Why Doesn’t Western Union or Moneygram Use Bitcoin? - page 2.

bravehearth0319

hero member

Activity: 1022

Merit: 500

Quote from: OmegaStarScream on January 29, 2017, 01:09:09 PM

The short answer is that Western Union doesn’t need Bitcoin in its current infantile state. Conversely, if and when Bitcoin reaches adulthood the world would no longer need Western Union.
I really liked the above statement and this is one of the fewest articles that I really enjoyed reading on cointelegraph[1].

[1] https://cointelegraph.com/news/why-doesnt-western-union-or-moneygram-use-bitcoin#

It is because Moneygram and Western Union are both regulated industry. While bitcoin is not, when it comes to the services in terms of payment bitcoin was really more advantage to them, because it fast transactions, the fee of charge is very minimal, very much secured and more safest for me.

audaciousbeing

hero member

Activity: 1330

Merit: 569

I actually dont expect them to accept bitcoin, because the moment that is implemented, then the fees they charged as a form of revenue will drop drastically and aside from that, for their own justification, their business is really regulated and they even exist within the confines of the law of the particular country which they are operating. Any country that does not accept bitcoin as a form of legal tender then western Union is under such rule not to accept so far its still ready to run business in that country.

Dudeperfect

hero member

Activity: 1190

Merit: 534

Absolutely agree, if they start using bitcoin then people would not use western union or similar services as bitcoin doesn't need any third party. Alternatively, it will also affect their revenue model in a negative way. I see good future of the companies like bitpay so we can safely say that bitpay is a new PayPal or Western union.

Schuyler

hero member

Activity: 518

Merit: 500

Quote from: OmegaStarScream on January 29, 2017, 01:09:09 PM

The short answer is that Western Union doesn’t need Bitcoin in its current infantile state. Conversely, if and when Bitcoin reaches adulthood the world would no longer need Western Union.
I really liked the above statement and this is one of the fewest articles that I really enjoyed reading on cointelegraph[1].

[1] https://cointelegraph.com/news/why-doesnt-western-union-or-moneygram-use-bitcoin#

The Western Union and MoneyGram are also good in service especially to send or receive money.There can be no bitcoin in money transfers because they differ by system and policy. Bitcoin doesn't need western union and money gram,western union doesn't need bitcoin. What I like in bitcoin is fast transaction and low fees, unlike in western union and money gram, they both have higher fees. Bitcoin for me is a barrier to money transfers when it became legal throughout the world because more of customers in western union and money gram can transfer to use bitcoin.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: shield132 on February 07, 2017, 08:33:20 AM

We have a chanse to see that western union maybe will accept bitcoin because they are getting destroyed by bitcoin in switzerland. There was opened thread about that. Many electronic ticket machine accepts bitcoin and people have been using it for remittance purposes instead of Western Union.
More information and discussion can be found here if you don't know this thread:
https://bitcointalksearch.org/topic/western-union-is-getting-destroyed-by-bitcoin-in-switzerland-1770481

Bitcoin is crushing them in Switzerland, But how western union is going to make money out of it? I don't see a clear business plan to adopt bitcoin and somehow make money out of it, if they charge an additional fee people will just use bitcoin directly without the added fee of western union.

shield132

hero member

Activity: 2352

Merit: 905

Metawin.com - Truly the best casino ever

We have a chanse to see that western union maybe will accept bitcoin because they are getting destroyed by bitcoin in switzerland. There was opened thread about that. Many electronic ticket machine accepts bitcoin and people have been using it for remittance purposes instead of Western Union.
More information and discussion can be found here if you don't know this thread:
https://bitcointalksearch.org/topic/western-union-is-getting-destroyed-by-bitcoin-in-switzerland-1770481

Teraboy

hero member

Activity: 2282

Merit: 505

Quote from: Vikash kumar on February 05, 2017, 04:18:55 AM

Western union or moneygram does not use bitcoin because wu's fee is higher than bitcoin transection fee and the money exchanging process is easier than bitcoin.they can exchange their money by dibit card or atm.

They're all in the same competition with bitcoin, but this is no sense for me. Does WU and money gram want to use bitcoin? That's a silly question.

