How to do remittance on Bisq
International remittance is the transfer of money from one country to another. Bitcoin of course makes it trivial and fast to send value anywhere in the world, but not everyone is on the Bitcoin standard yet and some people still want to be paid in fiat. Bisq can help you create a remittance channel to facilitate fast, cheap international transfers while at the same time earning some profit for your services.
By using Bisq you can turn an expensive, slow international transfer into two fast, local transfers.
The role of remittance channel operator is similar to that of market maker (see How to be a market maker on Bisq) the difference being that you operate on two markets at the same time and you need to have fiat accounts for both markets.
1. Create an offer to BUY Bitcoin on market 1 (eg: USD) at 1% below market price using a fast payment method.
2. Create an offer to SELL Bitcoin on market 2 (eg: CNY) at 1% above market price using a fast payment method.
3. Tell your client in market 1 (the "sender") to take your first offer (buying Bitcoin from you for USD) --> you receive fiat in market 1.
4. Tell your client in market 2 (the "receiver") to take your second offer (selling you Bitcoin for CNY) --> your receive Bitcoin.
5. The client in market 1 pays fiat and receives Bitcoin. The client in market 2 pays Bitcoin and receives fiat.
6. Repeat!
Both fiat transactions are local, the remittance operator makes 2% profit with little risk. The remittance client has managed to send fiat internationally and perform currency exchange at very low cost and within 24 hours.
