wallmart money transfer service

[Ghepetto]

OK so wallmart was removed from Gyft recently which raised one of my eyebrows.  My first thoughts were kickbacks from the card companies but then I found this:


http://www.dallasnews.com/business/retail/20140417-wal-mart-to-start-a-new-store-to-store-money-transfer-service.ece


MoneyGram and Western Union stocks have already taken a hit.  

What a blatant rip off of a portion of the idea behind crypto.  The people should figure out that Bitcoin has even lower transfer fees which will just elevate btc further.   Surely they can understand 0.001 < 5.0 right?  

[franky1]

walmart are not using crypto. they are just using a database, same as western union/moneygram. so walmart is ripping off those, not bitcoin,

many companies are deciding to not use moneygram/western union and start their own transfer service. amazon, facebook, walmart. they are all trying it.

but one thing is for sure, they are only transfering dollars, which means FIAT licences. which means fee's to cover all of these costs. this should be where all of us show people prime examples of where people can move bitcoin across countries for even less.

the problem is that localbitcoin buyers and sellers do not offer under 1% of 'spot' fee/commission/difference and so bitcoin is not actually that much better. so until average joe can get bitcoin at as close to spot as possible to then offer the person in a different country a cash out value as close to 'spot' price. then there is no point defending bitcoin as a FIAT transfer method.

instead bitcoin needs to be shown off as the bank replacement. where foreigners that work cash-in-hand can ask to be paid in bitcoin. thus bypassing the banking system and also the buying in costs, knowing that they can instantly send funds across the country, or store them for later, or spend them at stores.

if bitcoin wants to compete against greedy money transfer corporations. then greedy localbitcoin traders need to cut their margins. also exchanges need to cut their delays in approving customers. mining pools need to add a decimal to their 'fee's' to make it well under 1c to get into blocks, instead of 5c currently.

a great quote i heard can easily be translated to bitcoin
http://www.youtube.com/watch?v=VMqcLUqYqrs

the first step to solving a problem is recognizing there is one. bitcoin is not the best currency in the world....... but it can be

[bryant.coleman]

Enemy's enemy is a friend. Although this has nothing to do with Crypto, I am with Wal-mart. And I am extremely glad to see the shares of Western Union and Moneygram tumbling. For too long these morons have been exploiting the common man with their 10-12% service fee and insane currency exchange charges. Check this:

http://www.google.com/finance?q=NASDAQ%3AMGI&ei=kNdQU7i0IMmRkQWTFA

[Ghepetto]

Franky, great video & I agree Bitcoin can be.



Bryant,  Western Union fell 5% also 



Thank you for the responses.