The Bitcoin software park is enriching with upcoming apps that convert fiat currency to BitcoinCT r: 11 , transfer it and reconvert it to fiat, all in a single step. Who needs a money transfer service, when you can just download an app?
With Bitcoin being around for a few years now, one would have expected remittance services to begin to adopt it for their own business, but somehow this didn’t happen.
Meanwhile, the Bitcoin software ecosystem keeps expanding, and another killer app seems to be on the horizon. Freemit
Freemit is an app due for release in 2016 that will allow users to send fiat money abroad using the Bitcoin blockchain . John Biggs left “the best job ever”, Chief Editor at TechCrunch, to become CEO of this project.
Freemit will automatically “translate” local currency into Bitcoin and then back into the destination country’s local currency in a completely transparent way to the user. “Using the blockchain and a local currency in/local currency out vision, we will make moving money cheaper, better, and friction-free.” John Biggs, Chief Editor at TechCrunch In other words, you could send $100 from the USA to your brother in Japan , and have that money immediately transferred and converted into the japanese Yen equivalent of $100 .
That’s a 0% commission we are talking about, here. “Money transfer and exchange have not changed at all in the past 100 years. New blockchain-enabled technology makes money transfers instant and free. We are using this technology to eliminate the inefficiencies in the system.” On top of that, the transaction happens in minutes: the average Bitcoin transfer time. Remittance System, Bancomat and Debit Card
As Freemit users will fund their accounts with money or Bitcoin, the same app will allow them to use the app like a debit card, and […]