Western Union’s CEO recently stated that they will use Bitcoin – All You Need to Know.
I’m not sure if you can download the recording because it was only on live television: http://www.bloomberg.com/tv/
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Western Union’s CEO has just demonstrated why the company will fade into obscurity.
He wants Bitcoin to be “Regulated Like a Currency,” which presumably means “Issued by a Central Bank.”
Good luck with him.
He has no choice but to say these things because Western Union is firmly embedded in the FIAT mafia’s empire. They are the Buzzards that feed on the carcasses of nations devastated by the Global Banking Cartels. Charging exorbitant fees for remittances is literally draining the life out of the impoverished.
I’m looking forwards to the day when Western Union follows in the footsteps of Blockbuster and Kodak.
I believe it is evident that he does not understand Bitcoin, and Trish Reagan does not either, even after a year of seeing her interview people about it.
The purpose of using Bitcoin to transmit WU value is not to treat it like any of the other 100+ currencies. Rather, the goal is to use Bitcoin as the rail that serves as the transfer’s backbone.
Agreed. Even if they were to deal in Bitcoin, they would fail by charging 20% fees for transfers that everyone may make for free.
I couldn’t agree with you more. I would LOVE to see Bitcoin kill Western Union.
Blockbuster still has 50+ franchise stores in operation, and Kodak has a market valuation of more than $1 billion dollars.
That is referred to as a side swipe. However, he is batting at a phantom, and I have a hunch they will utilise bitcoin sooner rather than later.
 “Bitcoin will bring down global governments”
[x] “fiat” in capital letters
[x] describing the financial services business as “outdated”
[x] “Bitcoin will bring economic liberty” calling central banks “mafias” or “cartels”
Very excellent! Sir, you’ve earned 3 minutes of stroking.
Not happening, especially as it remains the best option for remittances and other forms of foreign money transfer.
Is it realistic to expect Western Union to charge a separate fee for Bitcoin?
Nooo! I adore Kodak. At least once a week, I shoot a roll of portra or ektar:)
“Through GOVERNMENTS.” I believe you are missing some crucial information here. WU, like Amazon or PayPal, has no motivation to promote the usage of anything on the black market. Governments are already developing and enforcing laws and regulations governing the legal usage of bitcoin.
maybe they see the guillotine approaching and are attempting to figure out how to avoid losing their head.
This sounds like a corporation that is prepared to adapt rather than cling to the past and die. Awesome.
Yes, very well said.
Fuck them evil fcks and their preying on the poor. It will be a long and difficult battle, but Bitcoin should prevail.
In other words, they will never employ it. Yes, it’s the equivalent of saying, “I’ll do it when the pigs fly.” Even Western Union’s CEO wants to get rid of the company.
They have a massive agent network. These agents are able to collect payments and distribute tokens. They can also take a token and distribute cash. There are fees associated with offering such a service.
True, this cannibalises their existing model, but Bitcoin kills it anyhow – with or without Western Union’s help. So it’s better to embrace Bitcoin and profit from it than to ignore it and hope it goes away.
Compare BitPesa.co to Western Union.
COST: (For example, send $100 to Kenya.) Due to the bad currency rate, Western Union charges fees of 10% or more, depending on the nation of origin. For example, sending $100 AUD from Australia costs $10 in fees, while the recipient receives 8,053 KES (about $97.50 AUD), a rate of nearly 13%. https://www.westernunion.com.au/WUCOMWEB/priceItResultsHome.do?method=load&next SecurePage=Y BitPesa charges a flat 3% fee.
SPEED: Western Union: to a bank account, cell phone, or cash at a Western Union agent. The speed varies depending on the procedure. To mobile, BitPesa (M-Pesa, Airtel, Orange). Completed in a matter of minutes.
VERIFICATION: Western Union: Prices vary depending on the mode of delivery. BitPesa: The first transaction, up to 55,000 Ksh, was sent without the sender’s identity being verified. The recipient must be enrolled with the payment network of the mobile operator.
Western Union will be unable to continue operating once every major remittance corridor has a BitPesa.
But, isn’t the objective of Bitcoin to put these old institutions out of business?
If Western Union is still in business once Bitcoin becomes widespread, we failed somewhere along the way.
They use it to send money faster and for less money, then bill the customer an arm and a leg for the service.
This will not work in the long run.
If he truly stated this, they’re out of the game.
Most people will not have the knowledge or desire to understand everything there is to know about Bitcoin. It’s the same with remittances, which are now handled by WU and other companies. A person with or without access to the banking system or other forms of monetary transfer can simply send money abroad through thee companies for a charge that, while outrageous to us, is within the sender’s means and personal judgement reasonable.
I’m not sure, but I still perceive WU as a money changer. Sure, I can transfer money to a guy in Africa, but if he wants to pay someone in a different currency, perhaps he can step up to a WU and change the BTC into the currency he requires.
Perhaps Bitcoin ATMs will completely take over this market, but in the meantime, WU locations currently exist, so they should take advantage of them while they can.
You believe that you are too cool for Bitcoin Western Union. However, Walter Cronkite, you are not.
He stated that he would employ a centralised bitcoin issued by a reserve bank.
This has nothing to do with bitcoin, as he previously stated that he would never endorse it.
So he should have simply said, “We would use a controlled cryptocurrency.”
He appears to be using the term “bitcoin” when he meant “cryptocurrency.” It’s entirely probable that governments would issue their own crypto at some time, and that’s what he’d be comfortable investing in.
They are speaking from the perspective of an outdated paradigm. It is not up to them or the government to determine if bitcoin is a money or not. It is entirely up to the people.
A whole new system is being constructed, and it will eventually be completely independent of any of the existing jurisdictions.
Bitcoin does not require Western Union; yet, Western Union might earn from Bitcoin if it so desired.
