There are a lot of people living near me that want to send money back to relatives in the country where they were born on a regular basis. One of the advantages that are often touted as a legitimate use of bitcoin is to lower transaction costs.
In light of that claim, I wonder how difficult it would be for: one of my neighbors in Queens, NY to take $1000 cash, turn it into bitcoin, send it to a brother in Cebu City, Pachuca, or Dhaka; for the brother to turn those bitcoins into Philippine or Mexican pesos or Bangladeshi takas; how long it would take; and finally how much it would end up costing versus the mid-market exchange rate between dollars and the other currency.
In light of that claim, I wonder how difficult it would be for: one of my neighbors in Queens, NY to take $1000 cash, turn it into bitcoin, send it to a brother in Cebu City, Pachuca, or Dhaka; for the brother to turn those bitcoins into Philippine or Mexican pesos or Bangladeshi takas; how long it would take; and finally how much it would end up costing versus the mid-market exchange rate between dollars and the other currency.