It's also mean if they're trying to use their opponent's p[roduct. in fact, bitcoin already overcome Western Union.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: CyberKuro on February 06, 2017, 06:15:33 AM

Quote from: The Sceptical Chymist on January 29, 2017, 07:51:58 PM

Quote from: calkob on January 29, 2017, 04:10:22 PM

I would say that when bitcoin really takes hold we will eventually see the end of western union and moneygram.

I doubt this is going to happen in our lifetimes, and probably not at all.

Bitcoin is only a $12 billion market. That's too damn small to be using it as a worldwide currency. Way too damn small.

I doubt it too as not all of transaction could handled by blockchain itself, so that we still need Western Union or other moneygrams.
But bitcoin actually could replace any service of moneygram that not using bitcoin as medium of transaction, we're heading to bigger market cap, $12 billion? It's not, man, $16.5 billion right now. And we will have significant increases by the end of the year, always like that.

We don't necessarily need a hefty market cap to crowd out payment services like "Western Union or other moneygrams"

As I see it, the market cap as such is not very relevant itself. But what is relevant in the velocity of circulation, i.e. how often one bitcoin on average changes hands over a certain period of time. Ultimately, if the velocity is infinite, just one bitcoin will be enough to match all the requirements in bitcoins for circulation. In this way, neither price not market cap are significant for that purpose, though in general the higher velocity leads to price decline overall (and thus to lower market cap) since the effect is the same as if there were more bitcoins in circulation (it is a bit counterintuitive but it is really so)

CyberKuro

hero member

Activity: 798

Merit: 506

Quote from: The Sceptical Chymist on January 29, 2017, 07:51:58 PM

Quote from: calkob on January 29, 2017, 04:10:22 PM

I would say that when bitcoin really takes hold we will eventually see the end of western union and moneygram.

I doubt this is going to happen in our lifetimes, and probably not at all.

Bitcoin is only a $12 billion market. That's too damn small to be using it as a worldwide currency. Way too damn small.

I doubt it too as not all of transaction could handled by blockchain itself, so that we still need Western Union or other moneygrams.
But bitcoin actually could replace any service of moneygram that not using bitcoin as medium of transaction, we're heading to bigger market cap, $12 billion? It's not, man, $16.5 billion right now. And we will have significant increases by the end of the year, always like that.

dearbesz1219

hero member

Activity: 924

Merit: 500

Quote from: OmegaStarScream on January 29, 2017, 01:09:09 PM

The short answer is that Western Union doesn’t need Bitcoin in its current infantile state. Conversely, if and when Bitcoin reaches adulthood the world would no longer need Western Union.
I really liked the above statement and this is one of the fewest articles that I really enjoyed reading on cointelegraph[1].

[1] https://cointelegraph.com/news/why-doesnt-western-union-or-moneygram-use-bitcoin#

Even western union doesn't need bitcoin, in the near future once the community discover the edges of bitcoin for sure western union client will shift into bitcoin concept because of its unique features. In short, many remittance outlet are possible to be close if they will not adopt the system concept of bitcoin.

Victorycoin

hero member

Activity: 1134

Merit: 517

Quote from: Vikash kumar on February 05, 2017, 04:18:55 AM

Western union or moneygram does not use bitcoin because wu's fee is higher than bitcoin transection fee and the money exchanging process is easier than bitcoin.they can exchange their money by dibit card or atm.

No that is far from the truth! The money exchange with Bitcoin is by far the simplest and cheapest. It doesn't take some business days to pull through and you can access the fund from just about anywhere in the world. The charges for using those cards is something to give another thought, because they usually eat real deep into the fund being transferred. WU and MG, might want to drag their feet because of the kill they are making from the exorbitant fees they charge, but as the adoption of Bitcoin spreads further, competition would force them to adjust or pack up.

Ewinsane

hero member

Activity: 980

Merit: 523

Quote from: hardtime on February 03, 2017, 04:26:38 PM

It kills the business and business model they have at the moment. They kind of act like a service with a disgusting amount of fees and completely centralized with the two companies.

Once hits mainstream, those two mega-corps are going to die very quickly. Can't wait to see the day when they do die off.

yeah i think bitcoin is one of the competitor for them and if they get into bitcoin it is difficult for them to run their own business so, that's why they never use iit in that way.......

btccashacc

legendary

Activity: 1120

Merit: 1000

Quote from: OmegaStarScream on January 29, 2017, 01:09:09 PM

The short answer is that Western Union doesn’t need Bitcoin in its current infantile state. Conversely, if and when Bitcoin reaches adulthood the world would no longer need Western Union.
I really liked the above statement and this is one of the fewest articles that I really enjoyed reading on cointelegraph[1].

