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by arcticbull 2675 days ago
You want to send five DOLLARS to a poor African family. Here's a few questions.

(1) Since the African nation in question doesn't accept either dollars or bitcoin, you're going to have to convert the currency one way or another. Buying BTC is not cheap, you pay ~1%+ to Coinbase, so that's 5 cents right there. Transaction fees on Bitcoin are $0.36 right now. Then you're going to have to convert it to something they can spend in their local country, and good luck to you. That second transaction is going to cost them another $0.36, and so is any other transaction they may be wanting to spend the BTC in. If they're making purchases of just $1, thats a THIRTY SIX PERCENT transaction fee.

(2) Does this poor African family have a phone, laptop or computer, and access to get to their nearest BTC exchange/ATM? Are there any in your country in question?

(3) WU is $1. Other services exist and are priced competitively. Have you looked into M-PESA?