Thanks to the power of bitcoin and blockchain technology that has been used to send remittances to the socialist island for some time, a new ingenuity has come to light in the Caribbean. as described by Yahoo News in its October 22, 2020 issue.
Like a pizza delivery or some kind of package Bitcoin enthusiasts on the island deliver the fiat money to the door of the benefactor house, by bike if necessaryto get hold of cryptocurrency in a process that is revolutionizing indoor finance.
Bitremesas, a platform that allows you to connect Bitcoin buyers and sellers between the island and foreigners, developed by a 33-year-old Cuban programmer, is the new lifeline for getting remittances from the US to residents who isolate Traditional financial products have been living for more than half a century, due to both political and health circumstances, due to the COVID-19 pandemic.
The portal makes it possible in a controlled market to bring together those who own Bitcoin outside the island and need to send their transfers to their relatives in Cuba. through the natural bridge of those willing to deliver fiat money in exchange for the BTC bid.
In just three steps, the issuer automatically manages to send the funds to his relatives on the island without any financial unit in between which are brought to the door of your house if you don’t have a bank account, perhaps not very conventional for many western countries: bicycles.
How does the process work?
Whoever sends the money has to enter the Bitremesas platform and send their bitcoins to an electronic wallet provided by the platform, as Cointelegraph reported in an interview with its founder last September.
It is then connected via social networks such as WhatsApp or Telegram to the “enthusiastic” Bitcoin buyers who have the appropriate fiat money for the transfer amount, in order to complete the transaction in a “negative bid”, which can cause you to lose up to one Quarter of the transaction goes to BTC buyers to get the cryptocurrency.
In order to, Bringing the winners of the bid broadcast or the equivalent BTC in the island’s local currency to the ultimate benefactors of the transfers by bike to their doorstep, If necessary, use a “reputation” to complete the transaction and complete a cycle that seems to be becoming increasingly common among residents of the small Latin American country.
Erich García, the 33-year-old programmer and Youtuber, is responsible for designing this system, which is supposed to avoid the financial sanctions against the island’s government claims to have found the opportunity in bitcoin and blockchain technology, ‘sound‘.
“We don’t have access to payment platforms or with Stripe or with Visa, Mastercard, Paypal, Union Pay. We don’t have access to anything, to any of these resources. What technology has enabled us to dream of seeing other scenarios? The blockchain, Bitcoin, “says Erich.
It is estimated that there are around ten thousand Cubans in the Caribbean island who use bitcoins primarily for online transactions, which is impossible with Cuban bank cards.
However, Because of the severe limitations of the socialist system, many do so covertly and with skepticismThat’s why they prefer not to comment on their experiences.