Instant Bitcoin remittances are available to those not having a bank account, and the commissions are minimal if compared to most popular money transfer services.
Bitcoin, however, still remains quite incomprehensible for “ordinary” people far from modern technologies, and this is a serious obstacle in Bitcoin’s path to global integration. Potential users are often hesitant to use this handy solution simply because they do not understand its properties and particularities. Of course, there’s no doubt Bitcoin community will manage to gradually hit it over the fence and raise people’s awareness about all the ins and outs of digital currencies.
Bitspark, a Hong Kong-based startup, is there to lend Bitcoin enthusiasts a helping hand to do it. Well, they may not have established a goal to directly introduce people to Bitcoin; rather than that, they enable their customers to wire bitcoins.
This is how most Bitcoin remittances are made today: a person exchanges their fiat currency (usual money that is) into bitcoins. Then they send the bitcoins from their wallet to the recipient’s wallet. The recipient needs exchange them into local currency. By the way, recipients are mostly sender’s relatives living in their home country, while the sender is a migrant worker living abroad.
Bitspark managed to offer their customers a better solution. Just as with Western Union, the sender simply dispatches real money from the sending office, and the recipient gets the equivalent amount in local currency after the money reaches destination office. Bitcoin is still used in this system as an intermediary transfer method, but neither the sender nor the recipient is aware of it. The thing is, with Bitspark you won’t need a Bitcoin wallet at all, and the company can afford to set the lowest transfer fee possible to attract more customers to use their Bitcoin remittances.
There are about 140,000 Filipino women who came to Hong Kong as migrant workers, and they are the target audience for Bitspark’s new wire service. Most of them work as maids and domestic servants, and it is very important for them to be able to send money to their families and unemployed relatives in the Philippines, where Bitspark service is currently available in 20 banks and 5 offices.