How does the government make money besides taxes

This is a test version — we need your feedback to get it right! Write to admin saveonsend. June 10, — Posted by SaveOnSend to Bitcoin for sending moneyMoney transfer destinations: India, Philippines, Mexico, ChinaWestern UnionWho can beat Western Union?

Bitcoin money transfer challenge: It is helping us eradicate the need for post transaction settlements which are cumbersome and expensive. Underestimation by SaveOnSend on blockchain remittance volumes. Liu liujackc April 9, Please email us data with proof of monthly trends and we will be happy to verify and publish.

However, its adoption has been irritatingly slow even though the basic infrastructure is not missing. Then what hinders Bitcoin penetration in Africa?

Sam, thanks for commenting. Yes, transferring bitcoin-to-bitcoin is virtually free, but how is it relevant for What do you think is missing in our post about needs of these consumers, existing supply of services for them and challenges facing bitcoin-centric providers in this context? Do you know how the bitcoin users in India and Philippines find it relevant? Someone should ask these foreign bitcoin users how is bitcoin relevant to them.

What goods and services do they buy with bitcoin? How many others do they transact with? Who and where are these others?

And have they ever purchase something outside their nation with bitcoin? Someone should ask them these questions. The only people that buy bitcoin in those places can be described as middle or upper class a considerably smaller portion of the population for wealth preservation or transfer.

Not much, at least in India. It is still very early days for Bitcoin as a currency. But again, one you became a real Bitcoiner, you cannot leave and go.

I still has big hopes for Bitcoin. Hi Hasher, thanks for providing specifics. Have you had experience with providers mentioned in our article, Rebit or Abra? We are not only focusing on consumer remittances. For B2B players like Ripple, better follow somebody like Faisal Khan — e. Ripple is fine for 1: Read my book http: If you could take few minutes, might be great for readers to see key points why Ripple has advantage vs.

They could then proceed to your book for more information. Money also does not need to leave the country of origin, making compliance with capital controls easier. The big question is around IT: I would estimate that an organization their size would require maybe a dozen servers for redundancy.

The key for them to maximize the benefit would be getting their banking partners to use it which they may or may not be able to do easily. It needs to be said though that competent and resourceful Bitcoin users have options available to them that are without doubt superior to traditional services and infrastructure. I can say that with confidence being one of Rebit. It is indeed likely Bitcoin will remain a niche method for international remittances for years to come.

To build Bitcoin services in this fiat environment is fitting a square peg through a round hole. Alex, thanks for commenting. Agreed on your long-term vision, we hear similar sentiments from those who are in trenches of Bitcoin remittances see comments here: About you personal experience with Rebit.

I run small vacation resort in the Philippines. BitReserve is an interesting service that will shield you from such exposure provided you trust them with your money. Speaking of them, they have an interesting experiment going on with Banco Azteca in Mexico for the USA-Mexico corridor.

Small business customers like you might be indeed a better early target for Bitcoin remittances rather than migrants. You went through the trouble of initial learning-setup which most of migrants would simply not consider for relatively small savings see attached table. Do you know any OFWs by any chance? Curious how they would react if you share with them your experience, e.

When we ask this question, the response so far have been categorically negative. I am an OFW working in Bahrain… I send about US dollars monthly first into pesos then to bitcoins. Volatility in not an issue because i actually send directly to my peso wallet which is actually bitcoins stored in peso. And from this peso wallet which is actually bitcoins in pesos I can send it to my other bank accounts pay my bills with discounts and buy cellphone loads with discounts also.

I use the popular bitcoin exchange in the Philippines. Sending money to the philippines using fiat is already cheap here in bahrain because of competition and economy of scale. Obvious advantages of bitcoins: I believe bitcoin has a bright future in remittance. It should also be useful to travellers to have some bitcoins.

I can always print some paper wallet and spend it. Hi Angelo, thanks for sharing your experience — very helpful and great that you are enjoying the use of Bitcoin! Here you can find a similar resource of all Bitcoin exchange with fees and rates: Factually incorrect about Western Union…. So for Western Union ….

There are a lot more 7-Elevens than WU offices in Thailand. I proved that with a worked example that you can read about on reddit. You can read it at this link. Lower margin for sending cash vs. In corridors we are tracking, using a cash agent costs x more check with our app. Will update the post with this insight. Well-written and thought-provoking article. The fact that remittance costs can be lowered via digital channels is a no-brainer the Xoom modelthe addition of innovative value transfer protocols like Ripple or Bitcoin is the new news that can lower costs even more vis-a-vis SWIFT.

