Bitcoin Might Be The Next Big Thing In The Remittance ...

r/Bitcoin recap - June 2019

Hi Bitcoiners!
I’m back with the 30th monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on
A recap of Bitcoin in May 2019
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

Almost exactly one year ago, we launched our Bitcoin remittance startup in the Philippines. Against the odds, our growth has been the exact opposite of the downtrend in bitcoin price. Just wanted to share a bit of our story so far.

Warning: Lengthy post. There's a TL;DR down there if you scroll down long enough ;)
How we started:
Twelve months ago, Bitcoin had just bounced back to $600~, everyone was pumped for another bull run, and we were a brand-spanking new bitcoin startup that had just launched a Bitcoin payment processor in the Philippines. We were fresh, hungry, and excited. Remittance wasn't part of our original plan, but after a few brainstorming sessions, we decided that it was going to be a vital stepping stone to support a healthy bitcoin ecosystem in our country. We decided to launch what we called a “Rebittance” service, a word that is now included in the Money Wiki and describes bitcoin remittance in general. We were going to call it
Early days:
So we announced our “launch”, if you can call it that, on social media and here on Reddit. Other than making it to the top of bitcoin, it was somewhat uneventful. Our first month was OK, seeing 1 or 2 transactions per day, getting sign ups here and there. We absorbed the things that we saw work, and removed the things that didn't. We focused a lot on customer service and speed of transaction fulfillment with our first few regular users, and it paid off as a lot of them are still regular customers up to this day.
Several months after we figured out the ins and outs of the business, we were getting more comfortable with handling more transactions. Our growth was slow and steady at first, but then we made a decision to just do away with the transfer fee. This caused an uptick in our numbers, to the point where we sometimes had to scramble to make sure we could accommodate all rebittances. We were still bootstrapping at that point, and cash wasn't exactly overflowing; besides, we were also busy launching five other services at the same time.
This is the part that most people do not know about us: Our startup is actually called Satoshi Citadel Industries, and Rebit is just one major component in an ecosystem that we are working on establishing. Rebit is our “Bitcoin-In” piece of the puzzle, and our other major verticals complement this system. It has been the most active and rapidly developing service in our lineup, hence our heightened focus on making it as effective and efficient as possible.
2015 has been a breakout year for us. Despite all the challenges of a depressing market trend, we were able to secure fresh capital from angel investors to push us forward. We have since figured out our strategy and direction, had opened up Rebittance partnerships in different countries like Hong Kong and Canada, and are now working on opening up at least ten more corridors within the next year. We have been breaking our daily, weekly, and monthly records almost every month, and we expect that trend to sustain regardless of the price of bitcoin.
From the time we started a year ago doing 1 or 2 transactions a day, we're now doing at least fifty times more on a daily basis. The number of registered users, coming from about 19 different countries, has already zoomed past the 6,000 mark, and we're looking forward to reaching 10,000 in the very near future with new partnerships from other remittance corridors putting us on track to service about a dozen new markets by 2016. Rebittance, a funny word we like to think we invented, is now a real thing. Believe it or not, the business is now healthy enough to be able to sustain itself in the short term without burning through cash. It is not only surviving, it is thriving.
Looking forward:
Our vision looking forward has always been the same: World Domination. Well, not really. We just want to make an impact in an industry that is ripe for disruption, starting in our own backyard, the Philippines. We know that Remittance is a hotly contested market right now, with several billion dollars moving into the Fintech space, a growing new sector where technology meets finance, and the Philippines is one of the main battle grounds with $27 Billion in annual incoming remittances. We're gearing up to become a major player in this disruptive industry, starting here in our own home court.
Our long term strategy is to be able to replicate our service anywhere in the world, and create partnerships that connect us to other Bitcoin companies that will allow anyone, anywhere to easily access Rebittance services. Our first step is, which recently won 3rd place in Coinbase's BitHack v2. It's a Rebittance portal that will act as an aggregator and connector for the rest of the world. We have more up our sleeve too. In the meantime, we keep working.
Like everything worth doing, it is going to take some more time to reach even just our short-term goals. Just getting the proper licenses from government agencies here takes weeks if not months, same with establishing one partnership with another company in a different country. All of the things we have accomplished up to this point took a lot of time and effort, and it will only become tougher as we grow bigger.
Looking back from this milestone definitely feels like an accomplishment, but by no means do we think we're anywhere near where we want to be.
Watching the growth of the Bitcoin technology as a whole in the past twelve months has been nothing short of amazing, bitcoin exchange rate aside. We are proud to be playing a role in it, no matter how small. Big thanks to all the other bitcoin startups, entrepreneurs, developers, and engineers out there, working thanklessly and tirelessly day in and day out, teaching and inspiring us to keep going and looking forward to a bright future for the industry.
TL DR; Despite the crappy declining bitcoin market, our Bitcoin startup not only survived, but has thrived, growing over fifty-fold in volume, getting funding, expanding to several countries, and has turned one year old.
submitted by Godfreee to Bitcoin [link] [comments]

