Bitcoin’s value completely depends on supply and demand in the market…That’s why bitcoin’s value has been rapidly surging.
In 2010, over $5 billion was sent back home from Indonesian migrant workers across the world. While a report from 2015, found that bitcoin remittance services could save Indonesia migrant workers $374 million.
Through this feature, users can pay for utility bills, make money transfers and buy products sold on the platform with bitcoin.
With so many benefits associated with bitcoin it can surely only be a matter of time before the currency is regulated and legal in Indonesia.
Images from Shutterstock.
The report from the Jakarta Post states that the number of bitcoin users in Indonesia has risen from 80,000 up to 250,000, with a daily transaction value amounting to Rp 20 billion (US$1.48 million).
According to Suasti Atmastuti Astaman, Bitcoin Indonesia business development manager, the positive trend of bitocin’s adoption in Indonesia was down to global trust of the currency and Russia’s recent legalization of it. He also stated that other countries relaxed stance on the currency was enabling greater trust in it.
Yet, despite this, that doesn’t seem to have put people off from using the digital currency as a form of payment.
And yet, with the price of one bitcoin reaching $1,030, according to Coin Market Cap, at the time of publishing, Indonesia seems to be playing it safe by remaining quiet on its stance with the currency.
Remittance via bitcoin could significantly benefits Indonesians.
In an attempt to get the country to support the currency, an Indonesian journalist wrote an article in May last year calling for the country to follow Japan’s lead and support bitcoin in light of the progress other countries are making.
However, in a bid to boost bitcoin payments in the country, it was announced last May that a prominent e-commerce and digital payment platform in Indonesia, KinerjaPay Corp., had enabled bitcoin payments for transactions on its platform for the first time.
The Indonesian market is experiencing a rise in the number of bitcoin transactions even though the digital currency has no legal status in the country, according to a report from the Jakarta Post.
In 2014, Bank Indonesia, the Indonesian central bank, released a statement declaring that bitcoin was not legally recognized as money or legal tender.
However, while progress is being made with the digital currency in Indonesia there is still a long way to go before it will be legalized.
Bitcoin Rebounds From Two-Month Low to Top $1,000
After falling to their lowest level in more than two months this weekend, bitcoin prices breached $1,000 again today.
Overall, the digital currency rose as much as 7.5% during the session, clim
SAP Joins HyperLedger, as Enterprise Blockchain Wave Sweeps In
The increasing adoption of distributed ledger technology by companies has made it hard for the enterprise solutions providers to ignore the blockchain. In order to keep up with the changing times,
Bitcoin Price Stabilizes at $1,022, Scalability Debate Continues
Bitcoin price reached $1,030 in most global Bitcoin exchanges such as Bitstamp and Bitfinex earlier today, recovering from the March 24 drop which occurred due to speculations on the likelihood of
Newsflash: Bitcoin Rises, US Dollar Sinks
Bitcoin prices have bounced back above $1,000 on Monday, registering a high of $1,032 on the Bitstamp Price Index.
Bitcoin is trading near the levels of the week past, finding its feet after a drop
Is Bitcoin A Safe Way To Transact Money?
Let me first say that I’m speaking as myself and not on behalf of the Federal Reserve System. Also, that my expertise is in the world of physical cash, so I’m not an expert in bitcoin.
Jeff Garzik’s Bloq Launches BloqLabs to Expand Support for Blockchain, Bitcoin Projects
Bloq, a provider of blockchain solutions, has launched BloqLabs to expand its support of open source blockchain and bitcoin projects, the company announced on its website.
“In the 1900s, Bell Labs
BitOasis Expands Credit Card Bitcoin Buying to 5 New Countries
BitOasis has announced it will expand a credit card buying option to additional countries in the Middle East.
In a move that follows its unveiling of an 'instant buy' option for UAE customers this
Bitfury Mines a Block Signalling User-Activated SegWit Soft Fork
Bitfury is reported is to have mined a block supporting the BIP 148 proposal, effectively signalling a user-activated softfork (UASF) for SegWit.
As the debate surrounding bitcoin’s block size cont