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Bitcoin Exchange and Foreign Remittances

Bitcoin LogoI started trading cryptocurrency and and soon saw the potential of Bitcoin to disrupt the remittance business sector. My current focus is transfers between the UK and Philippines markets.

Now I trade Bitcoin on 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.