This is an unbelievably through and well written article. I frequently send large sums to India and have been reading up on Bit Coin.

This article does a great job of summing up all the considerations and is very informative. And I found this great website that i never knew about.

I just used Xoom like everyone else. Bookmarking SaveOnSend and sharing it with friends. Keep up the good work guys!! Please feel free to subscribe to the future articles and to follow us on Twitter.

Glad to see some rational analysis of Bitcoin. That is something you rarely see in the world of Bitcoin. Many of the people who latched onto Bitcoin early did so because they were promoting a political agenda that is otherwise a non-starter. Your post starts off by quoting Roger Ver.

He is a great example of what I am talking about:. While it has never been fully explained, somehow if the whole world switched to Bitcoin as the one and only currency then governments could not borrow to fund war. Even if that were somehow true governments would also not be able to borrow to do other things either.

There is a variation to this that all government expenditures could be tracked on the blockchain. Of course the same people promote systems where transactions cannot be traced so it is unclear why governments could only use the traceable type. He claims he got the harsh treatment because he publically accuses the federal agents at Waco, TX of being murderers. I personally think he is mentally unstable and he only attracts irrational and ignorant people.

Hi Milly, glad that you liked this article. Compare these efforts with the mindset of typical remittance startups that we are describing here: Nice informative post about bitcoin. I would like to share one of the finest Bitcoin market place in India named Belfricsthis is the best bitcoin trading in India. It sounds like Abra is underwriting their balances centrally and likewise their counterparty risk with the hedging market maker is a central counterparty.

Their UX is pretty slick. Is there anything fundamental to money, such as cultures of secrecy, that might inhibit similar viral growth? Sending money should not be so hard.

So good on you guys for not being evil. And the Bitcoin transaction network, although not yet ready for such high volumes, was designed perfectly for that use with no other services required. The numbers show daily adoption uptake, and the use-cases are bombarding the public from every angle at the same time!

Funding Governments Without Using Taxes

What you are fighting in Bitcoin is a solution to a Thousand different problems and industries. In others like Notaries, it is in fact, quite superior and better services exist using bitcoin than the public can even conceive yet. So again, congrats on your awesome remittance service.

Where does Government money come from? How is it spent? | Vuk'uzenzele

Or in short, when Bitcoin is so ubiquitous that we can spend nearly anywhere in Bitcoin and many people earn in Bitcoin particularly if they travel a lot then the cost and difficulty of remitting money with Bitcoin will approach zero. Hi Luke, thank you for commenting. The challenge with your rationale is that you are describing a vision, but without specifying a practical path to get there. With the latter, it is virtually impossible to have a fact-based debate on the former.

Btw, we are not a remittance provider but a non-profit information portal. Facts are that blockchain based technology is a decentralized automated trustless ledger. This decreases the risk in trust for distribution, monitoring, and regulation that no other system can do without inheriting costs to manage that risk.

The cost to manage that risk of transmitting money is one of the larger cost to the banking industry. This is why banks are investing into blockchain technologies like it is dotcom boom. This is why most of the world using bank will knowingly or unknowingly interface with blockchain based tech. Even after banks develop full blockchain ledgers, if they do not embrace a true open source decentralized based ledger such as btc. The cost of entry into developing and deploying open source standards that do is very low.

So overpricing or cornering sectors of the market will not provide value to banks. What will is creating great banking systems that are valued on their ease of use, protection learn to trade stocks with russ whitney customers, and access to new innovations that benefits the customer.

In that sense, BTC markets and wealth will transfer into whatever markets provide benefit, insurances to be diversified and store wealth in virtual currencies and maintain liquidity earn money online and get recharge new ledgers or the best ones will come in the forum of exchange disrupters like bitshares.

We might call this BTC in the future or it might be called lots of things; just as the how to become stock binary broker trading zbuczyn is tcp, arp, ip, email, Netscape, Facebook, connectivity, and much more. Thank you for writing the article as book learning binary options ebook pdf market research in how BTC interacts with certain market segments.

However, what is not measured is the rate of change in these segments and the trend. Ever new technology is more expensive then it is worth at the time of making until it has been refined.

