EP74: Why Bitspark.io Switched from Bitcoin to Bitshares for Global Remittance
In the “legacy banking industry”, moving money around the world sucks. It’s slow, expensive and overly encumbered with regulations and difficulties gaining access to global currencies. As a foreigner, how are you going to get access to the Thai baht or Iraqi dinari? You aren’t. This presents a huge problem.
Either you can’t send money home to your family in the local currency they need or you have to pay ridiculous conversion and FOREX fees along the way.
If you only have ~5min, start at the 13 minute mark to hear how Bitshares and Smart Coins are specifically being used with Bitspark.io and why they are moving away from Bitcoin.
Bitspark.io CEO George Harrap created a company to help solve this huge pain, but initially envisioned Bitcoin being the cryptocurrency of choice. At the time, it was fast and nearly free to send. Funding accounts were much easier than sending a bank wire across the world. Also, bitcoin was used as an “intermediate” currency meaning that they would buy bitcoin with one currency and sell bitcoin for another currency. This was much easier than running a full FOREX trading desk.
Recently, George decided to experiment with another cryptocurrency, Bitshares. What’s interesting is the ability to create “smart coins” or “pegged cryptocurrencies” within the Bitshares Decentralized Exchange (DEX) to provided price exposure to some of these difficult to obtain currencies like the Thai baht or Vietnam dong. This essentially removes the need for Bitspark.io to open and maintain bank accounts in these exotic currencies and deal with the overhead of maintaining a bank account for each.
Needless to say, cryptocurrencies are completely disrupting the financial system. We have just cracked the ice on how that’s going to reshape the desperate international banking system.
Bitshares Decentralized Exchange: https://bitshares.org
How are Smart Coins created on the Bitshares Dex: https://bitshares.org/technology/price-stable-cryptocurrencies/
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