Bitcoin Exchange and Foreign Remittances
Now I trade Bitcoin on LocalBitcoins.com and use Bitcoin to cut out the remittance middlemen, giving more money to the customer. I am able to send small amounts as low as PHP500 to individuals in the Philippines even if they do not have bank accounts. The receiving customer gets a set of security codes on their mobile phone which enables them to withdraw cash from a selection of ATMs around the country, even if the do not have a bank account. There are no fees on any of these transactions and my costs beat the biggest players in the market. I am still able to send money direct to bank accounts in the Philippines and I can also transfer to the Uk.
Since the volatility in the bitcoin price and transaction congestion, Bitcoin has failed as a viable currency. I am no longer able to use it to conduct proper money transfers. Hence this operation has now closed. I warn others to liquidate their bitcoin holdings.