A more detailed look into data

TL;DR did 34,000 BTC a week ago, spread out over ~50 local currencies. Check out the graphs!
Last week I did a short analysis on trades at (LBTC). I wasn't satisfied with the incomplete data gave me and decided to delve a bit deeper, with some nice data and graphs as a result!
LBTC doesn't publicly summarize their own statistics, they only provide historical trade data via their API. does a decent summary but only for ~15 currencies. Big LBTC currencies like CNY are not listed there.
The questions I wanted answered from LBTC's API was:
So to get a complete picture I sharpened my Python skills and went straight into the LBTC API myself, scraping all currencies I could find and summing the numbers on a weekly basis, starting at 11 march 2013 (the start of LBTC trading).
My aggregates differ from Bitcoincharts as I believe they take a different weekly cutoff point. As of right now, their new week with timestamp "2015-06-15" has already started even though in GMT terms it's still 2015-06-14. (My next week starts at 2015-06-15 00:00 UTC which I believe is in line with GMT?) In that light, the week isn't over yet, so my data will seem incomplete.
To calculate total Fiat volume, I calculated the weighted USD price per BTC on LBTC and applied it to every currency. This is not ideal, however since USD accounts for over 50% of all LBTC trades, it's close enough. Note that the LBTC price per BTC is usually 5-10% higher than on centralized exchanges.
Summary Graphs
I was going to write something interesting, but a picture says a thousand words:
The top 5 currencies (USD, GBP, EUR, AUD, RUB) account for roughly 80% of LBTC's volume. What's interesting though is that smaller currencies are growing rapidly:
Interesting currencies
Here are some interesting currencies that are trading on LBTC and not visible on
I don't know how trustworthy LBTC is as a source. All I can say is, if it's data is valid, we're only at the beginning of global BTC acceptance -- which of course doesn't mean the growth we see now is going to continue.
I'm personally very excited to see hard numbers for Kenya, Philippines, Ukraine, Venezuela etc. etc. even though those numbers are still very small.
Thanks for your attention!
Edited for layout
Edit2 Thanks everyone for the kind remarks and generous tips, true gentlepeople all around! I will try to update the data now and then, but don't take my word for it :)
submitted by Caprica__One to Bitcoin [link] [comments]

Bitwage Releases Bitcoin Payroll for the Individual. Live your life in Bitcoin, with or without your Employer.

