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Bitcoin Startup ArtaBit Working On Cheaper Alternative To Western Union

Every summer job I ever held before I turned twenty was in or around a kitchen. I did it all—scrubbed dishes, garnished dishes, grilled, baked, waited and frialated. And during that time, I worked closely with many Central and South Americans, all of whom shared one thing in common. Every week or every month, they all sent a fraction of their wages back to the families they had left behind. Some dared to send cash in the mail, but most passed it through a money transfer service like MoneyGram or Western Union.Economists package all these messy human details into one clean phrase: remittance market. It's the business that makes money by moving money and, as is usually the case, the middleman walks away with a plate full of trimmings. When I first learned about Bitcoin, my mind immediately jumped back into the kitchen. If only these people knew that there was a global currency out there that they could transfer over the internet for free, I thought. And, if only Bitcoiners would take more notice of this market, perhaps they could somehow make it cheaper for people send their money home, while still turning a profit. Now, it finally seems to be happening. ArtaBit, a currency exchange that operates exclusively in the Indonesian market is looking for ways to offer remittance services to its customers. Ayoub Naciri, one of the co-founders of ArtaBit, presented his proposal to an auditorium full of prospective investors last month at the Ultra Light Startups pitching event in New York City. I caught up with him to ask how it would work.

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07 Aug
Erico Guizzo @ericoguizzo
Bitcoin Startup ArtaBit Working On Cheaper Alternative To Western Union http://t.co/jHNMb4UW7G via @IEEESpectrum
07 Aug
IEEE Spectrum @IEEESpectrum
Bitcoin Startup ArtaBit Working On Cheaper Alternative To Western Union: Bitcoin could break into the $400 bil... http://t.co/Rg0zaozmHL