A 445 billion dollar market just waiting for the Electroneum solution


#1

From the following link:

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While money from the U.S. is usually sent to Asia and Latin America, money from wealthier European countries is usually sent to East and Central Europe and to Africa, and money from Russia is sent to Central Asia. According to the U.N. report, the five countries that received the most remittances from around the globe in 2016 were:

  • India: $62.7 billion
  • China: $61 billion
  • Philippines: $29.87 billion
  • Mexico: $28.5 billion
  • Pakistan: $19.84 billion

While that might seem like a lot of money, migrant workers around the world earn about $3 trillion a year and only about 15 percent of their earnings are sent back home. Altogether about 200 million immigrants — equally divided among men and women — around the globe send money to their families. About 800 million people around the world are directly supported by remittances.

“It is not about the money being sent home, it is about the impact on people’s lives,” said Gilbert F. Houngbo, IFAD president, in a press release about the U.N. report. “The small amounts of $200 or $300 that each migrant sends home make up about 60 percent of the family’s household income, and this makes an enormous difference in their lives and the communities in which they live.”

The majority of the money sent to home countries is usually spent right away, the report said. About 75 percent of remittances are used to cover basic needs such as food, shelter and recurring bills. Another 10 percent of remittances are used for things like education and health, while the remaining 15 percent is used for savings and investing in businesses or real estates.

The top 10 countries that money is sent from are: the U.S., Saudi Arabia, Russia, United Arab Emirates, Germany, Kuwait, France, Qatar, United Kingdom and Italy.
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I would suggest making some ads that compares sending Electroneum with using Western Union, Money gram, etc. and start by placing them on the gig guru website


Fight The ETN Dump Club!
#2

Mexicans for example, that are in the US, will work for cash under the table so they can skip taxes. They have no bank accounts. They’ll take their cash to Western Union of which will accept the cash and charge a transfer fee to wire money to a bank in Mexico so their relatives can buy more refried beans.

There needs to be some kind of bridge where someone can accept cash, and then transfer ETN to the Mexican’s ETN account wallet on their smartphone. Then he can transfer ETN to Cryptopia, sell for LTC, and then transfer LTC to Coinbase, then transfer it to a bank account to share Pesos with his relatives.


#3

I’m not understanding you. Why go through all that? You (in the 1st world) buy maybe a thousand dollars of Electroneum as an investment. Your family needs money back in your country of birth so you just transfer them Electroneum phone to phone and they use it to buy stuff in their own country using their phone. We just need the mass adoption part to happen so that stores everywhere are accepting it.

Right now what you have is small money transmitting and receiving companies in the third world that people go to to pick up their Western Union and Moneygram transfers. They have conversion rates for a few currencies posted on the walls and you can buy and sell currencies, they make money on the spread of what they paid for it and what you will pay them for it. Electroneum will just become another currency that they buy & sell except it will require KYC so they might integrate Yoti as an easy way of getting someones ID verified.


#4

From where you are coming from, that’s with the assumption that Maria Sanchez can go buy tacos or gasoline in Mexico with ETN. But she can’t. She’ll need to convert to Pesos or USD if she has ETN. ETN will never replace any currency nor ever become a currency. It’s a medium of exchange, store of value like Gold, but at the end of the day will need to be converted to fiat. The central banks today issue and control currency.


#5

From where do you get the idea that ETN will never be used as a day to day currency to buy things thats the plan also and entirely possible?

Replacing fiat yes probably not, ETN is being setup so anywhere can accept it…


#6

What do you think the POS is going to do. It is like a cash register for crypto in stores.


#7

What I’m really getting at is that ETN at some point needs to be converted very quickly to fiat. Personally, I think any store should accept ETN as a payment along with credit, debit, or cash. I think to get any store/establishment to accept ETN, there would need to be an immediate conversion to fiat system in place. A store cannot pay their taxes or keep the lights on trying to pay the utility companies in ETN.

That’s where I get confused. ETN has this “Insta-Pay” system they are putting in place. If I were a vendor, at the end of the day, I want fiat currency USD. So there are extra steps I would need to take after receiving my ETN payment to be able to convert to fiat. Time consuming.


