08 Oct '13, 10am

Will Migrant Workers Drive Bitcoin's Mundane Future?

Will Migrant Workers Drive Bitcoin's Mundane Future?

A certain seediness seems to be a necessary element in getting people’s juices flowing about virtual currencies: speculative fervor , some international crooks , the Winklevii , the demise of sprawling online black market fueled by Bitcoin transactions . But the future of these “math-based currencies” is more likely to hinge on more mundane questions like: Is this a good way to send money back home to my family? Several companies have determined that the biggest opportunity to prove their worth is in the decidedly boring race to help emigres handle remittances , a global market expected to total $550 billion this year, according to the World Bank. One startup with its own virtual currency, Ripple Labs, said on Monday that it would begin transferring cash into its network at the hundreds of thousands of convenience stores, pharmacies, and other businesses around the world w...

Full article: http://www.businessweek.com/articles/2013-10-08/will-migr...

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