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Author Topic: Why Doesn’t Western Union or Moneygram Use Bitcoin?  (Read 3310 times)
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February 03, 2017, 09:26:38 PM
 #41

It kills the business and business model they have at the moment. They kind of act like a bitcoin service with a disgusting amount of fees and completely centralized with the two companies.

Once bitcoin hits mainstream, those two mega-corps are going to die very quickly. Can't wait to see the day when they do die off.



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February 03, 2017, 10:03:28 PM
 #42

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#
Because they are direct competition, bitcoin does some of the same things as western union with the difference that is cheaper, faster, you have the possibility of keeping your self anonymous, and you can even make money while you do all of that.



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February 04, 2017, 09:50:05 AM
 #43

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.
This is not completely true or not true at all.
There are offices here in North America that have QR codes on the forms that come with their remittance forms for sending a Western Union moneygram. What are these QR codes for you may ask?
For bitcoin! Grin
Those QR are not for bitcoin they are for money transaction, I think that MoneyGram and Western Union are not using bitcoin is mainly because it is still not an international currency and its price is not stable so the exchange rate will be different from country to country, but if you really want to exchange bitcoin to fiat through MoneyGram or Western Union you can find many offers on local bitcoin.



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February 04, 2017, 10:27:04 AM
 #44

No, not yet Cheesy.  Moneygram and Western Union won't be accepting or using Bitcoin for now,why would they?  it will only cut their profit.  As what is said, Enjoy it while it last. Eventually this two big company will yield to Bitcoin once bitcoin go mainstream and adopted worldwide.  I do not see these two company see Bitcoin as competitor because they can profit from it just by doing Bitcoin Exchange Services, their service is trusted, so they will have million of clients automatically once they adopted Bitcoin, but as I said, for them, it is not the time yet because accepting it this early will make them loss Billion Dollar profit.



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February 04, 2017, 11:57:53 AM
 #45

No, not yet Cheesy.  Moneygram and Western Union won't be accepting or using Bitcoin for now,why would they?  it will only cut their profit.  As what is said, Enjoy it while it last. Eventually this two big company will yield to Bitcoin once bitcoin go mainstream and adopted worldwide.  I do not see these two company see Bitcoin as competitor because they can profit from it just by doing Bitcoin Exchange Services, their service is trusted, so they will have million of clients automatically once they adopted Bitcoin, but as I said, for them, it is not the time yet because accepting it this early will make them loss Billion Dollar profit.

Well said my friend, it is indeed a fact that if they will integrate bitcoin into their system then there will be lost a huge income from their fees. Bitcoin market is of today not that huge and so western union and moneygram have not really felt its effect as of this moment. But time will come when people will no longer use western union like what happened in Switzerland then those companies will rush and integrate bitcoin into their system before they get bankrupt.

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February 04, 2017, 12:06:27 PM
 #46

No, not yet Cheesy.  Moneygram and Western Union won't be accepting or using Bitcoin for now,why would they?  it will only cut their profit.  As what is said, Enjoy it while it last. Eventually this two big company will yield to Bitcoin once bitcoin go mainstream and adopted worldwide.  I do not see these two company see Bitcoin as competitor because they can profit from it just by doing Bitcoin Exchange Services, their service is trusted, so they will have million of clients automatically once they adopted Bitcoin, but as I said, for them, it is not the time yet because accepting it this early will make them loss Billion Dollar profit.

Well said my friend, it is indeed a fact that if they will integrate bitcoin into their system then there will be lost a huge income from their fees. Bitcoin market is of today not that huge and so western union and moneygram have not really felt its effect as of this moment. But time will come when people will no longer use western union like what happened in Switzerland then those companies will rush and integrate bitcoin into their system before they get bankrupt.
we will see how they will adopt after bitcoin became more popular, we can't blame them since its their business that's earned a lot with this service migrating to bitcoin will allow their costumers to learn more about low transaction fees and easy to transfer from wallet to wallet without any interfere of any government taxes.

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February 04, 2017, 12:23:06 PM
 #47

Western union and MoneyGram doesn't have anything to follow bitcoin as they are using other methods of transaction medium. Now related service provider PayPal is making plans of using Blockchain technology. So in future those service providers too might start following bitcoin's technology.


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February 04, 2017, 01:44:22 PM
 #48

I think even if they did, the bitcoin users wouldn't use their service because they can do it by themselves. That's one of the advantages of bitcoin. You can transfer money to another person from a different country all by yourself. You don't need to use and pay any service at all except for the small transaction fee. It would just be a waste of funds if they started using bitcoins but they can always implement it whenever they want. These business people can change their course whenever they want. I think that would happen only when bitcoin's starting to take over. But the world wouldn't be needing their service at that point as told in the OP.

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burner2014
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February 04, 2017, 01:49:08 PM
 #49

Since bitcoin is not yet regulated by our government, the said remittance center will not allowed by our country to have bitcoin transaction.
Aside from its high transaction, bitcoin price changes from time to time so it is hard for them to find to know its current value. But, if bitcoin price will just change everyday not from time to time I think they can adopt bitcoin also.

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February 04, 2017, 03:31:26 PM
 #50

I think even if they did, the bitcoin users wouldn't use their service because they can do it by themselves. That's one of the advantages of bitcoin. You can transfer money to another person from a different country all by yourself. You don't need to use and pay any service at all except for the small transaction fee. It would just be a waste of funds if they started using bitcoins but they can always implement it whenever they want.
On the contrary, bitcoiners would be using them when for instance someone wants to remit his coins for dollars or any other form of money, so opting to do business with Bitcoin won't put them out of business, but playing the Ostrich would.