Bitwage Releases Bitcoin Payroll for the Individual, BP(i) and Enters Beta.
Ways to spend Bitcoin have been growing rapidly since 2013 (Overstock, Gyft, TigerDirect, Expedia and soon PayPal, etc). However, ways of getting Bitcoins have not been growing as quickly, creating a downward pressure on the price of Bitcoin at the online exchanges and little demand for said merchants. There is quite a bit of friction involved in buying Bitcoin from an exchange, with lots of personal information and wait time required. How can we expect mainstream adoption with such high barriers to entry?
*Enter Bitwage Payroll. *
Earning Bitcoin during your day job minimizes friction of on-boarding, while at the same time reducing the number of steps and commission spreads. With Bitwage, there is now an easy way to obtain Bitcoins with Zero-Click Bitcoin Payrolls. We at Bitwage recognize that implementing Bitcoin Payroll may not be at the top of every employer’s list, leaving many who wish to receive a portion of their pay in Bitcoin wanting. This is why we are happy to announce that:
Bitwage Releases Bitcoin Payroll for the Individual, BP(i) as of November 3rd
Bitwage allows anyone, regardless of how big or small, Bitcoin-friendly or Bitcoin-hostile their employer is, to be able to receive a Bitcoin wage. If your employer offers direct deposits, there is no need to evangelize the employer about Bitcoin. Just switch to a bank account that happens to be Bitcoin-friendly. No need to go all-in to Bitcoin. Convert as much or as little of your paycheck to Bitcoin as you want, say 10%.
This is a FREE Private Beta. Sign up at to get started!
In addition, the Bitwage solution will allow for employees and employers alike to create their capital gains reports and file them through our partnership with Gocheto Financials with just a few clicks.
So what are some of the implications of BP(i):
Live Your Life in Bitcoin, Regardless of Your Employer
Everyday, more and more people are looking for ways to minimize their reliance on the current financial system in exchange for a taste of the future. With the current methods, users have to rely on the inefficient banking systems to act as a conduit between the traditional sector and the digital sector. Now, with BP(i), you can live within this modern digital ecosystem without interfacing with a banking intermediary. From as small as 1% to as large as 100% of your paycheck, you can now live the way you want to live. Whether you are a new user looking at Bitcoin as an investment or you are looking for a way to move into the next generation of financial systems, now you can live your life in Bitcoin.
Unbanked and Underbanked Now Have a New Way to Get Paid
Through BP(i), the unbanked and underbanked in the United States now have a way to access modern financial tools, regardless of their employers.
There are over 10 million unbanked residents in the US alone who either cannot keep a minimum balance to establish a bank account or do not trust the banks in general. Without bank accounts, this segment of the population are forced to deal with the fees and friction associated with the check cashing and prepaid cards industry. In 2012, Green Dot, a major prepaid card player, reported that there were more than 4.2 million active cards and $16.1 billion in gross dollar volume of funds loaded onto their cards that year. Netspend reported 2.1 million active cards with $11 billion in gross dollar volume. The costs associated with prepaid card include initiation fees, monthly fees, POS fees, cash withdrawal fees, balance inquiry fees, transaction statement fees, customer service fees, bill payment fees, fees to add or load funds, dormancy fees, fees to get remaining funds when closing the account and overdraft fees. On average, the fees on prepaid cards cost the unbanked and underbanked up to $30 a month depending on the card. In addition, there were over $31 billion in overdraft fees last year in the US alone. These costs are just for the ability to hold and send money.
With BP(i), unbanked and underbanked now have a new opportunity to have access to these basic financial tools without all of the exorbitant costs related to the traditional financial system. Although Bitcoin payroll may initially act as an investment vehicle due to its volatile nature, as the ecosystem evolves and provides new tools to hedge against the volatility of Bitcoin, BP(i) provides new avenues to provide financial relief to those that need it most.
Receiving International Contractor Payments Just Got Way Easier
Over 2.6 million full-time jobs are outsourced from the United States alone. Millions of freelancers contract for companies in US and Europe from other countries, many of them without a reliable banking network or wire-transfer capabilities. Even after international contractors are paid, after all the delays, transfer fees and conversion fees (which total to about 8% on average), their local currency can be quite volatile and not a good store of value, such as the Ukraine Hryvnia, which lost over half its value against USD during 2014).
What do citizens of countries with high (and under-reported) inflation rates such as Ukraine, Argentina and Venezula do to store the value of their wages? They exchange their local currency for dollars as soon and as often as possible. They often have to deal with currency controls and/or a real shortage of paper dollars in their region, and thus resort to doing business with back-street money changers, who charge a premium for their services, say 8 Argentinian Pesos for a Dollar, instead of the official rate of 5 Pesos.
With the creation of BP(i), receiving international contractor payments is as easy as receiving Bitcoins. Use Bitwage to accept the payments in the US, thereby reducing costs for both you and your employer, and have Bitcoins sent straight to your wallet. By the end of the year, we will be offering fully transparent international payments between the US and the Philippines. This service will be expanded to other countries in early 2015.
As we enter Beta, we will initially be keeping BP(i) and Automatic Zero-Click Bitcoin Payrolls free. Charges may apply for features such as non-automatic payrolls with Wire, ACH Debit, and Bitcoin, as well as 1099 Filings and Capital Gains Filings.
Sign up at to get started in our FREE private beta. For more information, please follow us at
Jonathan Chester, Founder and CSO
Avram Kantorovich, Marketing
Bitwage: Your Wage, Bit by Bit
submitted by bitwage to Bitcoin [link] [comments]

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