This is just a bad idea.
I go to a little Mexican place once a week or so, sit at the bar, have chips, salsa, and a couple drinks, stay for an hour or two, and chat with the staff - it's mostly family and friends that work there, a number of which are clearly illegals.
Anyway, the girl that works the bar most of the time and her husband send $500 a week to her mom back in Parral, Mexico.
They do it via Visa prepaid debit card(s?). They fill it up, costs them $4.95 at Walmart (I'm guessing that's where they do it), and her mother can withdraw it at any ATM. It sounds like they send her a new card every now and then, maybe a couple times a year? and then she just uses it over and over.
From the way she talks about it, this is pretty common.
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To me it seems there are currently two ways to bank from the existence of bitcoin;
1) Take a fat wad and do some arbitrage. This could easily go bad, but if that's what you want to do - do it before it gets regulated and stabilizes. The huge swings and multiple exchanges could make for some very large, very fast gains (or losses...)
2) Rob an exchange or wallet.
There are definitely other ways, but not this.
I go to a little Mexican place once a week or so, sit at the bar, have chips, salsa, and a couple drinks, stay for an hour or two, and chat with the staff - it's mostly family and friends that work there, a number of which are clearly illegals.
Anyway, the girl that works the bar most of the time and her husband send $500 a week to her mom back in Parral, Mexico.
They do it via Visa prepaid debit card(s?). They fill it up, costs them $4.95 at Walmart (I'm guessing that's where they do it), and her mother can withdraw it at any ATM. It sounds like they send her a new card every now and then, maybe a couple times a year? and then she just uses it over and over.
From the way she talks about it, this is pretty common.
---
To me it seems there are currently two ways to bank from the existence of bitcoin;
1) Take a fat wad and do some arbitrage. This could easily go bad, but if that's what you want to do - do it before it gets regulated and stabilizes. The huge swings and multiple exchanges could make for some very large, very fast gains (or losses...)
2) Rob an exchange or wallet.
There are definitely other ways, but not this.