Wait for the government to step in. What kind of twisted, twisted, twisted corporate environment do we live in these days? The horse requests permission to pull the cart…
And this is one of the consequences of today’s risk-averse, Fed/QE-cushioned corporate nanny culture. Risk is just no longer tolerated. Companies are genuinely terrified to innovate, waiting for their masters in DC to loosen the chains before ever considering escape.
This Bitcoin space requires its own Steve Jobs.
“In essence, we not only believe in the illusion of de-risking, but it has become the single overarching goal; de-risking above growth, de-risking above innovation, de-risking above everything. And now the Fed is spending $70 billion per month to “de-risk” a largely bankrupt banking industry. And this can only lead to disaster. On the surface, the notion that capitalism can be practised without danger is absurd.”
MadBitcoins Live: Bitcoin Hearings in New York
A world in which a company’s balls are firmly controlled by its investors. Because of the 2008 Econopocalypse, all investors/stockholders have become extremely risk cautious, and their screams for little to no risk have been heard.
When there are no rules, we get mybitcoin.com, mtgox, ubitex, bitscalper, bitcoin savings and trust, bitfloor, and so on.
If you want bitcoin to work as anything other than an underground currency that can only be exchanged hand to hand, it isn’t. Whether you like it or not, the government in the relevant (aka proximal to the user) jurisdiction must consent to the exchange of fiat to bitcoin or vice versa with enough convenience, reliability, and safety to be beneficial to most people.
You have to wait for the government to regulate, or you may choose not to regulate, or you have a black market currency that no merchant can/will take and that can only be accepted and traded hand to hand in exchange for or in exchange for other currencies.
What I understood him to say was that bitcoin is now viewed as a payment platform rather than a currency because it is not regulated as such and is considered an asset.
He also stated that Western Union may use bitcoin as a payment mechanism, but when questioned if they would send/receive bitcoin as a regular currency, he stated that it would need to be controlled (and yes, he mentioned how it was not issued by a central bank). If it is regulated as a currency, it will be added to the hundreds of currencies they already deal with.
It wouldn’t make sense for WU to send and receive bitcoin as a currency on behalf of consumers, when you can do it yourself for free. What makes sense is for WU to replace their archaic EFT systems with blockchain-based payment solutions.
You must comprehend that crypto currency is harmful. First Data is Western Union’s parent business. First Data processes 80-90% of all credit card transactions worldwide. They are a fee-based service provider that profits from all debit and credit transactions.
Western Union has reached the end of its useful life. This is akin to someone saying, “I want to get into the business of transporting cash from person A to person B,” when both A and B are in the same room.
What exactly does he mean by “regulated”? Bitcoin is governed. The same restrictions that apply to fiat currency in terms of money laundering and other issues apply to bitcoin businesses and exchanges as they do to banks. As a result, bitcoin is regulated.
No, it is not. Things like Gox would not have occurred. Likewise, Neo and Bee. It is absurd to refer to BTC as regulated.
In TFA, he specified exactly what he meant: “controlled and issued by a central bank.”
“Yes, the Internet looks really fascinating, and my company will acquire a fleet of them once they have 4-door ones,” he could have said.
That’s why Gox was able to lose millions of dollars in BTC that no one can find. Super controlled.
BREAKING: Fisher Carriage Company CEO is open to examine internal combustion engines if engineers can make them to run on hay and water.
So, if I interpret Western Union’s CEO correctly, after Bitcoin is regulated, they’ll charge me 5% or so for the privilege of moving payments through a network that is otherwise almost free to use if I simply download a wallet.
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Count me in!
I’d be quite impressed if Western Union could integrate bitcoin into their existing infrastructure.
According to what I’ve heard, they now employ EFT (Electronic Funds Transfers) and other techniques to transfer money between countries in their system. Nothing would prevent them from transferring Bitcoin into and out of each country instead. That would only work if Bitcoin was legal and regulated in both the sending and receiving countries, and if it could be done in front of or behind the user.
Edit: I understand that they would only make exchanges to extract gains and replenish up reserves in each country when needed to fix imbalances, rather than each transaction. Using bitcoins instead of EFTs may still save them money.
And farewell, Western Union. Okay, Western Union wants to deliver bitcoin for people… but can’t anyone do that without Western Union? Isn’t that the whole point?
This new one sounds promising. It explains why everyone in large, wealthy companies is aware of Bitcoin but cannot utilise it to save money.
Wow! Maybe I’ll use my Western Union bitcoin card in the future. It sort of destroys the purpose of Bitcoin.
So, who cares? Bitcoin does away with the necessity for money transfer services.
Can anyone endure the agony of seeing this and provide a response as to how they would “use Bitcoin”?
I hope Western Union never again employs Bitcoin. His statements have no meaning. Time will tell what they do with BTC.
Best of luck with that WU. I’m looking forwards to your demise. True, but with bitcoin, there is no need for Western Union to exist.
What a tease….either he’s joking and doesn’t think it’ll be regulated and classified as a currency, or this is a bold move that might, theoretically, be extremely good news for Bitcoin supporters. Oh, and the moon, blah blah, etc.
I believe Walmart has abandoned Western Union in favour of their own wire service. I believe that was their largest partner… They won’t be relevant for much longer, in my opinion.
The CEO also stated that he would switch to Coke if Coke changed its formula to taste more like Pepsi.
It appears that they are passively calling for regulation. I despise Western Union; these scumbags have been thriving off the backs of hardworking Mexicans for centuries.
I hope everyone on their board contracts Aids and ends up hanging upside down over an anthill.
I used to dislike Western Union, but I’m going to change my mind. It’s merely a FUD spreading method of stating bitcoin is unregulated by the government without really saying it openly, which would result in people saying, “hey you idiot, bitcoin is controlled.”