I think we need to define exactly all the current market sectors and find the magnitude of effect of them on btc. Apple forexpros measure the rate of their change and 60 second binary option robot trading strategy and finally add in genius forex ltd kenya possible near future events that might delay or advance development to gauge what the market value of this sector really is in the next years.

Past that I believe it is too hard to predict. Neil, thanks for responding. Can you provide specific dollar figures for forex.pk virtual vault following statements:. High frequency trading algorithm forex you want to find specific figures on rates of change, read this section in our article: Come back in 6 months to find if this has changed a lot.

We are working with the Zimbabwe authorities and major national bank with several branches and thousands of existing costumers. Hi Sinclair, thank you for checking in. Could you provide a bit more information about BitMari: Good article, and mostly correct. I regularly send large amounts of money from the US where I work, back to my family in Canada. Creepy as hell — and in my mind a substantial cost. What do I use now? Well, I receive a portion of my pay in the US through BitWage.

I then forex performance software my Canadian bills through a Canadian company called Bylls. I send the remainder of my BTC to a Canadian Bitcoin exchange where I buy Can i buy stocks with unsettled funds dollars for a fee of 0.

This is my biggest delay — and it also results in forex bullish wife waiting for money, so it is not yet ideal. Overall, this method saved me thousands of dollars last year that would have instead gone to the banking system. Hi Zverev, thanks for responding. Very glad that you found a Bitcoin solution that is working how to get gold coins on lotro you — just keep in mind that for customers who are price-sensitive and are willing to spend time on shopping around there are other options besides Western Union for USD-to-CAD.

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You should only use a bank for international transfers when sending very large amounts USD-to-USD or when they give you a custom quote. For cost structure of money transfer providers, please see our other article: Thank you for the info, I will not use any service that delves into my privacy the best way for non members to make money on runescape p2p 2016 WU security department does — and since they are all regulated the same way, I think that would exclude all of them.

This is a 5. Thank you, Zverev — you are right, this is incredible expensive for such popular corridor as USA-to-Canada. Great that you found both less expensive and less intrusive option with Bitcoin. We also heard about an opportunity to sometimes even make money.

What are the sources of revenue for the federal government? | Tax Policy Center

If it is not too much trouble, when it happens next time would you mind sharing with us all records so we could publish such interesting case? For your particular case, and If you are allowed to open a bank account in Canada, let me provide you a small secret.

Try opening a Canadian bank account with RBC Royal Bank of Canada. Once it is opened, ask your Canadian RBC branch to open an American counterpart account in the USA with RBC Bank a US bank. You will weekly option trading youtube be able to transfer money from the USA to Canada for free, and vice-versa… Yes for free! You can transfer money from USD in the US to USD accounts in Canada, or USD in the US to CDN accounts in Canada.

I have both USD and CND accounts in Canada. You pay only the FX rate — which is usually the bank rate anyways…. Thank you so much for your reply Zverev!

This was great news for me as my mind has been wrecked for months now. And unfortunately things are just getting worse back home so it looks like the best thing is to just bite the bullet and get my money over a. It actually came as a shock to me that he had something in his will as he only ever had the bare necessities.

Anyway, I obviously want to get the most out of it and now since reading your post I think my answer is to set up a Bitcoin account. Thank you again and take care! This is an excellent, well-reasoned, and insightful piece. It would be better, however, without the obvious bias you have against the bitcoin community. I think the ultimate goal for bitcoin and other digital currencies is to make things so simple to use that people can send value from one person to another directly, without ever interacting with a middleman.

Circle is one company that is working hard on that; it is now possible to send money with low or no fees directly to other people using Circle Pay. They use the Bitcoin network to send the transaction, kursus forex malaysia Bitcoin is never actually mentioned in the marketing. Theoretically, if the Bitcoin software was more user-friendly and currency conversion was easier or a non-issue due to a universal, stable bitcoin valuethen Bitcoin could be used to transfer value from one wallet directly to another without relying on third-party companies.

I think the ultimate goal of the Bitcoin community, however, is to cut all companies out of the equation and send money directly peer-to-peer for virtually free.

Hello David, thank you for writing. If you find any inaccuracies or omissions in our articles, please let us know. Thorough and nicely written although somewhat biased.

Nothing to dispute here. Frictionless when used how does the government make money besides taxes way it was intended. Agreed, that is how players like TransferWise and TransferGo are trying to differentiate themselves by charging only the fee and no FX markup. It seems to me the bottom line when it comes to remittance could be compared to when the car first appeared on the scene. Before the car we had horses and all roads where built for horses.

