Indeed, Western Union will soon feel the effects of Bitcoin remittances. The years of plenty have passed for WU, their market share and profitability will shrink dramatically.
That said I still think that Bitcoin remittances mediated by third parties such as Bitpesa will only be a transitory phenomenon as well. The true power of Bitcoin will unfold, when it is used for direct international person-2-person payments from one wallet to another without any middlemen or conversions involved. It will take some time, before this will become the norm, but I'm confident that it will happen. A necessary precondition is a large BTC-only marketplace, so the recipients of remittances can spend their BTC directly.
ya.ya.yo!
That said I still think that Bitcoin remittances mediated by third parties such as Bitpesa will only be a transitory phenomenon as well. The true power of Bitcoin will unfold, when it is used for direct international person-2-person payments from one wallet to another without any middlemen or conversions involved. It will take some time, before this will become the norm, but I'm confident that it will happen. A necessary precondition is a large BTC-only marketplace, so the recipients of remittances can spend their BTC directly.
ya.ya.yo!
as much as I dislike WU and their overpriced,robbing services
I think that the infrastructure in africa is not ready for bitcoin to become a competitor in terms of general public transfers
WU has huge network of outlets,it is prety easy to get your money even if you live in a small town
with bitcoins it is a two step process-you have to recieve funds,then you have to exchange for fiat
while the first step is easy,obtaining cash is going to be complicated,years can pass before the players like Bitpesa you mentioned and the rest
create an infrastructure comparable to the WU coverage
