Bitcoin Forum

Western Union lost 2,000,000+ customers' money to Bitcoin in 2014.


Most of western union customers now turning to Bitcoin for their low transaction fee. People can send Bitcoin to their family and friends all over the world instantly for extremely low transaction fee.

Of course: Western Union Is Not Going To Embrace Bitcoin
http://cryptocrimson.com/2014/06/spoiler-alert-western-union-going-embrace-bitcoin/

You need a citation for a claim like that. Otherwise I'm assuming it's BS.

It is bullshit.

Bitcoin is good, but you still have the time and fees of converting to USD

Make a claim with no proof. Lol

Might have no proof but it is good propaganda  :)

Unreal! I figured they lost a ton but never imagined 2m+. Yeah, they better start accepting Bitcoin LOL

There will always be some sort of fee when it comes to the handling of money.   No service will continue going on being completely free.

Minimizing the fees is about the best that can be done, and BTC has done a phenomenal job at that...

Once the family member receives the bit coins for low fees, how do they buy a loaf of bread?

Assuming bull while I did agree in the other thread that Western Union is falling behind
Didn't say they were dead yet Bitcoin still has a way to make itself user friendly to the average person

WU = Bitcoin
I mean, i read some people trying to make tchem use BTC. What for?
BTC is what exactly competes with WU.

You missed this discussion thread:
Need volunteers to get big chain Grocery stores to accept bitcoin
https://bitcointalk.org/index.php?topic=636962.msg7102929#msg7102929

Only thing I agree with in the OP is the "of course Western Union isn't going to start accepting bitcoin" part.  I think they will hold off on doing so for as long as possible but will ultimately either be forced to adapt or die.  I suspect there are going to be alotta jobs going away in Western Union over the next 2-3 years.

2M+ customers is too many, if it's really happen, we'll see huge drop from WU income
maybe around thousand+ customers who switched to BTC
since WU service is head to head with BTC, they must do that or their sevice will loose customers

2 million customers, with no citation.. definite bullshit. are there even 2 million bitcoin users at the moment?

typo in the headline.
* customers' money.

What about this?

http://www.bloomberg.com/video/western-union-ceo-we-ll-use-bitcoin-when-regulated-SulUCvcZQEixMGv9Mu~akw.html

Do you think the central banks will one day issue bitcoin?  Do you think any BTCer would support that idea?

How did you connect "central banks" and anything in that video?

All Western Union needs, is legal background (laws) and that's it. It has NOTHING to do with "central banks". And it started with California for example....once it goes far enough, they will jump on it. Central Banks have nothing to do with it. As he said: "if it's regulated as a currency we will use it" As simple as that. Regulated doesn't mean "issued by central bank". It means "there is legal framework that make it legal for use".
If gold was easyer to move around they would transfer it too. There is no "central bank" that issues gold...they do not care. They are transfer service that offers some form of protection to users. Bitcoiners will not use Western union for sure, but we are minority. There are much more ppl that are afraid of tech and would always choose Wester Union before Bitcoin itself.

Let's not forget that Wester Union pays to banks for money transfers too. They can use it internally for transfers all around globe to save on fees etc.....alot of pooprtunity for them, for PayPal for basicly anyone who deal with international payments and money transfers.

Western Union is a scam. Their insane fees are making them irrelevant. Bitcoin is a far superior option to WU.

You must be retard for calling WU scam... Either you never used it or you are just another brain dead speculator who knows nothing about.
If you expect everything to be cheap or free,then you will remain poor because the peoples are making big company's and they spending money on it,obviously its because they want to earn.
Learn simple economic

Are they scam or not, are their fees high or not doesnt matter. What mater is that they are HUGE company, and them using BTC would be HUGE positive thing for Bitcoin. You can like em or not, you can use em or not, but impact they would have on BTC would be huge!

enough for me  :P

Western Union is a horrendous company .. can't even pick up a WU for ANY amount in Canada without ID these days.  I seriously doubt they would integrate with Bitcoin either

Take a look at their financial and governance report. They aren't going anywhere soon.

http://ir.westernunion.com/files/doc_financials/2013%20WU%20AR%20FINAL.PDF

This def isn't the case, but easily could be in the near future!

I agree that is a horrible company but that doesn't make it a scam.

Wrong! I think their customer base has actually increased as there are alot of people who are converting their bitcoins to cash via them.
So western union is not going anywhere anytime soon.

Western has to change their business model soon man, BITCOIN is taking over, period.

I want to thank the OP. Without this thread I never would have looked seriously at Western Unions financial performance. I just had my portfolio manager buy into WU. Their performance over the last few years has been amazing. Take a look:

http://www.marketwatch.com/investing/stock/wu

http://finance.yahoo.com/q?s=WU

http://ir.westernunion.com/investor-relations/stock-information/default.aspx

Fake news such as this will only harm the Bitcoin in the long run. Forget 2 million, WU hasn't even lost 2,000 customers because of Bitcoin. It might happen sometime in the future, but right now there is no point in posting shit such as this.

Collaboration would be good

What were your ratios I would consider crunching some numbers but I am thinking of their 5 year performance
It's basically back to 2008 levels before the crash like the rest of the market after the recovery so kind of tepid about the market at this time myself.
That said it looks to hit around 18-20 dollars this year so its a nice return for a stock.

Yeah, that's what I'm thinking. +9.25 (12.50%) over 52 weeks is a hell of a return for a common stock. There is no way to predict a long term hold like 5 years from current data because the previous 5 would include the 2008-2012 crash data. Use of WU's service increased dramatically during the crash and historically paints a false positive picture but an anticipated 12 month return like that is hard to pass up.