Cars had to navigate those roads and at the time there was a discussion as to if the car was going to make it due to all the issues it faced dealing with the infrastructure of horse trails. Until they started paving the streets and cars then became the obvious choice. We are in the middle of the how to get alz in cabal ph infrastructure emergence. It is not isolated in remittance it has fidelity best buy stock do with crypto currency across the board being a much better solution than Fiat is and has been.

The delta of a european put option valuable feature is not being subjected to government wildly printing the money and lowering its value spending it on worthless wars and corruption.

People want this new money to happen so they will keep supporting it even if it is harder to work with in most cases and even if it cost more many times. We are tired of not being in control of our money. So remittance will keep growing but will be best when you do not have to buy Fiat in the end.

Micah, thank you for commenting. Conceptually — we agree with you that Bitcoin is a fascinating invention and we iforex trader platform be happy to publicize any traction by Abra, Rebit, BitX and others. Moreover, the difference between the best Bitcoin forex australian dollar forecast remittance provider vs.

As you saw forex grail indicator this article, consumers in large corridors can already send money relatively conveniently, cheaply, and quickly. So it might be less about horses vs. What do you think?

We at Remitsy https: Hey Oliver, please educate our readers with facts and lessons, so we could learn. What is your transaction volume? Who is your largest segment? How are you different from others like Align Commerce? I have been reading lots of posts, quality here is great but feel you dropped the ball and use qualitative statements and innuendo top stock market risers than fact here to discount the applicability of bitcoin.

Given more market liquidity bitcoin would represent a vastly superior technological advancement with significant benefits over traditional cashcash models. The very real problem is intraday trading strategies equity a getting money instantly from paypal of market liquidity, traditional market controls, and excessive bureaucratic regulation are impeding adoption.

Were very early in the lifecycle. Also a point I found disturbing is the characterization that a desire for anonymity is in some way suspect. Anonymity is not a crime and should not be characterized in a pejorative manner. The fact is all over-the -counter cash transactions are today anonymous and certainly not everyone is a criminal or tax evaders.

Just like all gun owners are not serial killers. This associative tactic to try and make a point is as bad as the apples vs. Hyperbole is a 2 ways street and all incumbents with a vested interest in any ecosystem cannot be trusted to have a neutral opinion. My advice is do not undermine your brand of trust by engaging in tactics you find deplorable in others.

John, thank you for reading and commenting. Anonymity is not a negative or positive generically — it is just not an option when it comes to sending money. A more cost-effective option than cashcash is full online since it avoids a cash agent fee and some other costs.

Many providers already offer such method — that is why you see that a full margin from USA to India could be so low 0. It has been a year since Abra had a major round, so we will know soon enough.

Keep in mind that for a minimum of the primary 2 years, bitcoin was fully unknown outside of terribly choose circles. Second, bitcoin is handling the subject of cash — arguably the foremost necessary social construct in human history. Bitcoin has real risk related to it, thus it stands to reason that individuals would be weary.

It additionally got to be completed that seeing as bitcoin is AN internet-based technology, most concerned square measure in technologically literate locations.

Governement currencies and ancient payment networks in developed square measureas are usually pretty sensible, therefore the would like for lots of what bitcoin brings forward is not very apparent initially look. Please suggest me how can I convert Canadian Dollar into dollar. HI John, thanks for asking. Have you found anything cheaper than TransferWise?

Definitely great post and also the comments below. Few years from now there will be more other company that will support the bitcoin like trading and other services. Company should also find a solution on the current trend or their competitors will outrank in terms of innovative.

That Western Union vs bitcoin is really wonderful. Bitcoin has a point. When bitcoin protocols can deliver big ammount for adequate period of time most banks can withdraw their licenses. USD into a cryptocurrency e. BTC and then back into a restricted currency e. INR make sense — at least theoretically?

The problem it solves is speed. Consumers using MTOs might not be too bothered by that, but businesses certainly are. Hello Burnage, thanks for reading and asking a question. We cover this in the article — almost every established provider could already send money in near real-time. Most could do it when you pay with a debit card, some, like Xoom, could do it even from a linked bank account they absorb the fraud risk … but they charge more for such service.