[1] https://cointelegraph.com/news/why-doesnt-western-union-or-moneygram-use-bitcoin#

Exactly, that's what i think actually i am not a WU user but my friend was, the only reason why he moved to bitcoin and left western union is about the fee, wu charges him much fee even for sending minimal amount, for example my friend sent 52 dollars to vietnam from my country and the fee was 9 dollars it's really big if we compare it to the bitcoin's fee. Now he's using bitcoin, finaly he can send even million dollars with lowest fee.
I bet if all of the WU users out there embrace bitcoin they wouldn't use their service anymore.

Vikash kumar

member

Activity: 91

Merit: 10

★777Coin.com★ Fun BTC Casino!

Western union or moneygram does not use bitcoin because wu's fee is higher than bitcoin transection fee and the money exchanging process is easier than bitcoin.they can exchange their money by dibit card or atm.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: marcoman22 on February 04, 2017, 11:10:49 AM

Since a large portion of western union customers and moneygram customers initiate or receive remittances in cash, they often view new digital payment services as a threat to their business.Since bitcoin is not widely accepted as payment and its price is highly volatile, they dont show interest in it.They say, Remittances go to pay for housing and for food and maintaining the family and so the receiver will not show interest in receiving payment in bitcoins for such uses.

Something I will say is short sighted, if instead of spending your money right away you just waited for bitcoin to increase in price then you could have a little extra every month that could help you in your finances.

marcoman22

sr. member

Activity: 350

Merit: 250

Since a large portion of western union customers and moneygram customers initiate or receive remittances in cash, they often view new digital payment services as a threat to their business.Since bitcoin is not widely accepted as payment and its price is highly volatile, they dont show interest in it.They say, Remittances go to pay for housing and for food and maintaining the family and so the receiver will not show interest in receiving payment in bitcoins for such uses.

Victorycoin

hero member

Activity: 1134

Merit: 517

Quote from: Fatanut on February 04, 2017, 08:44:22 AM

I think even if they did, the bitcoin users wouldn't use their service because they can do it by themselves. That's one of the advantages of bitcoin. You can transfer money to another person from a different country all by yourself. You don't need to use and pay any service at all except for the small transaction fee. It would just be a waste of funds if they started using bitcoins but they can always implement it whenever they want.

On the contrary, bitcoiners would be using them when for instance someone wants to remit his coins for dollars or any other form of money, so opting to do business with Bitcoin won't put them out of business, but playing the Ostrich would.

Quote

These business people can change their course whenever they want. I think that would happen only when bitcoin's starting to take over. But the world wouldn't be needing their service at that point as told in the OP.

Then they would have lost their market share to those companies that saw the vision of Bitcoin and the easiest thing in life is not to unwittingly hand in your rightful position only to start fighting for it again from the bottom! They say, make hay, while the sun shines!!

burner2014

hero member

Activity: 952

Merit: 515

Since bitcoin is not yet regulated by our government, the said remittance center will not allowed by our country to have bitcoin transaction.
Aside from its high transaction, bitcoin price changes from time to time so it is hard for them to find to know its current value. But, if bitcoin price will just change everyday not from time to time I think they can adopt bitcoin also.

Fatanut

legendary

Activity: 1008

Merit: 1060

I think even if they did, the bitcoin users wouldn't use their service because they can do it by themselves. That's one of the advantages of bitcoin. You can transfer money to another person from a different country all by yourself. You don't need to use and pay any service at all except for the small transaction fee. It would just be a waste of funds if they started using bitcoins but they can always implement it whenever they want. These business people can change their course whenever they want. I think that would happen only when bitcoin's starting to take over. But the world wouldn't be needing their service at that point as told in the OP.

ASHLIUSZ

hero member

Activity: 994

Merit: 502

Western union and MoneyGram doesn't have anything to follow bitcoin as they are using other methods of transaction medium. Now related service provider PayPal is making plans of using Blockchain technology. So in future those service providers too might start following bitcoin's technology.

Topic: Why Doesn’t Western Union or Moneygram Use Bitcoin? - page 2. (Read 3540 times)