#8

Good pointing we can say that if person do KYC lvl 3 that takes only max hours (or in bad scenario DAYS) with YOTI and after some time we will have some service that will make KYC personaly that will be much easier (YOTI is the 1st service but not the last ONE)…
But as for now the tranfer unlimited (after KYC lvl 3) will be the CHEAPEST on the planet and the FASTEST on the planet.
Transfer notification - ONLINE just few seconds that funds are on the WAY
Funds received in MINUTES - after blockchain confirmed the transaction
Price of SENDING (as for now) max 5 ETN * 0,05USD= 0,25USD (maximal) but normal it takes from 0,1ETN up to 0,2ETN so it means 0,15ETN*0,05USD = 0,0075USD :smiley: :smiley: for ONE TRANSACTION so it means incredible cheap
AMAZING HUGE WOW WTF I love you ETN :heart_eyes::smiling_face_with_three_hearts::kissing_heart:
Other services that are mentioned here we beat for sure in NOTIME: https://www.top10moneytransfer.com/send-money-online/


Use of ETN in the unbanked
#9

Right, In our first world economy. Until you’re paid in ETN there will always be that extra step… but that’s the point of the gig economy they are setting up for the unbanked. You can buy goods and services in ETN. The people running those shops are paid in ETN. Their paycheck is ETN. They can buy other goods and services in ETN. They have no need to convert to fiat. If their mobile operator accepts ETN, then how many other bills do the unbanked really have that they need to pay in fiat? Not many.


#10

thanks! We’ve just built a remittance model, and are looking for the first area to roll out a test. Our model works with mobile operator airtime agents supplementing their income with remittance fees, and we are seeking agent networks now. We have the deal with Xius who have 1.2 MILLION agents in Latin America, but unfortunately India (where their head office is based) is being quite “anti-crypto” at the moment. We are working with them and our KYC system to try and circumvent this issue and re-energise our access to that agent network. It’s only a matter of time!
Keep the ideas coming - it’s a HUGE market!
All the best, and have a great weekend,
Richard.


#11

No forum achievement for getting a reply from the CEO? :thinking:


#12

If you have been keeping up with the updates,That is where the Liquidity comes into play with for Example …Liquid Exchange and NEXT.exchange…They will be coming up with ETN/FIAT pairings…
ETN has a Strategic partnership with QUOINE…WE not just Listed with Them remember…!!!


#13

You sir, get a golden star.


#14

Hi Richard,

ETN already implement KYC/AML No problem in India for accept this but it will take some time…Already all cellular mobile companies are surviving because of a monster launched of JIO free Data and calling service provided another companies incur loses debt increase on some companies small cellular companies merge with each other or bankrupt …These struggling companies also want to increase revenue.

Here in inida battle between Exchange and RBI (Reserve bank of india) RBI Banned banks in india to support crypto-currency exchange…case still pending final hearing for 17-september-2018. i listen from somewhere frame-work for crypto-currency are being prepared and implement end of the year 2018 or 2019. After that may be people can use crypto currency as Utility token for recharge metro train card and mobile data something like…we hope it will implementing soon then bank support exchanges.

[Subhash Chandra Garg, secretary in the department of economic affairs, who is heading a committee on cryptocurrencies, says draft regulations will be out before the end of the financial year 2019.


#15

@ 796e2177659b3c6efac7
Just like debit, Visa, and or any other credit card. There is an extra step. The transactions seem instantaneous to the users however, in reality the funds take at least days to transfer.


#16

I just make some promotion to this article and collected as a 1st member here 1000 clicks to my link here at the forum :slight_smile: let’s get celebrate. I think that is really good that is etn now for so cheap price. If people see the potential is good deal to buy it right now :slight_smile: HODL strong and all helps with mass adoption like me :wink:


#17

I thought this market was big but wait a second…How large is the worldwide retail market?
OMFG!!


The worldwide retail market dwarfs this.


#18

Heey @Aironeous i can’t really see it it tells me to sign up for premium :thinking: but yup the retail market is hugeeeee imagine when all that money goes around in crypto :sunglasses:


#19

Richard, please note. India is not anti crypto. I don’t think they will ever ban crypto. Reserve bank of India has asked banks not to support exchanges and right now exchanges are ecouraging peer to peer. RBI is doing this as there is no clear cut rule around crypto but India is for sure not anti crypto. Court hearing is going on and I am hearing rules are getting framed and it’s just a matter of time. Thanks !!


#20

I have friends in India that I have introduced to the platform they are mining and spreading the word.about ETN.