BITCOIN IS BETTER THAN WESTERN UNION ?

[ivanst776]

At present you need two bitcoin exchanges to send your money from one country to another. It will take some time to do.

Well if you use two bitcoin exchanges then you will end by paying high fees in these exchanges, if the other party accepts bitcoins then that would be the ideal situation, i think that bitcoin is better that western union because of low fee but not faster.

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[poplolnman]

yes,i'm sure everyone here will agree with this,if you search on google,you will find many reason why bitcoin better than western union. and also if you ask someone who have use western unon and bitcoin,i thik they will choose bitcoin is better.

[avw1982]

Wester Union may keep leading the market against bitcoin,but we all know that bitcoin will end taking their costumers soon or later,as bitcoin achieves mainstream that will be possible to exchange anywhere the bitcoin into fiat saving a lot ,returning to the people the power of money.

Yeah Yeah Bitcoin will capture all people in world for money transaction medium, People working overseas would be get benefit because of Bitcoin transactions and It will reduce transaction price and speed than Forgein exchanges. Lets hope to reach BTC to worldwide.

[knowhow]

ok guys i just done a quick test to compare bitcoin vs WU

to send £1000 (GBP) to thailand

costs me £1004.90 (0.49%)

and the recipient will get 53609.24THB


now lets compare that to local bitcoins (fastest way to get bitcoins without lengthy registration process)
£1000 will get me 4.429679btc

4.429679btc will get me 52317.57THB (97.59% of the value WU would give)

so im sorry to say this.. although bitcoin suggests ' low/no fee's of ~3cent' .. the reality is the spread/spot prices when trying to exchange in and exchange out are 2.41% as oppose to WU's 0.49%.

though i love bitcoin, my income is 100% and my spending is 100% bitcoin for the last few years. i do have to keep my mind in the reality of the real world, and not the world of PR half truths.

so if you are going to talk about WU being crap, try not to say about the 'low fee' argument that makes bitcoin better.. because whether its hidden as exchange spread, or categorically advertised as a fee.. it still ends up costing the sender or recipient something no matter what buzz word you use.

so try to lead the the true benefits and not the wishy washy selective wording stuff..

Its amazing to see some more information about it but,sending bitcoins to others will be better as the ratio should increase ,soo todays bitcoin may be loosing because the exchange ratio but usually the people that send money is to family savings and some to be spent .

[davinchi]

At present you need two bitcoin exchanges to send your money from one country to another. It will take some time to do.

Well if you use two bitcoin exchanges then you will end by paying high fees in these exchanges, if the other party accepts bitcoins then that would be the ideal situation, i think that bitcoin is better that western union because of low fee but not faster.

I recently experienced a overseas money transfer with bitcoin debit card at the receiving side and fiat to bitcoin exchange at the sending side and we saved considerable more with bitcoin comparing with our usual WU transfers. All the above, any-time and convenient are the extra benefits we enjoyed.

[notaek]

It's a great controversial topic where one can side with Bitcoin while the others can side with Western Union.

Whilst Bitcoin certainly has the rails to make payments better through it's decentralized way of confirming a transaction, WU/Money Gram on the other hand, has the network effect which makes it very difficult to penetrate at the moment.

Bitcoin buying/selling and remitting via Bitcoins is so minuscule right now, it doesn't even show up as a blip on the US$ 500 Billion per annum money transfer market.

From a transaction volume point of view, Bitcoin is almost a zero entity.

For Bitcoin to become more mainstream in remittance and to show up as a player, it would have to make a mark, even at 0.5% - this would amount to US$ 2.5 Billion worth of remittance transactions per year. Bitcoin is nowhere close to this number.

Legal & Regulatory issues aside, which are major issues in my opinion, the issue of on-boarding/off-boarding seems to be another important issue. While bitcoins may be sent across instantly the buying/selling onto Fiat and settlement across the border would still use SWIFT and this is a bottleneck.

Western Union and Money Gram are not complacent. They have a very unique perspective and insight towards remittances (in fact, I would argue they perhaps have the best data set on remittances than anyone else). WU/MG will implement whatever needs to be implemented to make their transactions go faster and cheaper, be it in Bitcoin, Ripple, their own proprietary payment protocol, etc.

For the time being, they are very comfortable where they are than where bitcoin is at the moment.

[knowhow]

Well how many years does western union present at the market?Bitcoin has potencial to grow ,and it will as long as it become legat everywhere and achieve mainstream.Otherwise we will see bitcoin going no where besides the current place.

[lolxxxx]

But western unioncharges much fees to me when i exchange btc from a  china seller ..
From china to Pakistan.. I dont know and i stopped selling my btcs to him.

