Walmart's new money transfer system thanks to Bitcoin?

BLKMined

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Quote from: gagalady on April 19, 2014, 09:39:21 AM

Walmart is also "big step" for bitcoins isn't it? If amazon will accept bitcoins and later some other companies, bitcoin will get more and more known till it gets as regular currency for everyone. That would effect bitcoin price to go up alot right?

Yes the price will shoot up tremendously!

bryant.coleman

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Quote from: gagalady on April 19, 2014, 09:39:21 AM

Walmart is also "big step" for bitcoins isn't it? If amazon will accept bitcoins and later some other companies, bitcoin will get more and more known till it gets as regular currency for everyone. That would effect bitcoin price to go up alot right?

In France there was this news of some supermarket planning to accept Bitcoin by the end of 2014. Who knows? If it comes out to be successful, then we can also expect the giants like Walmart and Cosco accepting Bitcoins. Grin

ParsnipCommander

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Quote from: BittBurger on April 19, 2014, 08:51:23 AM

Doesn't matter if its expensive and limited compared to BTC.

Its trusted (walmart) and its cheaper than other current options.

Therefore it will succeed.

You guys need to remember how people think.

Nobody gives a shit about Bitcoin out there right now.

If Western Union created its own system, and advertised 90% reduced rates because they stole some elements of Bitcoin, they would succeed.

They have contracts with 711's all over the world to cash out from. They have the infrastructure, the trust (name recognition), and the resources.

Nobody cares about Libertarian ideals, or the importance of decentralization out there.

Only we do, because we understand the power behind it. All anyone cares about is "Is this cheaper than the previous option?"

If the answer is yes, it will succeed.

Lets hope Bitcoin becomes as easy to use, and has the same substantial infrastructure. But shit like that takes years to build...

-B-

Huge +1. It's all about the mass psychology and advertising. Perhaps bitcoin will pick up in developing countries first before it hits the US in a major way?

gagalady

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Walmart is also "big step" for bitcoins isn't it? If amazon will accept bitcoins and later some other companies, bitcoin will get more and more known till it gets as regular currency for everyone. That would effect bitcoin price to go up alot right?

jc01480

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Nope..

I would like to hear details on corporate discussions as to why they believe bitcoin isn't quite ready for the express lane at Wal Mart, Target, my local grocery store, etc. I want to know the issues so I can work on them. I, like most of you, believe this is an awesome way for people to save money, fees, and everything else that siphons away fiat during a regular purchase.

Some obvious issues:
1) speed of transaction
2) POS device/integration
3) universal smartphone payment app.
4) popular adoption
5) ROI

Feel free to add to the list (brief summary).

BittBurger

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Doesn't matter if its expensive and limited compared to BTC.

Its trusted (walmart) and its cheaper than other current options.

Therefore it will succeed.

You guys need to remember how people think.

Nobody gives a shit about Bitcoin out there right now.

If Western Union created its own system, and advertised 90% reduced rates because they stole some elements of Bitcoin, they would succeed.

They have contracts with 711's all over the world to cash out from. They have the infrastructure, the trust (name recognition), and the resources.

Nobody cares about Libertarian ideals, or the importance of decentralization out there.

Only we do, because we understand the power behind it. All anyone cares about is "Is this cheaper than the previous option?"

If the answer is yes, it will succeed.

Lets hope Bitcoin becomes as easy to use, and has the same substantial infrastructure. But shit like that takes years to build...

-B-

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: jubalix on April 19, 2014, 08:17:15 AM

EXPENSIVE and limited v BTC

BTC $900 / $50 for 0.0002 ~ 0.0001 BTC or at 1K per BTC 20 ~ 10 c

You forget the fiat-to-BTC and BTC-to-fiat conversion charges. Anyway, this new service is not a competitor to Bitcoin. It is a competitor to Moneygram and Western Union. Compared to the WU, this is really cheap.

jubalix

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Quote

Beginning April 24, Walmart will allow someone to send money from one Walmart in the U.S. to another, where it then can be picked up. The transfer takes less than 10 minutes. The fee is $4.50 to transfer up to $50 and $9.50 to send up to $900.

EXPENSIVE and limited v BTC

BTC $900 / $50 for 0.0002 ~ 0.0001 BTC or at 1K per BTC 20 ~ 10 c

Brangdon

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Quote from: 7Priest7 on April 18, 2014, 02:32:54 PM

Bitcoins defining characteristics are decentralization and freedom.
This Wal-Mart offering is incomparable.

And Walmart offers ubiquitous stores and ease of use. What struck me as interesting is that it shows there is demand there for money transfer services, even in the US where credit cards are common.

BLKMined

newbie

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Quote from: 7Priest7 on April 18, 2014, 02:32:54 PM

It's not right to compare that to BTC.

Bitcoins defining characteristics are decentralization and freedom.
This Wal-Mart offering is incomparable.
Also, Money Transfers have existed long before BTC.

Sup 7Priest7! Of course I know its decentralized(meaning no one owns BTCitcoin), I was just making the comparison of the price is all! But I am positively sure Walmart and other retailers will start to utilize BTCitcoin for another form of payment option

jaxvier

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BTC soon to hit walmart? would be nice

7Priest7

sr. member

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It's not right to compare that to BTC.

Bitcoins defining characteristics are decentralization and freedom.
This Wal-Mart offering is incomparable.
Also, Money Transfers have existed long before BTC.

BLKMined

newbie

Activity: 53

Merit: 0

Your right CoinRocka and BTCitcoin still has a cheaper fee. People will use whatever is more con·ven·ient and only what they know of. BTCitcoin community is just more blessed than others Cool

RixDollar

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I'm surprised it took them this long to implement this.

CoinRocka

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Merit: 250

http://money.cnn.com/2014/04/17/news/companies/walmart-money-transfers/index.html?hpt=hp_t3

It won't work. We're coming for all of it Walmart!!

Topic: Walmart's new money transfer system thanks to Bitcoin? (Read 1035 times)