Read on Twitter
sending money via Bitcoin to Nigeria 
using @SendcashAfrica is cheaper than using Transferwise and XoomCan you guess why? https://twitter.com/supreme_io/status/1268826827440689157
I suspect it is because there is demand for Bitcoin in Nigeria
Such that if anyone is sending Bitcoin back home to Nigeria, they find a liquid market willing to pay full market price (or more for Bitcoin)
Such that if anyone is sending Bitcoin back home to Nigeria, they find a liquid market willing to pay full market price (or more for Bitcoin)
So the sender doesn’t have to worry about paying fees
Just needs to worry about finding a buyer Nigeria
@SendcashAfrica and @buycoins_africa probably close this demand loop
Lowering the fees for sending value back home
Just needs to worry about finding a buyer Nigeria
@SendcashAfrica and @buycoins_africa probably close this demand loop
Lowering the fees for sending value back home
I believe this should a workable case for other markets like Kenya 
with remittance inflows
with remittance inflows
Usually, the trouble with Kenya and other African markets is supply for Bitcoin
This is why on p2p markets the mark up on bitcoin is sometimes as high as 10%, on average about 5%
Bitcoin buyers have to pay 5%+ mark up to buy Bitcoin
and other African markets is supply for BitcoinThis is why on p2p markets the mark up on bitcoin is sometimes as high as 10%, on average about 5%
Bitcoin buyers have to pay 5%+ mark up to buy Bitcoin
But what if people abroad sending money back home to countries like kenya can just send Bitcoin instead?
can just send Bitcoin instead?
Well, this bridges the supply because they can sell bitcoin into a liquid market
They can sell at 0% markup Or 1% markup and they would still beat local prices
Win-Win
Sender pays no fees (may even turn a profit)
Demand for bitcoin locally is satisfied (at a low markup)
They can sell at 0% markup Or 1% markup and they would still beat local prices
Win-Win
Sender pays no fees (may even turn a profit)
Demand for bitcoin locally is satisfied (at a low markup)
The real losers here are the effin intermediaries who typically take a cut of foreign exchange fees and treasury functions
Bitcoin has altered the dynamics
Bitcoin has altered the dynamics
Did I get anything wrong?
This is also true for online freelancers getting paid in Bitcoin or other suitable crypto
These are 2 reasons that explain some of the volumes we see on peer to peer bitcoin markets like Paxful
There was a time in my life where I only got paid in Bitcoin and Ethereum
All I needed to do was convert my BTC and ETH to KES
I had a list of contacts of peer to peer traders who were always willing to buy my BTC and ETH
All I needed to do was convert my BTC and ETH to KES
I had a list of contacts of peer to peer traders who were always willing to buy my BTC and ETH
I got to cash out my pay. In fact I would make 1% more than my pay because of the USD/KES rate and because as sellers themselves, these p2p traders were willing to pay 1%+ markup to take my Bitcoin
They then turned around and sold these BTC and ETH into liquid p2p markets at 5% mark up
I suspect Send cash Africa fills a similar role and I’m glad to see someone pioneer this model in a key market like nigeria
How Bitcoin is Solving One of Africa’s Biggest Problem https://kioneki.com/2020/05/11/how-bitcoin-is-solving-one-of-africas-biggest-problem-part-1/
How PayPal & the UK Government are nudging Kenyan Online Workers to Bitcoin https://kioneki.com/2019/04/09/how-paypal-and-the-uk-are-nudging-kenyan-writers-to-use-bitcoin/
