A new film released today by director Sergio Ruestes, of BitcoinFilm.org, reveals how bitcoin is beginning to make a dent in Uganda’s $500 million dollar remittance market.
According to the website which produced the film, their goal is to educate the public about the potential of Bitcoin and help spread its use to better the world.
There is much potential in Bitcoins and too few people know about it. We want to make several small documentaries and uncover some of the fantastic and life-changing stories that involves Bitcoin.
Also we would like to ask the established institutions about Bitcoins and how they see the impact on on society.
In this film, a case study is documented between an American woman and her younger brother Ronald who use the currency to circumvent traditional remittance services which are clumsy, slow, and expensive. The siblings also wanted to avoid using local banks because of exorbitant account fees.
Before, it cost Ronald around 10% in fees to receive money from his sister and it took 2 days. With Bitcoin, he receives his money instantly and his sister pays practically nothing in fees.
What sort of impact do you think Bitcoin will have on the multi-billion dollar remittance market? Log in below using your favorite social network and weigh in on the discussion.
