A small history of payments between friends

Bitso is much more than an exchange, Bitso is the platform for payments and financial services driven by cryptocurrencies.

… 3 great friends decided to go on a weekend trip together to visit one of the beautiful magical villages near the capital. Not being their first trip together, the friends chose to create a record of common payments (meals, lodging, booths, gasoline … beers) and proceed with accountability at the end of “the walk”. Before proceeding, it is worth mentioning that these three friends, although believers in the same philosophy of “clear beads, long friendships” were very different with respect to their vision towards the cryptocurrencies.

One of them, Satoshi, was an absolute crypto-enthusiast who for a long time possessed different crypts and kept his money in his Bitso wallet. Although Vitalik did not use crypto, he had a few crypts stored. Charlie had no crypto or Bitso account and preferred to have his money directly in cash.

The weekend was over and it was time to take the road back. The 3 friends decided to leave the account in “tables”, paying each other what was owed. To do so they entered the common expenses, in an excel. The friends who had distributed relatively well the expenses during the trip obtained the following final balance:

They did not want to undertake the return trip without leaving the balance at $0 for all.

The magical village in which they found themselves had 2 ATMs that were in the opposite direction of the road they had to take. So the solution of paying cash directly to Charlie was discarded. The next idea was to make a bank transfer, but Satoshi was desperate for the 30 minutes waiting that his bank was asking him to add a third party account and Vitalik, had not enabled the option of electronic banking. This option was also discarded.

Satoshi, already anxious to leave, proposed to them that they will pay Charlie through Bitso Transfer in a way that everyone will be happy. Charlie, who initially refused because he was lazy to create his account, logged in and under the Bitso app to his cell phone. Charlie, created his Bitso account in a couple of minutes, completing with his personal data and going to level 1. Satoshi wanted to have more crypto, while Charlie wanted to receive his payment in pesos. Vitalik made him a Bitso Transfer of crypto coins to Satoshi, in the amount of $345 pesos. To do it, from his Bitso app:

  • He selected “send”.
  • He selected the crypto currency he wanted to send, in this case ether (which he already had).
  • He used the integrated converter of the app to send the equivalent at the moment of $345 pesos in bitcoin. (tap where the amount appears)
  • You selected “Bitso Transfer”.
  • You entered the Satoshi email (email linked to your Bitso account).
  • Satoshi received the ethers in his Bitso wallet immediately and without any commission.
  • Vitalik was left tables.
  • Now Satoshi had to pay Charlie $995 pesos. Satoshi didn’t want to pay with crypts, which went “pearls” to Charlie who didn’t want to receive anything but pesos. The process for Bitso Transfer of pesos was as follows:
  • Charlie selected the currency “pesos MXN” on the main page of the app.
  • He swiped to the right until he found “Anchor by Bitso Transfer”.
  • He chose the method of anchoring using QR.
  • He gave his cell phone to Satoshi with his QR printed on the screen.
  • Satoshi, from his Bitso app, selected to send
  • You selected the QR icon at the top right of the menu and scanned Charlie’s QR. Satoshi selected from the list of coins he had in his wallet “MXN pesos”.
  • Enter the amount in pesos to send.
  • Charlie received the $950 immediately (without any commission).
  • The whole process took about 5 minutes, of which 80% was the time it took Charlie to create his account. Charlie preferred to continue with his known form and withdrew his pesos directly to his bank account through SPEI (immediately).

That said, the 3 friends are currently transferred instantly either in pesos or in crypto. They use Bitso Transfer by entering mail or phone number when they are separated and by QR when they are together. They no longer wait to create a record, now as soon as a common expense arises they transfer the corresponding amount to the person who made the expense of their stock exchange.

Returning to what was mentioned at the beginning, Bitso not only allows you to buy/sell crypto coins and have them in your wallet. With Bitso you can send and receive pesos and crypto coins, you can pay at any store that accepts crypto (even if it’s not a Bitso wallet) and you can send money anywhere in the world in a few taps. The above, either via Bitso Transfer or via blockchain (option “crypto” in the app). If you want to know how to make Bitso Transfers in more detail, check out the tutorial Send a Bitso Transfer by mail, nú

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