Why Doesn’t Western Union or Moneygram Use Bitcoin? - page 3.

Golftech

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Quote from: Xester on February 04, 2017, 07:57:53 AM

Quote from: bettercrypto on February 04, 2017, 06:27:04 AM

No, not yet Cheesy

. Moneygram and Western Union won't be accepting or using Bitcoin for now,why would they? it will only cut their profit. As what is said, Enjoy it while it last. Eventually this two big company will yield to Bitcoin once bitcoin go mainstream and adopted worldwide. I do not see these two company see Bitcoin as competitor because they can profit from it just by doing Bitcoin Exchange Services, their service is trusted, so they will have million of clients automatically once they adopted Bitcoin, but as I said, for them, it is not the time yet because accepting it this early will make them loss Billion Dollar profit.

Well said my friend, it is indeed a fact that if they will integrate bitcoin into their system then there will be lost a huge income from their fees. Bitcoin market is of today not that huge and so western union and moneygram have not really felt its effect as of this moment. But time will come when people will no longer use western union like what happened in Switzerland then those companies will rush and integrate bitcoin into their system before they get bankrupt.

we will see how they will adopt after bitcoin became more popular, we can't blame them since its their business that's earned a lot with this service migrating to bitcoin will allow their costumers to learn more about low transaction fees and easy to transfer from wallet to wallet without any interfere of any government taxes.

Xester

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Quote from: bettercrypto on February 04, 2017, 06:27:04 AM

No, not yet Cheesy

. Moneygram and Western Union won't be accepting or using Bitcoin for now,why would they? it will only cut their profit. As what is said, Enjoy it while it last. Eventually this two big company will yield to Bitcoin once bitcoin go mainstream and adopted worldwide. I do not see these two company see Bitcoin as competitor because they can profit from it just by doing Bitcoin Exchange Services, their service is trusted, so they will have million of clients automatically once they adopted Bitcoin, but as I said, for them, it is not the time yet because accepting it this early will make them loss Billion Dollar profit.

Well said my friend, it is indeed a fact that if they will integrate bitcoin into their system then there will be lost a huge income from their fees. Bitcoin market is of today not that huge and so western union and moneygram have not really felt its effect as of this moment. But time will come when people will no longer use western union like what happened in Switzerland then those companies will rush and integrate bitcoin into their system before they get bankrupt.

bettercrypto

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No, not yet Cheesy

. Moneygram and Western Union won't be accepting or using Bitcoin for now,why would they? it will only cut their profit. As what is said, Enjoy it while it last. Eventually this two big company will yield to Bitcoin once bitcoin go mainstream and adopted worldwide. I do not see these two company see Bitcoin as competitor because they can profit from it just by doing Bitcoin Exchange Services, their service is trusted, so they will have million of clients automatically once they adopted Bitcoin, but as I said, for them, it is not the time yet because accepting it this early will make them loss Billion Dollar profit.

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Quote from: LLec on February 03, 2017, 06:20:33 AM

Quote from: traderethereum on January 30, 2017, 08:19:56 AM

i think the system between western union or moneygram is different than bitcoin and they are not yet to integrate with blockchain technology so they don't use bitcoin as option in the payment. maybe they consider that bitcoin as their competitor in payment processor but it would be great if western union or moneygram use bitcoin in future.

This is not completely true or not true at all.
There are offices here in North America that have QR codes on the forms that come with their remittance forms for sending a Western Union moneygram. What are these QR codes for you may ask?
For bitcoin! Grin

Those QR are not for bitcoin they are for money transaction, I think that MoneyGram and Western Union are not using bitcoin is mainly because it is still not an international currency and its price is not stable so the exchange rate will be different from country to country, but if you really want to exchange bitcoin to fiat through MoneyGram or Western Union you can find many offers on local bitcoin.

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Quote from: OmegaStarScream on January 29, 2017, 02:09:09 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#

Because they are direct competition, bitcoin does some of the same things as western union with the difference that is cheaper, faster, you have the possibility of keeping your self anonymous, and you can even make money while you do all of that.

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

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

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Quote from: topesis on February 03, 2017, 06:56:56 AM

This is simple, why do I need to promote my direct competitor, I know they would be worried by the inward route Bitcoin has made into market like India and Philippines recently, the market strategy can easily be copied and they would be concerned about this

I don't see how the introduction of Bitcoin by Western Union or Moneygram can be said to be the promotion of competitors, rather it is the foot dragging of the above companies that is giving rise to start up companies that plan to fill the void. Essentially it is relatively easier, cost effective and almost instantaneous to do business with Bitcoin, which is a plus as far as international remittances is concerned.

In the light of that, remittance companies doing business with Bitcoin stand the chance of some added advantages over those doing business with just fiats.

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Quote from: topesis on February 03, 2017, 06:56:56 AM

This is simple, why do I need to promote my direct competitor, I know they would be worried by the inward route Bitcoin has made into market like India and Philippines recently, the market strategy can easily be copied and they would be concerned about this

Actually, Western Union and others moneygram are not competitors, bitcoin is a decentralized currency which moneygram could use it to easily send-receive over the world. That's why in the article said : If they did, they could eliminate the potential threat posed by the young Bitcoin remittance start-ups who are out there trying to eat their lunch.
They should realize it asap otherwise, their competitors will overcome or else, bitcoin itself will.

