What is the social value of Bitcoin among immigrant and cross-border labor groups?

Let me put it this way: you can think of Bitcoin as "digital gold" or a global, universal "ledger" not controlled by any single country. For those who work abroad and need to send money back home, its value can be immense.

Let's first talk about how they usually send money, and you'll understand the problem.

For example, Old Wang works on a construction site in Dubai and wants to send 3,000 yuan to his family in China every month. He usually has a few options:

1. Go to traditional remittance companies, like Western Union. The fees are very high; sending 3,000 yuan might cost tens or even hundreds of yuan. Plus, the exchange rates are often unfavorable, as they make an additional profit on the rate.
2. Use bank wire transfers. This is even more troublesome; the fees are still high, and transfers are incredibly slow, often taking three to five days, sometimes even over a week. If his family lives in a small town, they might have to travel a long distance to a city bank to withdraw the money.

As you can see, "expensive" and "slow" are their biggest pain points. The hard-earned money, before it even reaches their family, gets chipped away by intermediaries, which is certainly disheartening.

So, what role does Bitcoin play here? It acts like a "financial overpass," bypassing these toll booths.

Using Old Wang's remittance example again, if he uses Bitcoin, the process might look like this:

1. Old Wang, in Dubai, uses his local currency to buy an equivalent amount of Bitcoin on an exchange platform. This process is just like buying something on Taobao, done in minutes.
2. He opens his Bitcoin wallet (an app on his phone) and "sends" these Bitcoins directly to his wife's Bitcoin wallet address on her phone. This process is like sending an email or a WeChat transfer; you tap "send," and it can be received anywhere in the world, with no banks or remittance companies in between.
3. After his wife receives the Bitcoin in China, she then sells it on a domestic exchange platform, converts it to RMB, and withdraws it to her bank card or Alipay.

If everything goes smoothly, the entire process might take only one or two hours, or even less. Most importantly, the intermediary fees are very low, perhaps just a few yuan in "miner fees" (which can be understood as a tip for the network's record-keepers). Compared to traditional remittances, this saves a significant amount of money.

Therefore, the most direct social values are:

1. Lowering remittance costs, preserving hard-earned money: This is the most tangible benefit. For low-income laborers, the fees saved each year could cover a child's tuition for a semester or a new appliance for the home.

2. Improving remittance efficiency, addressing urgent needs: If there's an emergency at home requiring money, the several days of waiting time for traditional remittances could cause significant delays. Bitcoin's near real-time transfer speed ensures money can be used when it's most needed.

Beyond remittances, there's a deeper layer of value:

3. A "mobile bank account": Many overseas laborers might not have local bank accounts, or the account opening procedures are very complicated. A Bitcoin wallet can be created with just a smartphone; it doesn't belong to any bank, only to you. This means your assets can travel with you; no matter if you move from one country to another, as long as you have a phone and internet, your "bank" is always with you. For those with unstable statuses or who frequently migrate, this provides a crucial sense of security.

4. A "safe haven" for wealth: Some countries' currencies depreciate very quickly, such as Argentina or Turkey. The money you painstakingly saved for a year might be worth only half as much a few months later. In such situations, some people choose to convert their money into Bitcoin to combat their national currency's inflation. While Bitcoin itself has significant price volatility, compared to fiat currencies that are like "melting ice cream," it at least offers an alternative option.

Of course, this thing isn't a panacea; it also has its problems:

• High price volatility: This is the biggest risk. Old Wang might send 3,000 yuan worth of Bitcoin, but by the time his wife receives it, due to a price drop, it might only be worth 2,800 yuan. Of course, it could also rise to 3,200 yuan.
• Barrier to entry: For those unfamiliar with smartphones and the internet, learning how to use a wallet and conduct transactions requires a learning curve.
• Regulatory risks: Different countries around the world have varying attitudes towards it; in some places, regulations are very strict, making transactions less convenient.

In summary, for ordinary people, Bitcoin might be more of an investment or speculative asset. But for the specific group of immigrants and cross-border laborers, it's more like a tangible tool. A tool that helps them save money and time, protect their assets, and even grant them financial freedom at critical moments. Its social value lies in this tangible empowerment of grassroots communities.