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The economist reported in 2008 that the previous year there was an estimated $337 billion in remittances sent by an estimated 190 million migrant workers. The remittance costs for this came at percentages ranging from 1.5% on the low end up to 17%  on the high end. Taken at its lowest, lets call it 1%, that is an annual drag on the economic output of these workers at $3.3 billion dollars. Another source of study on Rwanda suggests the population faces greater than $4 billion annually in remittance charges, a staggering amount of money when you consider the world bank report of a $561 per capita income! 

The migrant worker population is growing as is the volume of money being sent back to their home countries. This segment of the population should be targeted aggressively by Bitcoin start ups as there is an immediate and strong need to reduce remittance costs competing with banks and western union services. With the right infrastructure in place these 190 million migrant workers can be driving force behind mass Bitcoin adoption. 

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AuthorTeam Bitcoin
CategoriesBitcoin News