31 Mar '14, 10am

Why Bitcoin Faces an Uphill Battle in the Remittance Market

Why Bitcoin Faces an Uphill Battle in the Remittance Market

One of the most routinely cited use cases for bitcoin is in the international remittance market – the financial sector worth over $500bn a year that specializes in facilitating transactions across borders at a markup that reduces the total money sent by 9% on average. Given the high cost the remittance services, it’s no surprise that many in the bitcoin industry take its potential in the space for granted. After all, its underlying technology offers anyone the ability to conduct low-cost, peer-to-peer payments without restriction. Due to the power of the technology, it can sound like the traditional remittance market is already dead in the water . However, what’s not often considered is that the technology might not be allowed to reach its full potential. According to Andrew Brown, head of compliance at cross-border payments specialist Earthport , the current high fees in ...

Full article: http://www.coindesk.com/why-the-future-of-bitcoin-remitta...

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