Video - Bitcoin Q and A Remittances And Smuggling in Venezuela
Would countries reliant on remittances adopt cryptocurrencies? Price premiums providing an incentive for arbitrage in international transfers. To get money from the UK to India, Western Union will charge 5% in fees while Bitcoin will charge -20%. They can stop one person doing it, but they can't stop everyone or they're going to have to search a lot of luggage in the airports.
</p>If they start finding papr wallets, people will start memorising seeds and walk across the border with remittances. Mining factories and ant miner smuggling in Venezuela. Being involved with Bitcoin in Venezuela can put you in jail. If you live in the West - you think Bitcoin is hard, that it’s too difficult to enter an 8-character password with symbols? Go talk to a Venezuelan about what they go through.</p>