

Using Bitcoin To Send Money To Uganda Would Be Awesome, If It Actually Worked - danboarder
http://www.forbes.com/sites/kashmirhill/2014/05/22/using-bitcoin-to-send-money-to-your-brother-in-uganda-would-be-awesome-if-it-actually-worked/

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panarky
> sending $40 [with MoneyGram] costs $10, which is, you know, crazy

Yes, that's crazy. Send $40 to your brother, and he only receives $30.

But it's even more crazy than that. On top of the $10 fee, MoneyGram then
skims more money with an unfavorable currency exchange rate.

> if there’s only one guy in your town exchanging Bitcoin for regular cash, he
> can gouge you worse than MoneyGram

If this one guy gives you a Bitcoin rate worse than MoneyGram, then you'll
just use MoneyGram.

The local MoneyGram agent only keeps a small slice of the 25% fee. If a
Bitcoin entrepreneur could make more profit with a 10% fee than he would with
MoneyGram, the recipient could keep $36 of the transfer instead of $30.

Eliminate the rapacious middleman, everybody wins.

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danboarder
The currency exchanges seem to be the hardest part. I think Bitcoin needs to
be established further as a spendable currency in it's own right.

