Cryptochallenge - Hit me with your best shot
I'll send 5 SBD to whoever can give a better, successful solution.
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I ran a fundraiser in Canada for a school in Ghana, now looking for the best way to send the $3k in funds we raised.
As much as I enjoy the "to the moon" chatter, would be great to see a case study first-hand of how the remittance industry could be disrupted by faster international transactions & cheaper fees.
Apart from speed and cost, there's the issue of ease of setting up a wallet and daily volatility of cryptocurrencies. The recipient at the school has a smartphone with data via MTN (www.mtn.com.gh). I've looked at a lot of options (screenshots below), including a wire through my bank ($30) and MTN ($196).
Also looked at Stellar Lumens, with their beta Sikaapp specifically for Ghana, but seems like it's not there yet / got picked up by paypal
rmac, if you go with Kraken as an Exchange you could lower these fees as low as 0.15%. With GDAX, if you are the market maker (in plain english, if you place a limit order) you could even get to 0%.
The withdrawal fees on Kraken and GDAX are very low if you use a cheap fare coin like LTC (0.0001 LTC) or Ripple (0.0001 XRP). So with GDAX, you'd only be looking at the transfer fees. You can use GDAX.com if you have a Coinbase account, Kraken needs a separate registration.
@mnemonic19 thanks good to know, but the issue is exchanging fiat to crypto back to fiat on top of that. I've exhausted my options at this point, seems the only way that crypto disrupts the remittance industry is widespread adoption of a stable coin with a killer dapp, possibly like sika which still isn't live until fall. For now, there's not much people can do with digital money in Ghana yet, but interest is uniquely very high https://news.bitcoin.com/ghana-interested-bitcoin/
Litecoin would probably be cheapest!
Definitely cheaper and faster than bitcoin, but then need to consider fees of transferring funds in and out of an exchange for fiat. At even 1% of $3,000 it's already at $30 per transaction.
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