True story about Western Union:
Back in the late 1870s, Western Union essentially owned the communications network of the United States which was the telegraph. Along came Alexander Bell who offered his telephone patent rights to WU. The president of Western Union turned down the offer as he thought the telephone "Was just a toy."
To quote the wikipedia on Alexander Bell:
"Bell and his partners, Hubbard and Sanders, offered to sell the patent outright to Western Union for $100,000. The president of Western Union balked, countering that the telephone was nothing but a toy. Two years later, he told colleagues that if he could get the patent for $25 million he would consider it a bargain. By then, the Bell company no longer wanted to sell the patent.[87] Bell's investors would become millionaires, while he fared well from residuals and at one point had assets of nearly one million dollars."
This is considered one of the greatest blunders in the history of business.
Topic: extinguishing Western union - page 2. (Read 3274 times)
The point of this thread is rendered moot when you consider that Western Union is trial testing blockchain technology with various fintech companies including Ripple Labs. Remittance companies will have adopt some form of blockchain technology if they want to compete.
Interesting, I didnt know that. Do you have a good article you can link please?
Here you go:
http://www.coindesk.com/western-union-pilot-program-ripple-labs/
Whether WU adopts the blockchain model remains to be seen. Ripple Labs is now Fincen compliant. That would help bridge the gap for a traditional remittance company like Western Union looking for a legitimate player in the crypto world.
Bitcoin isn't a company. I think it's time to put you on ignore. tired of your fud
I've tried the burying my head in the sand approach, but never found it to be that productive.
Fud = facts you don't like
A a community we're doing a poor job of getting this message out to the Western Union customer base.
It's easy to imagine that we'd have an significant conversion rate if they were made aware of the savings...
So how do we do this?
It's easy to imagine that we'd have an significant conversion rate if they were made aware of the savings...
So how do we do this?
The issue being ignored is how Bitcoin companies are now being forced to systematically block entire states (IP blocks) from using their services. New York, North Carolina, and the list is growing.
How many times was this new trend mentioned in the "Kool-Aid" lecture?
A a community we're doing a poor job of getting this message out to the Western Union customer base.
It's easy to imagine that we'd have an significant conversion rate if they were made aware of the savings...
So how do we do this?
It's easy to imagine that we'd have an significant conversion rate if they were made aware of the savings...
So how do we do this?
legendary
Activity: 1302
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Core dev leaves me neg feedback #abuse #political
Bitcoin isn't a company. I think it's time to put you on ignore. tired of your fud
Please, please, please, ...quit drinking Andreas' Koolaid, then sober up and read the fine print! He gets paid generous speaking fees to serve up that sweet beverage.
If this type of legislation (the stuff nobody actually reads, below) continues rolling across America, the only thing getting extinguished is Bitcoin. You do understand that the costs of complying with this type of regulation will handicap bitcoin companies in terms of competing with the Western Unions of the world.
http://www.ncleg.net/Sessions/2015/Bills/House/PDF/H289v1.pdf
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^^^^^^ Notice how the banks are explicitly exempt from every single provision in the bill! ^^^^^^
The point of this thread is rendered moot when you consider that Western Union is trial testing blockchain technology with various fintech companies including Ripple Labs. Remittance companies will have adopt some form of blockchain technology if they want to compete.
exactly.
The blockchain is open source. it is not unexpected that companies like Western Union leverages blockchain technology to streamline its own operations thereby bringing down its costs. Cost savings can be passed on as lower prices to customers as the market heats up.
so in the end it is likely to be Blockchain vs Blockchain. the point is how will Bitcoin fare in this market?
The point of this thread is rendered moot when you consider that Western Union is trial testing blockchain technology with various fintech companies including Ripple Labs. Remittance companies will have adopt some form of blockchain technology if they want to compete.
Interesting, I didnt know that. Do you have a good article you can link please?
The point of this thread is rendered moot when you consider that Western Union is trial testing blockchain technology with various fintech companies including Ripple Labs. Remittance companies will have adopt some form of blockchain technology if they want to compete.
they will be the first company to allow bitcoin as an option on the next years, otherwise they will loose several users as bitcoins gets more interest daily they would close their doors,they must play together otherwise they will loose these war without fight 
Every time I see a Western Union sign or a commercial, I just smile and think, guys enjoy this time while you still can, because Bitcoin will get you and shut you down! 
No seriously, WU is used heavily by the immigrants who are sending money back home to their families etc.. They are essentially being ripped off by the 15+ percent fees, these poor people. Just wait until all these people don't get more familiar with BTC!
No seriously, WU is used heavily by the immigrants who are sending money back home to their families etc.. They are essentially being ripped off by the 15+ percent fees, these poor people. Just wait until all these people don't get more familiar with BTC!
People will still need their local currency at the other end for a long time to come. If WU set themselves up as more of a currency conversion business via BTC they could stay relevant whatever develops. They have all the infrastructure set up already. I'm not sure they could give up those big fat fees.