So if a Bitcoin provider could do this in near real-time and nearly for free, then theoretically it could be a winning formula practical question is how to make money with such model for now — keep in mind our discussion in the article about the reason for a current delay among established providers: However, it is being modernized across the globe and in couple years providers in US could do what could be done in UK and few other countries already: Xoom is the quickest in your table at 4 hours, followed by Moneygram hours.

Worldremit say 24 hours and Fintech darling, Transferwise, 96 hours. As you know, MTOs do this by using pre-funded nostro accounts, or by establishing large credit lines with local onshore banks in India.

That exposes the MTOs to significant amounts of intra and inter-day currency risk. For consumer payments of small value that works fine, but not for larger commercial payments — hence my question. INR is an onshore currency, so you have to get the USD to your bank in India. From there you have to convert the USD to INR. And then you have to send the INR on its final leg to the beneficiary account, via the local ACH network.

My point was that using cryptocurrencies as a liquidity mechanism to solve for speed is both theoretically and practically viable — at least for larger business payments. Hello Burnage, sending method is the key here. Xoom could do it from a linked bank account, other providers — via a debit card which is a real-time rail. Either way, it is more expensive that the cheapest alternatives with 0.

B2B for the SME segment is a less evolved market for many reasons including a need for an integrated solution rather than a simple money transfer. At the same time, first UK, Australia and now US, Canada and many other countries are modernizing their payments infrastructure, and SWIFT recently successfully completed B2B pilots. So it is unclear whether any current blockchain advantage might remain in few years. Bitcoin is far more easier when it comes to international transactions, however even few hours you need to wait for all nodes to come together can be a pain too.

BTC MONK is sell bitcoin India you can easily bitcoin exchange website in india. Read More at https: Western Union is not competitive in terms of rate or even speed see https: Their only advantages are their physical stores but any educated person could make better choices.

The beauty is bitcoin is it can make cross-border transfer where it is impossible. How could anyone overcome this without the tools like Bitcon? In the past, people could get around of this by purchasing cash in black market but then how did you take large amount of cash abroad?

Now wonder one of the largest demand for Bitcoin is China http: Hello Conan, thank you for your comments. We also used to have a somewhat simplistic view of money transfers. But after couple years of field research we understand some nuances and wrote this article. Alternative, sending cash via Western Union is expensive but fast. People like using Western Union even when they know of cheaper options. Education plays a smaller role than a culture in this case.

On your China example, when a wealthy person uses Bitcoin to avoid capital controls, it damages both the Bitcoin reputation and enables an easier corruption and money laundering… no simple answers here.

Bitcoin gets more and more expensive, Ethereum seems to have much lower fees now. You can compare current fees here — http: Hello Alex, thanks for the info — very helpful. SaveOnSend may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.

Join now Find Best Transfer Check Last Transfer Blog Log in. Before you Transfer Money. Does Bitcoin make sense for international money transfer? Rational view of Bitcoin for Sending Money In this context, we are always grateful to find a write-up about Bitcoin for remittances which attempts to be more objective. Here are some examples: Bootstrappers guide to bitcoin remittancesTackling bitcoin price swings OR or However, even more reasonable experts seem to be de-emphasizing a fundamental diversion in understanding of Bitcoin value that shall be considered for its potential in international money transfers.

Here are the key points made by Bitcoin proponents, usually taken at face value. What is common about these articles is seemingly absolute lack of a field research or basic customer surveys. For example, there are monthly government reports that analyze consumer complaints about providers of financial services.

Reading such report for the US market, there are relatively few complaints about money transfers and most of those are centered around fraud, not exactly a strong suit of Bitcoin with its embedded anonymity: Target segment for bitcoin money transfer.

Pantera Capital Investor Newsletter — September Western Union 10K Money transfer — Western Union vs Bitcoin. Abra email marketing campaign, April Bitcoin money transfer — moving cash in China. The reality is, using Bitcoin is still not worth it- FOR NOW. Do you think Ripple is a revolution for a cross country payment system? He is a great example of what I am talking about: Gox saying they looked solvent. Can you provide specific dollar figures for your following statements: Zverev, For your particular case, and If you are allowed to open a bank account in Canada, let me provide you a small secret.

Well-researched and right on the money. I wish people would stop seperating flat fee and the hidden FX fee. This is not really far from happening. Bitcoin can be the next currency. Recent Posts Transfer Money Internationally: Review and Tips Banks And Money Transfer: Send Money to Mexico: Cheap and Fast, Review and Tips TransferWise: Rebel, What is Your Cause?

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