstly I'd recommend that you check with your lawyer and your recipient's lawyer to see if it's legal to do so, and how many legal issues will be involved. Then you can check how much fee/cost would be involved. I guess it doesn't worth the efforts at this stage.
« Last Edit: May 18, 2018, 02:33:20 pm by abit »
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