[notaek]

Sending money internationally, or remittance, costs money. According to The World Bank, this costs an average of 7.99% of the amount sent. Using traditional payment methods like Western Union or wire transfers is often expensive. These companies make money by charging a percentage on the exchange rate, which is often invisible and also levitating high transfer fees to send or receive money.

Whereas, sending money using a Bitcoin-based platform is comparatively cheaper, as transmission fees in Bitcoin transactions towards miners are often very low.

So in long run, I think Bitcoin will win the competition!

[Hellacopter]

Bitcoin  still better than Western Union and much other transferring money's tools
You can send easily money for everyone without complicated operations needed and fastly the receiver can receive the money requested

[richardsNY]

ok guys i just done a quick test to compare bitcoin vs WU

to send £1000 (GBP) to thailand

costs me £1004.90 (0.49%)

and the recipient will get 53609.24THB


now lets compare that to local bitcoins (fastest way to get bitcoins without lengthy registration process)
£1000 will get me 4.429679btc

4.429679btc will get me 52317.57THB (97.59% of the value WU would give)

so im sorry to say this.. although bitcoin suggests ' low/no fee's of ~3cent' .. the reality is the spread/spot prices when trying to exchange in and exchange out are 2.41% as oppose to WU's 0.49%.

though i love bitcoin, my income is 100% and my spending is 100% bitcoin for the last few years. i do have to keep my mind in the reality of the real world, and not the world of PR half truths.

so if you are going to talk about WU being crap, try not to say about the 'low fee' argument that makes bitcoin better.. because whether its hidden as exchange spread, or categorically advertised as a fee.. it still ends up costing the sender or recipient something no matter what buzz word you use.

so try to lead the the true benefits and not the wishy washy selective wording stuff..

You are right when it comes to localbitcoins. But what if in many places in the world there are ATM's that support fiat to Bitcoin and vice versa. If you send some one $1000 worth of Bitcoin with a 0.0001 BTC fee, and the receiver can cash out his coins for fiat in a Bitcoin accepted ATM against a 0.1% fee for example, then it is definitely cheaper.

[nejibens]

Of course Bitcoin is better Than Western Union and the other methods to transfer money
But i think Western Union still the most used method worldwide till now

[umaOuma]

Of course Bitcoin is better Than Western Union and the other methods to transfer money
But i think Western Union still the most used method worldwide till now

The only reason behind it is that WU exists since long time and bitcoins is still new to many people and they are not aware about it, and the market cap of WU is far more as compared to bitcoins, but once people gets aware about the bitcoin and its benefits there is possibility that people would switch to bitcoins to transfer money online.

[ashly]

 Yup bitcoin is better than western union because it is easy to pay,, and it is easy to get the money unlike western union u need proof to get the money

[blackmachinegun]

Consider you are sending  $50 US with Western Union, and their handling fee was an astronomical 10%. If you want to send $50 in Bitcoin to your friend using the Zebpay wallet, the minimum allowable fee on that particular platform is 20,000 Satoshi or a little under five cents – .001%. But Western Union isn’t even the worst gouger competing to move other people’s money, as the below infographic explains. The minimum allowable fee on the Bitcoin core wallet, however, would be zero. But the goal usually isn’t to get out of paying these incredibly low fees

[ShrykeZ]

Yeah WU isn't great at all, what we need to happen is wide scale adoption to remove the use of WU, spread the word

[1990BEARS]

lol i do not understand why people use such high fee service....

[knowhow]

They use the service they trust ,even knowing they will loose a high fee into it,bitcoin hasnt the trust from the people ,may happen into the future,and well after the exchanges being present and able to convert btc into fiat,or we be able to pay with bitcoin anywhere.

[1Referee]

-snip-

You are right when it comes to localbitcoins. But what if in many places in the world there are ATM's that support fiat to Bitcoin and vice versa. If you send some one $1000 worth of Bitcoin with a 0.0001 BTC fee, and the receiver can cash out his coins for fiat in a Bitcoin accepted ATM against a 0.1% fee for example, then it is definitely cheaper.

I quite like the idea of overtaking WU by placing ATMs worldwide to let people instantly cash out their received coins. If there is a Bitcoin ATM in every supermarket and popular stores, then we definitely can surpass WU and kick their azz. I hope it becomes reality in the future.

I am only not sure how the policies regarding the cashouts will work out since Bitcoin in each country is being treated differently. Especially as Bitcoin is being seen as a tool to launder money and finance people with wrong intentions.

[umaOuma]

They use the service they trust ,even knowing they will loose a high fee into it,bitcoin hasnt the trust from the people ,may happen into the future,and well after the exchanges being present and able to convert btc into fiat,or we be able to pay with bitcoin anywhere.

People will always look at the brand image and the life span of that particular service providers, So if we compare WU to bitcoins then definitely the users of WU are high as compared to bitcoins and bitcoins is lacking behind only because people are not aware about the benefits that bitcoins is offering.