Bitcoin craze has attracted Western Union and MoneyGram — All You Need to Know.
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If they act quickly, Western Union might become the de facto method of converting cash the woo and from bitcoins all over trld.
They will become useless and outmoded if they hesitate and wait too long.
WU, make the wise choice.
Yeah, don’t screw it up like the last time you passed on the Telephone Patent:
The Telephone is designed to send the speaking voice across telegraph wires. We discovered that the voice is extremely weak and indistinguishable, and that it becomes considerably weaker when long lines are utilized between the transmitter and receiver. We do not believe that this gadget will ever be capable of sending recognized speech across long distances.
This is significant. In poor nations, WU maintains a vast network of cash distribution locations. If they supported Bitcoin-to-cash transactions, we’re talking about BILLIONS of dollars in remittances per month. Bitcoin craze has attracted Western Union and MoneyGram
Western Union operates tens of thousands of physical facilities worldwide. If they allow individuals to trade money for bitcoins, they will never be obsolete. These internet stores cannot compete with physical stores.
If they move rapidly, they may be able to outperform Ripple. Unless Ripple has a lot more splash than I’ve seen.
This is enormous. Can you imagine how much more accessible bitcoin would be?
WU isn’t going to be enthusiastic about entering a completely new line of business, risking their reputation, and having that entire business arm die off if Bitcoin fails.
What they want is to increase the bottom line of their current firm, which is where Bitcoin comes in. If you want to sell them on Bitcoin, demonstrate how it can easily work as a back end (invisible to clients) to dramatically simplify their money-transfer company.
They must be left with the sense that by “not upgrading to Bitcoin” for their back end, they are throwing away free money. This is the road with the least amount of resistance. If they feel comfortable with it, they might consider offering BTC-cash conversion services or even acting as an exchange, but that will be much later.
Yeahhhh, I’m going to need Western Union and MoneyGram to get out of my way. They’ve had their chances, but this is my niche.
They are, admittedly, in an ideal position to do so, so I must move everything quickly.
Check it out at CashIntoCoins.com; you don’t even have to leave your house.
Given that anyone from all over the world could bring cash to WU and instantaneously pay anyone in the world for online products/services, I believe they should use this as an opportunity to surpass Paypal and become the dominant online payment processor. While Paypal is useful for people in wealthy countries, it is of little use to a big section of the world because it does not interface properly with bank accounts and many people do not have bank accounts.
The value of WU as a Bitcoin gateway would be enormous. However, I doubt they would be inexpensive. If they proceeded on this, Moneygram and others would be forced to follow.
It wouldn’t surprise me if they’re already planning on dealing in bitcoins.
Savvy CEOs don’t usually make statements like these unless they’re trying to generate some pre-announcement buzz or, at the very least, testing the waters to gauge public reaction. Especially if they’ve already taken a corporate choice to embrace a potentially competitive technology.
Sure, I could envision using WU to purchase bitcoins. What I don’t see is sending someone Bitcoin-denominated money through Western Union, as the WU representative claims in the article. WTF? I can’t stop grinning.
It makes perfect sense to give cash to someone who does not have a computer or a bank account.
I’d never done a Western Union transfer before, until a few weeks ago, when I received my first bitcoins from bitinstant. I had the coins within minutes of completing the paperwork, so it was a really simple transaction. However, the additional fees from ZipZap made it a little inconvenient. If that fee could be eliminated and Moneygram took the initiative to be the sole middleman, it would be fantastic for them and everyone looking for rapid USD to bitcoin conversion.
Yes, Western Union, that’s what we’ve been calling it for quite some time*. But the business-analyst perspective on Bitcoin midway down on its possible impact on credit-card businesses is more significant to me:
According to analysts, most existing mobile-payments systems pose little risk to Visa and MasterCard because transactions using the services are frequently paid behind the scenes with credit and debit cards. However, analysts believe that if a digital currency such as bitcoin, which eliminates the need for credit cards or bank accounts, gained enough users, it might hurt their operations.
According to executives and analysts, bitcoin does not pose a significant danger in its current shape because it is not a widely accepted payment option by online or physical retailers and is extremely volatile, limiting its attractiveness.
It appears that the analysts are jumping onto each potential negative aspect in order to defend their company’s position. They are undervaluing bitcoin. They also don’t comprehend the bullet-point about the lowest transaction costs.
