My name is Nsubugar Ronald, and I’m 20 years old.
I’m studying bachelors in Accounting and Finance. I like money first of all, and I like business.
My family lives right here in Makindye. My mom, my big sister my brother and
a maid stay here. My name is Ronah Nansubuga.
Ronald is my younger brother. I live in Brookline, Massachusetts
and I’m from Kampala, Uganda. She moved there in 2011 with her fiancé. Currently he doesn’t work he just goes to
college full time and i sent him some money for tuition and
upkeep. It’s very difficult to find a job in Uganda
so difficult even if you have your papers and even if you
went to school, it’s very difficult. Ronah first send me money through MoneyGram
last year 2013 in August. It was money for my tuition fees. MoneyGram and Western Union are great services
she needs to get money to Africa you know if you put it in an envelope
you are going to lose it. There is only one issue with these services
actually two one is the speed
the whole process takes like two days and the other is the price
they are taking 10% If she wanted to send 40 dollars
which would really help Ronald. That’s is going to cost her 10 dollars 15
dollars so you are taking 30-40%. It’s more expensive dependent on when you
want the other person to pick up the money. The banks in Uganda love to take money from
the poor So if you put in a 100 dollars, in 5 months
it’s going to gone, exactly. All kind of fees, all the fees that we fought
about in United States and basically threatened to put the bank out
of business they just tag on to Uganda. This was why did I buy the first bitcoins
was to see if I could send money to her brother in Uganda
so i facebooked her brother who got back right away
what you are going to send me money? He was given me all the instructions on Facebook.
I sent him the 10 cents he gets that now I know his Multibit is working
so I sent him thirty dollars and I said as soon as I’ve sent it
he is like I’ve got it you exchange that to Uganda shillings and
I’ll send you more. I couldn’t believe it that I can get money
via the internet. I opened up my account on the internet
and there is money. He slapped his laptop shut and put the USB
stick in and ran off to the town to try to find someone who would purchase
his bitcoins. I told him that I want to sell him bitcoins.
He gave me his wallet address number. I sent to his wallet address number. So that
I give you hard cash, Ugandan shillings and that’s how beautiful a remittance market
can work as long as there is any demand in Uganda
and there is and it’s hard for them to receive it
they become person to person exchanges. Right now in Uganda so far
not a lot of people know about bitcoin but for me I use bitcoin
because I know somewhere I can sell bitcoin. When my sister or my sister fiancé
sent me money via bitcoin I save a lot of money. A cell phone in Uganda for a year
is cheaper than the banking fees you get for a year. So bitcoin fits right in there.
Cell Phones are really all their technology they listen to the music on it
they communicate with it to add banking basically for free
well that’s a no-brainer. I can send you money through bitcoin at the
lowest rates possible and so instantly. You know remittances is 500 billion dollars
a year in the world I think it’s 500 billion dollars a year because
it’s so expensive so imagine we could send 20 dollars. I think if we have a currency that is not
controlled by the government everyone will be equal. That’s what I think.