Topic: Why Doesn’t Western Union or Moneygram Use Bitcoin? - page 4. (Read 3540 times)
Because BTC is going up and down?
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#
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 was an interesting article. I have frequently wondered if Bitcoin can eventually drive Western Union and similar companies out of business.
First I think using Bitcoins is to expensive to them and they should upgrade and redefine their whole system. Also I don't know who would they integrate their extremly high fees they charge, this wouldn't go along with Bitcoin. WU and Moneygram are widely used for money laundering and illegal money transfers, maybe they think with Bitcoin could be even worse.
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.
Speaking of money remittances or transfers they would really not like to adopt bitcoin because they cant make money on every transaction that they made and also they saw bitcoin as a competition to these field regarding on money or fund transfers that why they would not ever accept bitcoin on their service.
That is far from being the truth because a number of start-up companies into the same remittance business are not running at a lose. What is fact is that WU and MG grew up with the philosophy of centralized business model concepts and all these talks about decentralization is Latin or Greek to their ears. That approach guarantees they keep ripping people off with very high fees and that's the ping pong they have been playing alongside the banks on people over the years.Now those are part of the financial ills Bitcoin is here to address and it is good to know, it has gotten them panicking already. It is their choice to either wake up to the reality and embrace change or simply wait for reality to dawn on them as the remittance startups and much more companies that would be springing up drives them out of business.
It is already happening in Mexico in response to Trump's outburst to tax remittances coming from the U.S.. the demand for Bitcoin have surged soon after Trump's declaration.
It is counter productive for them if they will be doing so. Both bitcoin and those money transfer services aren't going to benefit from one another. Unless of course a partnership is forged between them in which certain benefits can be had by both parties.
Speaking of money remittances or transfers they would really not like to adopt bitcoin because they cant make money on every transaction that they made and also they saw bitcoin as a competition to these field regarding on money or fund transfers that why they would not ever accept bitcoin on their service.
I would say that when bitcoin really takes hold we will eventually see the end of western union and moneygram.
It wouldn't make sense for someone to use these services if bitcoin becomes adopted globally, these companies would need to completely change to accommodate bitcoin, maybe offer some kind of bitcoin to cash service in order to get their fees. 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#
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#
For me I have not seen anywhere in the world, although I have not been to the whole world but the its a fact that you wont see where a competitor will be promoting another competitor when it is obvious that that the moment bitcoin becomes generally accepted, then if it wont send paypal and money gram out of business it will shrink their revenue to a large extent. I wont even be surprised if they are behind the campaign propagating the disadvantages of bitcoin alone.
Because they are not like bitcoin that very convenient to use, the satisfaction on the users they cannot comply it well. That's why bitcoin for them is really a threat, though bitcoin is not actually competing them. If were the the owner of WU if I can't beat them join them. just very simple.
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.
when bitcoin fully grow western union and money gram will be out of business. The underlined principle behind established of bitcoin are low fee, decentralization and security. Western union or money gram are established to make money through fees as they like the conventional banking. They will not use bitcoin because they know the day they start to use it their business is over. 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.
Yes, I absolutely agree with that!
That being said, WU up until now are still enjoying their very high remittance fees.
I hope one day, people will be educated enough on how to handle digital money to send this anywhere in the world.
Making these shark-remittance companies pay for what they are taking from their customers.
Bitcoin is a direct competitor to their business model and I'm very sure they would be concerned about it, adding it would made them look foolish because any jack can easily copy their business model.
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#
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#
Bitcoin still consider as risky currency means that bitcoin value still unstable. So bitcoin need more time to reach that point on the future
By using bitcoin will help bitcoin development and existense around the world which will lead into stabilization value for bitcoin
Sorry MMA, but I need to correct you here.
Bitcoin is absolutely a competitor with Western Union and Moneygram. In fact, any method for sending money to a different part of the world is a competitive [business/channel/alternative] to traditional money wiring services.
Bitcoin offers a HUGE advantage over the high costs, high administrative effort, and slow timing associated with completing a global transaction via Wester Union and Moneygram.
Perhaps you're just making an opinion to get a post in, but let's be honest. There should be no surprise that bitcoin is overcoming Western Union in transaction volume.
Bitcoin is absolutely a competitor with Western Union and Moneygram. In fact, any method for sending money to a different part of the world is a competitive [business/channel/alternative] to traditional money wiring services.
Bitcoin offers a HUGE advantage over the high costs, high administrative effort, and slow timing associated with completing a global transaction via Wester Union and Moneygram.
Perhaps you're just making an opinion to get a post in, but let's be honest. There should be no surprise that bitcoin is overcoming Western Union in transaction volume.
there is a big difference between western union, moneygram and bitcoin, they are competitor to each other, Western union and moneygram have their own business and they will try to increase their own business more and more and have no concern with bitcoin. one is the big difference is that western union and money gram are legal as they only transfer money from one country to another and do not have their own currencies, while bitcoin itself is a digital currency and still they do not have the support of governments. bu in future we can hope so.
there is a big difference between western union, moneygram and bitcoin, they are competitor to each other, Western union and moneygram have their own business and they will try to increase their own business more and more and have no concern with bitcoin. one is the big difference is that western union and money gram are legal as they only transfer money from one country to another and do not have their own currencies, while bitcoin itself is a digital currency and still they do not have the support of governments. bu in future we can hope so.
none of them care about bitcoin. it is like saying why a big fast food restaurant franchise like McDonald don't care about a food cart two blocks over selling hot dogs to random people on the street. and right now bitcoin is like that food cart and has small capacity too (block size or TPS limit and also adoption) but unlike that food cart it has lots of potential to grow much bigger.
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.
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.
Bitcoin is competition for that services Chinise have bought Moneygram,fresh news,maybe one day thay will accept bitcoin.For sure Chinise will use blockchain for money transfer
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