This example of an expatriated African worker sending money home illustrates the opportunities and challenges to using bitcoin for international remittance. The technology is promising, but there are practical hurdles.
For African migrants, sending money back home comes at a high cost: they spend an average of 12.4 percent on transfer fees. Bitcoin entrepreneurs are now coming up with clever ways of bringing the cost of remittance down, all the way to zero. A risky endeavor or a smart fix?