This is enormous. It’s Napoleon’s generals telling him how simple it will be to conquer Waterloo.
BitInstant should take the initiative and interact directly with WU/MG. This is fantastic news! PayPal could be next… (Disclosure: I work for an eBay subsidiary (not PayPal), however I’m aware that bitcoin has been discussed within the firm since 2011, and I’ve personally revived those discussions in the last few months.) I know some people here dislike PayPal (for various reasons), but I believe they could contribute a lot in terms of security and payment processing for bitcoins, and if fees were kept low, it would keep bitcoin’s low to zero charge advantages while adding security and accelerating global adoption.
It might be significant news for BTC. They must, however, develop a new business model. The most obvious is an easy and trustworthy exchange.
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They can and should complete the final mile. Like:
BTC->WU website —–> WU Agent -> local currency and BTC->WU Agent —–> WU Agent -> local currency and BTC->WU Agent -> local currency and local currency->WU Agent -> BTC
According to the publication, they most likely only want to buy bitpay.
A service like WU that uses individual bitcoin transactions to transfer value across branches across cities or countries is perfectly suited to bitcoin’s current form.
Using bitcoin as a currency intermediary to move value between two locations would represent a significant shift for bitcoin, effectively offloading bitcoin transactions from the blockchain and into fiat systems.
This is the type of thing that MUST happen if bitcoin is to expand in popularity and value without abandoning decentralization in favor of inflated block sizes.
bloat ed_ edit
This is the key to understanding how it could work for WU:
The sender sends bitcoins worldwide to a recipient while avoiding any international regulations.
The recipient enters into the local WU website and transfers bitcoins to the WU address. This is a local transaction, a basic payment transfer of an item.
The recipient visits the WU office and exchanges local cash.
WU charges a fee for domestic cash transactions while legally avoiding all international banking and government laws.
The executives face money laundering allegations.
Western Union was one of the original methods for obtaining bitcoins. They are not used since their prices are high.
When bitcoin was around $1 per coin, I purchased my first coins over Western Union.
What value might Western Union possibly add to bitcoin? If you want to send it to someone, get their wallet address and do it without paying exorbitant fees.
Is there any way to determine how much money may theoretically flow in bit coin through WU? What effect would Amazon have on the value?
Western Union is a shambles. They charge me $35 to send simply $200 to family overseas.
I was hoping Bitcoin would shut them down rather than join the greedy cunts.
Unfortunately, clean electricity continues to rely on polluting coal-fired steam. Computers power our malfunctioning national electricity network and, on top of that, the Internet. New technology is constantly dependent on existing systems.
As a result, Bitcoin will need to deal with the weaknesses of money and debt via exchanges in the foreseeable future, and will serve as only a wealth transfer medium. Sadly, collaborations with money wires may be a necessary evil.
Send bitcoin-denominated transfers? It makes no sense to transmit bitcoin because Mexicans must spend pesos? According to this story, they are utterly unaware that Bitcoin is about to destroy their business. They consider Bitcoin to be a “currency,” so they haphazardly consider integrating it into the “currency” component of their system, but they don’t understand how that fits, so they don’t care. It doesn’t make sense because Bitcoin replaces their entire business!! It’s not really a contest because it’s not even close; their fee for sending $1 to Mexico is $5. They’ll be absolutely caught off guard and routed. :O
True, and I believe that if bitcoin acceptance accelerates quickly enough, blindsiding will occur.
If it does not, they will be threatened by it and will have a strong motivation to research and learn about it. They may be able to adapt quickly enough to create a new business model based on bitcoin that leverages their existing infrastructure.
In any event, as long as bitcoin is not the unit of account, they can profit from bitcoin and global currency exchange and transfer needs.
They will be rendered obsolete if and when this occurs. However, this might take decades.
If they do take up the bitcoin banner, they will accelerate bitcoin acceptance, which would, unfortunately, hasten the downfall of their primary business model, but they will benefit in the interim, which is good for the world.
If I were an MBA searching for a bitcoin-related opportunity, I would approach Western Union, et al., and advocate for a bitcoin-pilot program. That would be an interesting experiment.
While I disagree with how you described it, it is true that the costs to transmit money are a concern. Combine that with the fact that you must provide a lot of personal information, and I am no longer interested in doing business with them. I’m going to stick to localbitcoins. Bitcoin craze has attracted Western Union and MoneyGram for real.