You are a Salvadoran in US sending money home. How can you use bitcoin? \ stacker news ~bitcoin

pull down to refresh

You are a Salvadoran in US sending money home. How can you use bitcoin?

1329 sats \ 9 comments \ @designsats 15 Nov 2023 bitcoin

Imagine you dont have a bank account or even worse, you are illegal worker. How can Bitcoin solve your issue of sending miney home without being robbed by Wester Scamion?

view all related items

911 sats \ 3 replies \ @DarthCoin 15 Nov 2023

Demand to be paid in BTC for your work
Open a BTC/LN wallet
Receive sats
Send sats to your family, through LN or even onchain, directly from your BTC wallet to their wallet.
Your family use their BTC/LN wallet in El Salvador to buy groceries or pay bills.

Many apps to do that here: https://darthcoin.substack.com/p/lightning-wallets-comparison

0 sats \ 2 replies \ @designsats OP 15 Nov 2023

That first step is very difficult...

2 sats \ 1 reply \ @DarthCoin 15 Nov 2023

https://i.postimg.cc/sXr5MdtV/PAY-ME-BTC.jpg

0 sats \ 0 replies \ @designsats OP 15 Nov 2023

otherwise I fully agree.

788 sats \ 1 reply \ @nerd2ninja 15 Nov 2023

Yeah we need Bitcoin ATMs that have much lower fees. Something comparable to exchange fees. With no bank account (not even CashApp) you'd have to go through BISQ and the payments methods for that (cash by mail) could just be used to send directly home right? Although money orders I suppose couldn't.

In Canada, you got Bull Bitcoin and they would be the way to go if you were there, but in the US, you're left with BISQ and Bitcoin ATMs. I know that (not always but often), El Salvadorians sort of start to live pretty close together in the US, so if a low fee Bitcoin ATM network could be installed in these El Salvadorian groupings, that would be for the better.

I think the strategy Bukele had in mind though was that the person in the US DOES have a bank account, but the person back home in El Salvador doesn't.