Month: March 2015

How do Bitcoin Remittances work?

One question often asked is how do Bitcoin remittances work. Rebittance as it is more affectionately called, enable near real-time value transfer between two money transfer operators. Whether or not this is legal, is a separate debate and you can read about it here (How Legal is Bitcoin Remittance).

How Do Banks Transfer Money?

How do banks transfer money?

A question asked of me often is How do banks transfer money? How is money transferred from one country to another? I mean how does it work? How does my account get debited of $100 and somewhere around the world someone’s account get credited for $100. 

Another parallel question is, How does $100 Million transfer? I mean, say if America is giving someone loan, how do the two countries transfer $100 Million? Or even $10 Billion? How does this work? How can the wealth of one country decrease by $10 Billion and another one’s increase by $10 Billion?

Is money physically moved? Do they transfer cash in vaults?

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