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The system the Somalis (and many others) have been using to send money around the world for centuries is called hawala. Monetary futurist Jon Matonis calls Bitcoin a potential replacement for hawala. Right now, I suspect that Somalis would be hard-pressed to use Bitcoin for personal remittances, owing to the lack of local exchangers and Bitcoin-accepting ...


7

Hawala (sometimes referred to as hundi) involves a trust relationship between the two hawaldars. The hawalder who receives the funds (in Minneapolis, for example) is a trusted partner to the other hawalder who disburses the funds (in Somalia, for example). With Bitcoin, this relationship between hawalders becomes unnecessary. These hawalders simply become ...


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i am in Somalia, Mogadishu. Bitcoin can be a solution for Somalia as its simple money transfer service but but INTERNET connection availability is quite bad.. for me, i wanna start bitcoin service in Somalia! any idea would support?


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Thanks to eWallets, one needs very little access to the internet to operate on the Bitcoin network. Provided you trust those, it should be as easy as operating PayPal. The main problem though is getting Bitcoins in Somalia, how stable the Bitcoin value is, and how much the fees are. There are no exchanges supporting anything but the major currencies, so ...


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One way to do this is to perform a three-way transaction where the person sending the remittance (the bitcoin seller) transacts directly with the person buying bitcoins in the remittance destination country. The cash being paid for the bitcoin transaction is simply just being handed over to the family member rather than to the party selling the coins. ...



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