I don't see this as permanent solution because remittance company has to have money available in every branch office. The issue is how do you cash your money from the bank? You can send steem anywhere anytime, but you will always have to cash the money yourself either by using exchange or a bank. The future will not need remittance. Once you can use crypto debit card to withdraw money with small fee then the world will be all crypto connected.
RE: Bitspark: The World’s First Cash-in Cash-out Remittance Platform Leveraging Blockchain Technology
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Bitspark: The World’s First Cash-in Cash-out Remittance Platform Leveraging Blockchain Technology
The goal is to bypass banks in every step of the chain and crypto debit card is still linked to banks right ? So yes, remittance company has to have money available just like a bank or Western Union.
What is cool about using BTS is that you can receive money while you are talking to your sender, because BTS tx takes only a minute or less with all confirmations.
I think the situation with BitCoin when people get cash after just one confirmation is abnormal and exists just because BTC is so congested. There should be more than 1 confirmation in any crypto network.
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The idea is to eliminate the need for MTOs to have bank accounts. Because banks keep closing MTO bank accounts due to de-risking there has to be a better way for MTOs to trade fiat for digital currency. Therefore MTOs and senders can trade bitUSD etc. for fiat and earn a profit in the process. With a slow roll-out for BTS liquidity and fiat-pegged cryptos on BitShares blockchain this is very feasible.
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