I think most bitcoin user prefer to use blockchain than WU in case for transferring money, no doubt about it. They just depend on non bitcoin user then to survive and compete with blockchain.I have friends in Africa and Asia and know very well, from personal experience, how difficult is to send money to them.
They usually can't get even simple Visa card for example, or paypal account, and often have problems with losses of electricity and internet access.
Western Union fees are very high, it's true, but in such third world countries this is often only way to send or receive money.
Bitcoin is great solution for them, but before that they have to solve their infrastructure problems, otherwise they will have difficulties to use bitcoin.
WU may also add bitcoin as their additional currency, sooner or later.
Yeah we almost forget this infrastructure issue, which no internet access then no bitcoin. Maybe its the advantage of using WU than blockchain. They usually can't get even simple Visa card for example, or paypal account, and often have problems with losses of electricity and internet access.
Western Union fees are very high, it's true, but in such third world countries this is often only way to send or receive money.
Bitcoin is great solution for them, but before that they have to solve their infrastructure problems, otherwise they will have difficulties to use bitcoin.
WU may also add bitcoin as their additional currency, sooner or later.
About western union, do not forget that they started as a telegraphic company.
They evolved one time, and can probably do it again.
It would be very easy for them to add a "bitcoin transfer" offer
They evolved one time, and can probably do it again.
It would be very easy for them to add a "bitcoin transfer" offer
I've been proposing this to them for years.
They have all the licensing they would need, they could buy an exchange or several with cash on hand, especially one in a jurisdiction that is cracking down on licensing stuff. They could get some of those very cheaply.
As a company it is afraid to eat its own children, but if they don't, someone else will. It is just a matter of time and time is not on WU's side.
I have friends in Africa and Asia and know very well, from personal experience, how difficult is to send money to them.
They usually can't get even simple Visa card for example, or paypal account, and often have problems with losses of electricity and internet access.
Western Union fees are very high, it's true, but in such third world countries this is often only way to send or receive money.
Bitcoin is great solution for them, but before that they have to solve their infrastructure problems, otherwise they will have difficulties to use bitcoin.
WU may also add bitcoin as their additional currency, sooner or later.
They usually can't get even simple Visa card for example, or paypal account, and often have problems with losses of electricity and internet access.
Western Union fees are very high, it's true, but in such third world countries this is often only way to send or receive money.
Bitcoin is great solution for them, but before that they have to solve their infrastructure problems, otherwise they will have difficulties to use bitcoin.
WU may also add bitcoin as their additional currency, sooner or later.
About western union, do not forget that they started as a telegraphic company.
They evolved one time, and can probably do it again.
It would be very easy for them to add a "bitcoin transfer" offer
Western Union could evolve and embrace bitcoin, but then how they are gonna explain high fees of each bitcoin based transaction? They evolved one time, and can probably do it again.
It would be very easy for them to add a "bitcoin transfer" offer
Maybe they would try to capitalize on exchange fee - Fiat->BTC. But then again what would the point of using them if you could send someone BTC and he/she could exchange it directly.
Why we need to use western union if we have blockchain in our side? And if they add bitcoin transfer option, what the profit they will get then? I think they can't compete with bitcoin or adopt it.
People will still need their local currency at the other end for a long time to come. If WU set themselves up as more of a currency conversion business via BTC they could stay relevant whatever develops. They have all the infrastructure set up already. I'm not sure they could give up those big fat fees.
About western union, do not forget that they started as a telegraphic company.
They evolved one time, and can probably do it again.
It would be very easy for them to add a "bitcoin transfer" offer
Why we need to use western union if we have blockchain in our side? And if they add bitcoin transfer option, what the profit they will get then? I think they can't compete with bitcoin or adopt it. They evolved one time, and can probably do it again.
It would be very easy for them to add a "bitcoin transfer" offer
About western union, do not forget that they started as a telegraphic company.
They evolved one time, and can probably do it again.
It would be very easy for them to add a "bitcoin transfer" offer
They evolved one time, and can probably do it again.
It would be very easy for them to add a "bitcoin transfer" offer
1.5% is decent no?
Not decent at all, especially when you think how many users they have, and how many "1,5%"'s they take...
Aye, but there is no one out there using bitcoin to do anything like 1.5% at present.
I'm doing .5%, just in bitcoin only. If you have to pay 1% on either end to exchange into bitcoin, it's a little bit more, but if you get paid in bitcoins or buy them directly with localbitcoins.com, etc. it's cheaper.
Bitcoin only transfers cost a penny. How much business are you doing? Perhaps I am missing something, but isn't your service obsolete?
1.5% is decent no?
Not decent at all, especially when you think how many users they have, and how many "1,5%"'s they take...
Aye, but there is no one out there using bitcoin to do anything like 1.5% at present.
I'm doing .5%, just in bitcoin only. If you have to pay 1% on either end to exchange into bitcoin, it's a little bit more, but if you get paid in bitcoins or buy them directly with localbitcoins.com, etc. it's cheaper.
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