Cointelegraph recently interviewed our CEO Karsten Becker and spoke with him about the launch of the Caricoin bitcoin wallet and it’s impact on the Caribbean economy and users there.
In the Interview they discussed things like current banking situation in Caribbean and new exciting possibilities with the mobile money based Caricoin wallet. When the eco-system is established it will be a giant step, providing alternative banking solution, especially in the countries where around 50% of population is unbanked.
Mr. Becker mentioned that, according to a World Bank Report, remittance fees in the Caribbean amount to more than $800 million each year. We at Caricoin are working hard on developing a zero-cost remittance feature within the wallet, that will allow Caribbean community overseas to send funds back home free of charge.
You can read the full article here: Cointelegraph.com
We are pleased to say that we have been interviewed by Bitcoin Magazine, one of the leading source of news on Bitcoin and digital currency.
In the interview they asked some great questions and focused in on some of the real value that Caricoin can bring to the regions unbanked. For example, easy bill payment including rural areas where sometimes travelling cost exceeds the bill itself.
Caricoin will make it extremely easy for anyone to open an account ? all the person really needs is a mobile phone with an internet connection. With the new Caricoin wallet all the mobile banking solutions will be just one click away.
You can read the full article here: Bitcoinmagazine.com
Caricoin is on a major mission to improve the quality of life for people in the Caribbean by changing the way you regularly send money to your loved ones back home. We know just how much you spend in exorbitant remittance fees and we’re aiming to keep that money right where it actually belongs…in your pockets.
Caricoin is a mobile app that uses bitcoin, the world’s leading digital currency, to send and receive money, top-up mobile phones and make online purchases, all with no fees. Caricoin is easy to use, anyone can sign up and you get instant access for your funds. Now what could be better than that? An instant chat feature, of course! With Caricoin, you can also send and receive messages in real time, along with your transactions.
So what are you waiting for? Head over to www.caricoin.com to download the app, set up your digital wallet and get instant access to the world of digital finance and zero-cost transactions.
One of the biggest challenges we have is how to develop a digital wallet that has no transaction fees. This is because bitcoin transactions typically carry mandatory ‘mining’ fees – micro-payments made to individual ‘miners’ who verify transactions against blocks in a blockchain – in addition to transaction fees that are usually charged by the mobile money platform itself. Caricoin is aiming for a different approach; we believe that if mobile money is going to truly replace cash, these fees will need to come from somewhere other than our customers’ pockets.
Think of it like this: if a group of friends sitting around a table pass a $100 bill between them, it’ll still be a $100 bill when it gets handed to the last person. That’s the cash model. But if each person takes $5 as it is passed to him or her, by the time the money is handed to the last person, it’ll be a whole lot less than $100. This is what happens to your money when transaction fees are involved.
At Caricoin we are working to make our platform a viable alternative to cash by creating a no fee model and guaranteeing that the amount of money you put in is always exactly the same as what you get out.
Approximately 50% of the Caribbean’s population –about 20 million people- don’t have access to traditional banking. That’s because banks are hard to get to for many, and it’s difficult to qualify for opening an account. Many people are also uncomfortable sharing personal information and they simply don’t trust that the system won’t just up and run off with their money.
Bitcoin is changing the rules by giving you control over your digital funds. Our wallet will build on this model to allow anyone with a mobile phone to sign up for an account, get instant full-time access to their funds, and perform transactions that are securely encrypted with military grade technology. With the Caribbean boasting one of the highest levels of mobile phone penetration in the world, the introduction of bitcoin promises to deliver significant economic growth to the region.
And that’s not all; take remittances for instance. Remittances play a central role in the livelihoods of families in the Caribbean, help support national economies and provide governments with a substantial source of foreign exchange. Jamaica alone receives over US$2 billion in remittances annually, 10% of which is lost to transaction fees.
With Caricoin’s digital wallet aiming to open a zero-cost remittance corridor to the Caribbean our goal is to put that 10% – a figure representing over US$200 million per year – back in the hands of the people. Bitcoin has the potential to usher in an era of increasing wealth to regional economies and to greatly enhance the lives of people in the Caribbean in the process.
We did a lot of market research before we decided to partner with security giant BitGo to create our mobile wallet. And we’re so glad we did; BitGo has an amazing team, they’re giving us unrelenting support and are playing an integral part in helping us chart our direction as we build out the features and functionalities we need. With Bitgo’s technology, we will be able to deliver a powerful wallet with superior speed and security as its key drivers.
Bitgo is also actively working on BitGo Instant – a powerful new way of verifying transactions in real time and effectively eliminating the 10-20 minute delay that the blockchain currently requires. With BitGo Instant’s guarantee, funds will be available immediately upon receipt, giving us the ability to roll out a solution with really real time functionality – meaning no waiting for transfers!