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Quote from: topesis on February 03, 2017, 06:56:56 AM

This is simple, why do I need to promote my direct competitor, I know they would be worried by the inward route Bitcoin has made into market like India and Philippines recently, the market strategy can easily be copied and they would be concerned about this

Precisely, there's a fear if promoting Bitcoin in the fiat world and western union and the likes feels threatened so they are not ready to embrace this technology and cryptocurrency yet but I feel it's a healthy competition and there should be a compromise somewhere do that both can come together to give us something really big.

topesis

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This is simple, why do I need to promote my direct competitor, I know they would be worried by the inward route Bitcoin has made into market like India and Philippines recently, the market strategy can easily be copied and they would be concerned about this

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Quote from: OmegaStarScream on January 29, 2017, 02:09:09 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#

No matter the technicalities or the economic indicators being used to justify the current between the actors in this case, the fact still remain that they cannot co-exist as it is like me as an individual open my door for someone to take business away from me, if that will happen, I am sure its not going to happen without a fight and that is what we are facing now where as a result of the exorbitant transaction cost, people go for bitcoin, while they too will respond with several campaigns against bitcoin.

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Quote from: traderethereum on January 30, 2017, 08:19:56 AM

i think the system between western union or moneygram is different than bitcoin and they are not yet to integrate with blockchain technology so they don't use bitcoin as option in the payment. maybe they consider that bitcoin as their competitor in payment processor but it would be great if western union or moneygram use bitcoin in future.

This is not completely true or not true at all.
There are offices here in North America that have QR codes on the forms that come with their remittance forms for sending a Western Union moneygram. What are these QR codes for you may ask?
For bitcoin! Grin

Victorycoin

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Quote from: BitcoinGirl.Club on January 30, 2017, 02:36:04 PM

Western union and moneygram can not adopt the use of bitcoin for their businesses as it puts them out of business and just might be the cause of their extinction if they were to use it.

That is totally wrong! Companies like Bitspark in Hong Kong, Payphil in South Korea, or BitPesa in Kenya, etc are into Bitcoin remittance business and they are doing just fine. I know because I regularly do business with one of them.

Quote

Though the coming of bitcoin seems to have given these entities a lifeline as people around the world use their services to acquire btc with less KYC checks.

That is for the time being! Their exorbitant fees, which by the way is all that matters to them, is such a pain and inconvenience and I know it is only a matter of time and events would overtake them. That is what usually happens to people and establishments that refuse to embrace change.

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Someone should open up btc atm that lets you sell btc in mexico and take advantage of all the meixco immigrants that go to work in the us and send back money to their families. This would replace western union. Good profits to me had. Cheesy

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Quote from: alyssa85 on January 30, 2017, 01:59:07 PM

The correct answer is the difficulty in converting the bitcoin in the target country.

Say someone is sending money from the United States to Zimbabwe. There is a Western Union shop in both countries. But how would they convert bitcoin in Zimbabwe currency?

The irony of your question is that in this very case there will be absolutely no difficulty in converting bitcoins in Zimbabwe since Zimbabwean national currency is the same US dollar nowadays. If you refer to floating exchange rates, then current markets rates are obviously used, which are typically determined by trading the national currency against the US dollar at some major local exchange (if we talk about remittances from the US). In other words, there shouldn't be any difficulty just because of Bitcoin

You can use any other currency as a carrier of value, and you will see the light

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Western union and moneygram can not adopt the use of bitcoin for their businesses as it puts them out of business and just might be the cause of their extinction if they were to use it.
Though the coming of bitcoin seems to have given these entities a lifeline as people around the world use their services to acquire btc with less KYC checks.

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The correct answer is the difficulty in converting the bitcoin in the target country.

Say someone is sending money from the United States to Zimbabwe. There is a Western Union shop in both countries. But how would they convert bitcoin in Zimbabwe currency?

Bitcoin either needs to be adopted everywhere so people don't need to convert it, they can just use it to pay their bills. Or it needs exchanges in every part of the world so the recipient can sell it for local currency.

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I'm not sure they will do, AFAIK they system works involved bank(mostly related to government), which means if WU try to use bitcoin(without bank) it will be something like "rejection" from the government about legality which mostly country not have a bitcoin legality.
Plus, their revenue will decreased, when use bitcoin is almost free of transaction fees.
CMIIW.

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Quote from: deisik on January 30, 2017, 10:37:11 AM

Quote from: Sithara007 on January 30, 2017, 12:36:07 AM

This is a stupid topic (no offense to the OP). Why should Western Union and Moneygram use Bitcoin, when it is a competitor to their business. If people start using Bitcoins for remittance, then the revenues for WU will drop

If you can't fight with it, try to embrace it

For example, this is what Microsoft has been doing all their history. Why should WU be any different? These are ruthless businesses which don't care about changing their stance 180 degrees any moment and all of a sudden accepting things they have just been condemning if doing that helps them with their profits. So just being a competitor doesn't mean that they might not embrace Bitcoin in the future. In fact, such things happened many times in the past and continue to happen every other day

I agree 100%, WU or Moneygram can embrace Bitcoin and use it to transfer money cheaply around the world, or they can keep on spending more than they need to.
Private persons probably won't move money internationally very often using Bitcoin, but a new company could move in and undercut the established companies by using Bitcoin.

That would be reason enough to start using Bitcoin, I think they are basically ignoring it at the moment as they would have some liability to the price, and there would be a set up cost.

They will do it sooner or later though, or someone else will.

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Quote from: Sithara007 on January 30, 2017, 12:36:07 AM

This is a stupid topic (no offense to the OP). Why should Western Union and Moneygram use Bitcoin, when it is a competitor to their business. If people start using Bitcoins for remittance, then the revenues for WU will drop

If you can't fight with it, try to embrace it

For example, this is what Microsoft has been doing all their history. Why should WU be any different? These are ruthless businesses which don't care about changing their stance 180 degrees any moment and all of a sudden accepting things they have just been condemning if doing that helps them with their profits. So just being a competitor doesn't mean that they might not embrace Bitcoin in the future. In fact, such things happened many times in the past and continue to happen every other day

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