Phillipino nannies remit over $20billion yr. If the nannies switch to bitcoin the savings from fees etc would be enormous, maybe over $100mill per year..
Try thinking exactly how this would work. Foreign workers sending money to their home countries cannot switch to Bitcoin until either of the two conditions is met:1. Bitcoins can be spent directly for goods and services in their home countries, or
2. Bitcoins can be exchanged to the local currency at the cost lower than existing fiat-transfer fees. Note, even if this condition is met, there would be a huge imbalance in the direction of trade - coins coming into the country, not going out. To balance things out, arbitrage/fiat exchange is needed, with all the old cost we are trying to avoid here.
Option 1 is the only sustainable option in thr long term, and we are nowhere close to realizing it.
Option one s not needed at all. First its a world wide network not a country by country network therefore coins going in and out of a certain country actually have no effect on diection of trade. in addition option 1 was not the original reason bitcoin was created, option 2 was. And we already have ways to change our bitcoins into the peso its called localbitcoins I do it every week
and yes it is cheaper than western union or anywhere else, because it eliminates the sending fees the pick up fees and the exchange fees. Almost 2 years passed in mean time. And even now local bitcoins or ATM prices at least in my country are quite different from bit coin exchange rates. I am not sure if can compete with westeren union fees. But i am sure 2 years ago they could. MAybe 2 more years and 1. Bitcoins can be spent directly for goods and services in their home countries, or will be happening in Philippines.