10 Aug '13, 10pm

Bitcoin Startup ArtaBit Working On Cheaper Alternative To Western Union #bitcoin

Ideally, if Bitcoin were a viable currency, people would just be able to send it themselves. But there are still many obstacles to doing this. Bitcoins are relatively difficult to get. Once you have them, there are very few places you can use them. And because of this, sending them home would require two conversions, one getting into Bitcoin and one getting out. A company like ArtaBit would function to streamline all of this by partnering with exchanges on either end of the transaction. In Naciri's scenario, one partner in America would accept USD, convert them into bitcoins and transfer them to the ArtaBit Bitcoin address. Another partner in Indonesia would then immediately convert them into Rupiah. Artabit then takes the Rupiah and disburses it to the customer.

Full article: http://spectrum.ieee.org/tech-talk/computing/networks/bit...

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