Abandoned by the World Bank or the UN, Migrants in Africa Are Turning to Bitcoininbitcoinwetrust.substack.com/p/abandoned-by-the-world-bank-or-the
1333 sats \ 3 comments \ @KenyaCoin 23 Jul 2022 bitcoin
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130 sats \ 2 replies \ @sb 23 Jul 2022
The globalist organizations of the Fiat disaster are predatory, inefficient and destructive. I had no idea that there is a "Sustainable Development Goal" to bring remittance transaction costs down to a 3% average worldwide. They've failed miserably. Also, what a pathetic goal! Even in their best case scenario utopia, migrants and immigrants are paying up to 3% to receive their money? What a joke.
Lightning provides billions of people access to remittances for what is essentially free. What an exciting world we live in! Orange pilling the billions should be the goal, not the billionaires.
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120 sats \ 1 reply \ @mikhael 23 Jul 2022
Nothing wrong with paying 3% to send someone some money - people need to get paid somehow. The problem, of course, is that usually these fees are 10% plus - with 25% not uncommon.
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100 sats \ 0 replies \ @KenyaCoin OP 23 Jul 2022
people need to get paid somehow.
Eliminate the need for people between sender and recipient, and you no longer have people needing "to get paid somehow".
The AML/KYC requirements along with capital and currency controls are major contributors that make operating a remittance service so expensive.
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