Western Union is getting destroyed by Bitcoin in Switzerland

squatz1

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This doesn't really look to show any sort of domination by Bitcoin on Western Union in the least, it seems like more of a one time instance then full proof of domination by bitcoin.

Quote from: Liang_Kubur on February 13, 2017, 07:49:43 PM

This event will be followed in other countries, I'm sure when everyone knows the bitcoin then they never use Western Union services again. I think sending money by Western Union is troublesome and depending with hours of work when taking submissions.

As much as I'd love for bitcoin to become accepted worldwide and to gain traction mainstream, I personally doubt that it will ever fully happen. I believe that some developing / developed nations will use it and it will gain traction their but it won't gain world wide usage instead of FIAT. I'll without a doubt agree with you on WU sucking but people are still able to use FIAT without an issue so theirs that.

People don't like change, it bothers them.

Xester

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Quote from: Vaskiy on February 14, 2017, 11:12:47 PM

Western Union is getting destroyed in Switzerland is a simple thing as most were digitalized and knows how to handle it. In the rest of the world the Machine usage is decreased and exchange services were getting priority, because Machines levy high fee. I think in a city in Korea where 20 Machines in use has got reduced to the 3 or 5.

With bitcoins ability to be transferred to almost any part of the world with just small fees Western Union will sooner or later lost their market and get bankrupt. The only way for western union to overcome this losses they should convert their business into an escrow or an exchange. Their new business should be to exchange local currency to bitcoins and vice versa and of course they will add service fee to every transactions.

Vaskiy

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Western Union is getting destroyed in Switzerland is a simple thing as most were digitalized and knows how to handle it. In the rest of the world the Machine usage is decreased and exchange services were getting priority, because Machines levy high fee. I think in a city in Korea where 20 Machines in use has got reduced to the 3 or 5.

Creepings

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Quote from: Herbet Fry on February 14, 2017, 10:27:41 PM

You are lucky to live in such a great country. Thst is so sweet !! You csn just draw money like that with such ease. The fee is s bit high bit its ok I guess. So what else can you pay for with bitcoin there ?

And I am really being envious to the bitcoin users there, that is really efficient in that case i can draw money everytime whenever i needed without any delays.

If there will be one machine like that here in our country that will be very very helpful.

Herbet Fry

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You are lucky to live in such a great country. Thst is so sweet !! You csn just draw money like that with such ease. The fee is s bit high bit its ok I guess. So what else can you pay for with bitcoin there ?

Pattart

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Quote from: lOvE mE forEvEr on February 11, 2017, 12:35:09 PM

Not unexpectedly, this feared by the bank after the presence of bitcoin. Everything looks messed up so that they will urge the State to prohibit bitcoin because could threaten the existence of the bank.

yeah it looks like the government already knew about it, the potential for bitcoin is very large. its can make currency or bank becomes useless and disappeared as western union

Liang_Kubur

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This event will be followed in other countries, I'm sure when everyone knows the bitcoin then they never use Western Union services again. I think sending money by Western Union is troublesome and depending with hours of work when taking submissions.

bitgoldpanther1978

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Quote from: n691309 on January 30, 2017, 04:22:38 PM

Quote from: 687_2 on January 30, 2017, 03:55:10 PM

Every electronic ticket machine in Switzerland sells XBT, and accepts CHF and EUR cash as payment. Apparently people have been using it for remittance purposes instead of Western Union, and WU decided to try to do something about it:

A perfect reason to walk over to the machine and buy Bitcoin Grin

Am I the only one who don't like buying bitcoin in public places or in these places where are lots of camera which does not give privacy to the amount (I mean only for privacy) but if I don't care for privacy then it's ok, a good place to purchase bitcoin and from the picture provided seems the fees are not high as I thought.

Most ATM machine had installed camera in all different places in then whole world. maybe for now your not interested in bitcoin, but in the long run you'll do gonna like too, because in your place sooner or later in some other places Bitcoin is accepted in different merchants over there.

lOvE mE forEvEr

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Not unexpectedly, this feared by the bank after the presence of bitcoin. Everything looks messed up so that they will urge the State to prohibit bitcoin because could threaten the existence of the bank.

Digitalbitcoin

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Exchanger services like as Western Union, MoneyGram and many other have already take advantage of charging higher rates of commission for exchange fiat currency globally, but now time is changed people are also get aware about anonymous and decentralized digital currency. Which is more comfortable for user.

So In future third party exchange services will be shut down due to higher charges and time taken for transaction.

