A Never Ending Debate On Bitcoin Remittances
Marwan Forzely not so long ago said, “There is a decision-making logic that says, do I send this transaction on crypto or not. The decision is based on cost, liquidity, timing of payment – many things.” He is the CEO of Align Commerce, the most experienced payment processor in the Silicon Valley using blockchain to facilitate B2B cross-border payments with at least 60 different countries. This is what he had to say on what some would call, remittances, in particular Bitcoin remittances.
He further had to compare how he runs his decision making to the choices involved with a ‘hybrid’ car. Sometimes cryptocurrency and the other times traditional currency. He confessed to not solely depending on Bitcoin but instead said that, they like to focus on customer experience.
However, there are some people out there that have a problem with respect to the liquidity of Bitcoin. Michael Kent, a CEO of a mobile application, explained it by questioning their liquidity in areas like Nigeria, where their presence is not so felt. He agreed to its liquidity in very liquid places, but for cross-border payments it didn’t seem to make too much sense to him.
Ismail Ahmed one of the founders of WorldRemit, a company that offers remittance services, believes that Bitcoin companies can be said to be very risky companies. When questioned on using Bitcoin as a transaction rail for the unbanked, he pointed out towards the de-risking around international remittances and cross-border payments.
Guy Halford-Thompson of the BTL had something to say on this as the CEO of the company. He believes that countries where the currency is not so stable, making it hard to launder money, seem like good potential places for cryptocurrency.
It would be harsh to put down any one of their opinions as right or wrong. Bitcoin remittances, itself is a very debatable topic and seems like it is going to be a debate for a long time to come.