Pre-Proposal Idea: Periodic Bank Transfers to user defined DASH wallet(s). Useful in many cases

Poltergeist

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Aug 8, 2016
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Hello from Bangalore, India!

There are a lot of international travellers who visit India, for example, either on business or leisure. The travellers who visit on business have a clear budget that is assigned to them by their employer. In many cases, they have a credit card that is issued to them from the company. They use this card to swipe and make payments for all official transactions. Reimbursements happen later when they return back. They could also carry a suitable fiat currency (for example USD) which they then convert to the local fiat currency.

The leisure travellers are not on a tight plan but they work also work on a budget. They typically either carry USD fiat or a credit card or an ATM card or travellers' cheques that they encash or convert to Indian fiat currency upon reaching India. They then use this cash for their holiday / day to day living here. Of course, the conversion rates are not fixed and add to that the fees are high.

In case these visitors have a problem like a lost or stolen credit card, or lost or stolen cash, it is next to impossible to get the stolen items recovered here in India.

I have an Idea that I think can capture this market (and a few other scenarios); and it will benefit them much. And it involves my favourite crypto-currency: DASH :)

Here is the idea:
Suppose you are visiting India on holiday for 2 months. You have planned your budget and have set aside the USD for exchange. But you come across a web based app designed by me. This app is, essentially, a bot. What the bot does is that after your express permission, it links to your native bank account and, on demand, transfers an amount of USD (lets say "native currency") to a DASH wallet address that you direct it to. There are various checkpoints to authenticate the user (you) and also a preset "cap" on the amount that can be transferred per transaction. This cap needs to be determined per the local (visiting country) regulations as well as the originating (native country) regulations (if applicable in both cases).

So. First week: you land in India and you have a few dollars in fiat currency that you convert to INR. After exhausting that, you pull out your android handset and instruct the application (bot) to transfer 200 USD to a DASH wallet address that is generated by your favourite DASH wallet application.

So. In a few minutes, the bot will do the transfer and your DASH wallet is now loaded with the equivalent DASH amount that has been funded by your native currency. You can now convert the DASH to fiat currency in India and use this fiat for day to day transactions.

When this is over, you repeat the process again in week two of your holiday.

What are the benefits of this bot? It is available 24/7. You can set it up any time and during banking hours it will execute. It can be scheduled on a set periodicity. Say every week for $10. You can provide a string of DASH wallets from your favourite wallet app and the bot will work automatically. The amount is transferred almost instantaneously to DASH wallet. Fees are very very reasonable compared to traditional fee structure since DASH is involved. DASH can then be liquidated to fiats.

Are there any existing solutions that address this problem? I think yes there is. And it is Bitcoin powered credit cards. But then again, i think that the credit cards being credit cards, they are tied down to the financial system and this is the weakest / slowest link in the chain even though Bitcoin transactions take only 60 minutes (average) to complete. Further, since it is termed credit card, the financial institutions supplying that credit card are liable to charge huge fees that ultimately defeat the purpose of cheap and efficient crypto-currency transactions. I also heard of DASH powered credit and debit cards that will soon be a reality.

Are there any challenges to this idea? Yes. in India, at least, the option of DASH <-> Fiat is poor. The localbitcoins like options should be nurtured for DASH currency. Another challenge is the "glue" that interfaces with your native bank account and the DASH ecosystem. Someone who is able to do this has yet to be identified - at least i am unaware of a firm that does this. Maybe the wallet software makers themselves can take on this scope and integrate it into their wallets? Just a thought.

I have provided this idea taking the Indian conditions here. But this idea can be set up as a proposal in any part of the world where cryptocurrencies especially DASH are able to be exchanged for Fiat currency (typically USA and EU). So if this idea is more relevant to USA / EU, please let me know. The next stage will be to set up a formal DASH proposal for this.

Also, this is just one use case example. Another one i can think of is periodic cash transfers to, say, a Masternode Share Service as an investment option. i'm sure there would be more examples.

I would request you to provide your thoughts, suggestions, dialogue on this idea. Thank you for your time and effort :)
 
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