Bitcoin and few other decentralized platforms are already give a best option to user. Stellar and Ripple are one of them which supports cross border payment system.

frendsento

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Quote from: 687_2 on January 30, 2017, 03:55:10 PM

Every electronic ticket machine in Switzerland sells XBT, and accepts CHF and EUR cash as payment. Apparently people have been using it for remittance purposes instead of Western Union, and WU decided to try to do something about it:

Well I am not kind of shocked hearing this news because it was already happening all over the globe , bitcoin was really fast compare to traditional remittance center , you can get your cash instanly wtihin a day unlike other remittance center that requires lot of verification and fees and you need to wait for days ! I love bitcoin but I am not buying bitcoin in public because I want to stay anonimous .

Creepings

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Whoa, that is really nice to have a bitcoin stand in our place too. Hope they have consider bitcoin as a currency that some other people used too here in our country. And I think there really will be a lot of stand like that if bitcoin is introduced to other countries like us. Though other bank s are accepting some, really money is still used to convert it.

Victorycoin

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Quote from: President79 on January 31, 2017, 12:27:16 AM

Here's the thing feared by financial institutions such as banks, presence of bitcoin will certainly make financial services, and of course there will be a rejection of many of the parties that will keep campaigning to reject the bitcoin. For us as users of the bitcoin, surely this can we expect.

Nice to see Switzerland taking that bold stand for Bitcoin and hope other countries will stop sitting on the fence and embrace Bitcoin because it is actually here to stay. As for WU, MG and many companies out there that are too blind not to see change, even while standing right before them, "early bird eats the worm."

RodeoX

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Quote from: 687_2 on February 02, 2017, 03:39:51 PM

Quote from: RodeoX on February 02, 2017, 03:19:54 PM

Side note:
The Seattle city council has voted to divest it's holdings in western union. This yanks $3billion from them. They are standing with the standing rock Sioux tribe against the pipeline.

Cool, but this was Wells Fargo, not Western Union Grin

OMG your right. Embarrassed

Oops, sorry. I was remembering incorrectly an article I read earlier in the day.

Xester

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Quote from: szpalata on February 02, 2017, 05:38:13 AM

The Swiss mafia is everywhere and I bet they will gradually collapse western union because if they adopt Bitcoin fully and based on their banking history they might be able to hold up the secret and help people store up Bitcoin in Switzerland and help make it stronger than fiat and subsequently make Bitcoin transfers attractive than western union.

Western Union should adopt to the changes of the times. Instead of getting crushed by bitcoin they must integrate bitcoin and use bitcoin in their remittance system or they will convert their system into an escrow system and enjoy the benefits from service fees. If western Union will not adopt bitcoin then sooner or later they will go bankrupt.

Larvas

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Quote from: kryptqnick on February 03, 2017, 05:05:58 AM

I've seen such a post before with photos or some guy buying bitcoins in Switzerland this way but is WU really going away because of this? Can the opposite thing be done, can you buy euro for btc? If not then WU still has its advantage that you can actually get cash and buy something for it. Although I hear the taxation is very high there.

No, the taxation is not high, the fees are.

The transfer money is available to the second party in almost minutes, but for 1000 eur you pay almost 60 eur in WU fees, and the fee goes higher if you want to send more, on 2000 eur it's around 120 eur in fees etc. And the problem is that it's limited to 1500 eur per transfer/wu number (at least that was my experience), in case I'm sending 5000 eur to you, I pay 300 eur in fees, but you get around three MTCN numbers and you have to fill out three papers with the same data but different MTC to pick it up. If it's a small post office, you have to tell them that 24h before that you will come and pick it up.

Via BTC it's much easier, but you don't get the cash instantly...

kryptqnick

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Quote from: Pab on February 02, 2017, 03:29:27 PM

Great,Switzerland is now very friendly for bitcoin,services like WU or Money Gramm are going away,chinise have bought money gramm i ve been reading something thay will try use digital currencys
Maybe news that SNB is accepting bitoinare around corner and it is reason of price spike

I've seen such a post before with photos or some guy buying bitcoins in Switzerland this way but is WU really going away because of this? Can the opposite thing be done, can you buy euro for btc? If not then WU still has its advantage that you can actually get cash and buy something for it. Although I hear the taxation is very high there.

Larvas

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With the stupid fees and limitations which WU has, this is really not a surprise. If this would spread out, I would be the first one who would transfer from WU to bitcoin, especially because it's easier to transfer un-taxed money via bitcoin then via WU.

CraigWrightBTC

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Bitcoin starts spreads to remittance business, the transaction of bitcoin is fast than traditional transaction,
that are some beneficial bitcoin be compared with western union.
The people will choose bitcoin for sending the money than choose western union that has expensive fees
some time western union will be getting destroyed by bitcoin for all of countries.

687_2

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Quote from: RodeoX on February 02, 2017, 03:19:54 PM

Side note:
The Seattle city council has voted to divest it's holdings in western union. This yanks $3billion from them. They are standing with the standing rock Sioux tribe against the pipeline.

Cool, but this was Wells Fargo, not Western Union Grin

Topic: Western Union is getting destroyed by Bitcoin in Switzerland (Read 3123 times)