Obviously cryptos are not very close to this goal, but you can imagine that it could be very convenient in this example if that was not the case.
While I havent personally done an in person bitcoin exchange, I'd imagine that there aren't too many people doing it this way, and probably not in quantities of $1000+. I would love to hear about the experiences of people who have done this.
The other option would be to setup a bank account, which might be a bit of a challenge if the person is not a citizen, or perhaps not even in the country legally, and then there's the issue of the money now having a permanent digital paper trail (not bad per-se, but probably something your typical migrant worker sending money home might try to avoid (but seriously pay your taxes))
- Bitcoin ATM: You insert cash and get bitcoin on your wallet. There are over 1000 ATMs in US alone. [1]
- People: There are lot of craigslist-like sites for P2P bitcoin exchange. [2]
- Gift card: Again there are lot of communities for exchanging gift card for bitcoin. [3]
- Bank account/Debit/Credit card: You can buy bitcoin from sites like coinbase which are US-based and are actually FDIC insured. [4]
I sold bitcoins in person around 2012-2013. I had way more demand than bitcoins I was willing to sell.
Doesn't that imply it isn't easy? Or at least wasn't back then?
They ended up getting scammed a few times, and they realized that it was a fairly efficient market after all. So they got out.
With a bank account or debit card it's even easier.
In light of that claim, I wonder how difficult it would be for: one of my neighbors in Queens, NY to take $1000 cash, turn it into bitcoin, send it to a brother in Cebu City, Pachuca, or Dhaka; for the brother to turn those bitcoins into Philippine or Mexican pesos or Bangladeshi takas; how long it would take; and finally how much it would end up costing versus the mid-market exchange rate between dollars and the other currency.