Remitting money is colloquially defined as the act of sending money to someone, typically to the home nation of the remitter who works in another nation. Sending money across borders, across oceans, and entire continents is an enormous industry, totaling almost $600 billion in 2014 according to the Word Bank. Due to Bitcoin’s touted simplicity when compared to traditional banking methods like a Western Union transfer, the remittance business is a likely candidate for Bitcoin startups, and more mature firms backed by venture capitalists who expect returns for their early investments.
The theme for Bitcoin boils down to a simple example: Person 1 has Bitcoin. Person 2 has a wallet with an address to receive Bitcoin. Person 1 sends Bitcoin with essentially no fee to person 2, who is free to spend it. That’s a stark contrast to the current method of remittance which can involve fees around 10% of the transaction, and require identification, paperwork, and specific instructions on where the recipient can pick up their money. The case for