Bitcoin is being seen as the answer to all problems associated with the current remittance model. Sending money around the world is a tedious task and involves hefty fees. Wire transfers take weeks to clear, assuming the recipient has a bank account. Companies such as Western Union are dominating the remittance market and will continue to do so for quite some time. Bitcoin startup Beam is dropping their remittance plans for now.
Ghana Could Very Well Become The Next Bitcoin Hotspot
A lot of smart people have been saying it for a while now : BItcoin could gain massive adoption by gaining a foothold in developing countries. Beam, which is an accra-based company allowing Africans to send money cheap and instantaneous, publicly stated there is a huge demand for Bitcoins in Ghana.
Image courtesy of HumanIPO
Ghana ia an underdeveloped country, with a rather low level of sophistication when it comes to their financial model. Most people living in Ghana don’t even have access to a bank account, and even if you do have one, the fees are simply outrageous.