[2015-05-28] Video: Barry Silbert - Western Union Will Be Crushed by Bitcoin

[LiteCoinGuy]

Barry Silbert: Western Union Will Be Crushed by Bitcoin

http://www.entrepreneur.com/video/246175

[Grand_Voyageur]

Barry Silbert: Western Union Will Be Crushed by Bitcoin

The near-demise of Kodak is a famous parable in business circles, illustrating the need for deeply-entrenched organizations to adapt in the face of evolving technology.

Financial service firms like Western Union and MoneyGram aren’t far behind, according to noted Bitcoin advocate and investor Barry Silbert. “You should be able to move money and value instantaneously and it should basically be free,” Silbert told Entrepreneur at this year’s Inside Bitcoins conference in New York City.

Though leading players in the space currently have the opportunity to incorporate Bitcoin into their businesses, they likely won’t, Silbert believes, which will eventually precipitate “a slow death.”

Full story: http://www.entrepreneur.com/video/246175

[Kprawn]

Is he saying this, because he is invested with Abra? Western Union is not sitting on their hands in regards to crypto currencies, they already partnered with BitPesa to compete with Bitcoin in the African market.

WU and MoneyGram will use crypto currencies {Possibly a Alt Coin like Ripple} to move the currencies, but for that they would need to change their whole business model.

Bitcoin or 3rd party remmitance providers will take a huge market share from them, but they will not replace them. It will take some time for people and merchants to get the hang of Bitcoin, and then the disruption will happen... but by that time, WU and MoneyGram would have shifted to a NEW business model to accommodate it.

They have too much vested interest to totally collapse and Die. { Not to mention capital reserve } ... We made them filthy rich.