Quote
These business people can change their course whenever they want. I think that would happen only when bitcoin's starting to take over. But the world wouldn't be needing their service at that point as told in the OP.
Then they would have lost their market share to those companies that saw the vision of Bitcoin and the easiest thing in life is not to unwittingly hand in your rightful position only to start fighting for it again from the bottom! They say, make hay, while the sun shines!!

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February 04, 2017, 04:10:49 PM
 #51

Since a large portion of western union customers and moneygram customers initiate or receive remittances in cash, they often view new digital payment services as a threat to their business.Since bitcoin is not widely accepted as payment and its price is highly volatile, they dont show interest in it.They say, Remittances go to pay for housing and for food and maintaining the family and so the receiver will not show interest in receiving payment in bitcoins for such uses.
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February 04, 2017, 10:14:22 PM
 #52

Since a large portion of western union customers and moneygram customers initiate or receive remittances in cash, they often view new digital payment services as a threat to their business.Since bitcoin is not widely accepted as payment and its price is highly volatile, they dont show interest in it.They say, Remittances go to pay for housing and for food and maintaining the family and so the receiver will not show interest in receiving payment in bitcoins for such uses.
Something I will say is short sighted, if instead of spending your money right away you just waited for bitcoin to increase in price then you could have a little extra every month that could help you in your finances.



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Rainbot
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February 05, 2017, 09:18:55 AM
 #53

 Western union or moneygram does not use bitcoin because wu's fee is higher than bitcoin transection fee and the money exchanging process is easier than bitcoin.they can exchange their money by dibit card or atm.

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February 05, 2017, 10:03:12 AM
 #54

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#
Exactly, that's what i think actually i am not a WU user but my friend was, the only reason why he moved to bitcoin and left western union is about the fee, wu charges him much fee even for sending minimal amount, for example my friend sent 52 dollars to vietnam from my country and the fee was 9 dollars it's really big if we compare it to the bitcoin's fee. Now he's using bitcoin, finaly he can send even million dollars with lowest fee.
I bet if all of the WU users out there embrace bitcoin they wouldn't use their service anymore.

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Ewinsane
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February 05, 2017, 10:09:37 AM
 #55

It kills the business and business model they have at the moment. They kind of act like a  service with a disgusting amount of fees and completely centralized with the two companies.

Once  hits mainstream, those two mega-corps are going to die very quickly. Can't wait to see the day when they do die off.
yeah i think bitcoin is one of the competitor for them and if they get into bitcoin it is difficult for them to run their own business so, that's why they never use iit in that way.......

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Victorycoin
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February 05, 2017, 04:01:55 PM
 #56

Western union or moneygram does not use bitcoin because wu's fee is higher than bitcoin transection fee and the money exchanging process is easier than bitcoin.they can exchange their money by dibit card or atm.
No that is far from the truth! The money exchange with Bitcoin is by far the simplest and cheapest. It doesn't take some business days to pull through and you can access the fund from just about anywhere in the world. The charges for using those cards is something to give another thought, because they usually eat real deep into the fund being transferred. WU and MG, might want to drag their feet because of the kill they are making from the exorbitant fees they charge, but as the adoption of Bitcoin spreads further, competition would force them to adjust or pack up.

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........What is C?.........
..............
...........ICO            Dec 1st – Dec 30th............
       ............Open            Dec 1st- Dec 30th............
...................ANN thread      Bounty....................

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February 06, 2017, 10:42:37 AM
 #57

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#

Even western union doesn't need bitcoin, in the near future once the community discover the edges of bitcoin for sure western union client will shift into bitcoin concept because of its unique features. In short, many remittance outlet are possible to be close if they will not adopt the system concept of bitcoin.

                                 
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CyberKuro
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February 06, 2017, 11:15:33 AM
 #58

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.
I doubt it too as not all of transaction could handled by blockchain itself, so that we still need Western Union or other moneygrams.
But bitcoin actually could replace any service of moneygram that not using bitcoin as medium of transaction, we're heading to bigger market cap, $12 billion? It's not, man, $16.5 billion right now. And we will have significant increases by the end of the year, always like that.

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February 06, 2017, 08:09:08 PM
 #59

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.
I doubt it too as not all of transaction could handled by blockchain itself, so that we still need Western Union or other moneygrams.
But bitcoin actually could replace any service of moneygram that not using bitcoin as medium of transaction, we're heading to bigger market cap, $12 billion? It's not, man, $16.5 billion right now. And we will have significant increases by the end of the year, always like that.

We don't necessarily need a hefty market cap to crowd out payment services like "Western Union or other moneygrams"

As I see it, the market cap as such is not very relevant itself. But what is relevant in the velocity of circulation, i.e. how often one bitcoin on average changes hands over a certain period of time. Ultimately, if the velocity is infinite, just one bitcoin will be enough to match all the requirements in bitcoins for circulation. In this way, neither price not market cap are significant for that purpose, though in general the higher velocity leads to price decline overall (and thus to lower market cap) since the effect is the same as if there were more bitcoins in circulation (it is a bit counterintuitive but it is really so)

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February 07, 2017, 02:53:15 AM
 #60

Western union or moneygram does not use bitcoin because wu's fee is higher than bitcoin transection fee and the money exchanging process is easier than bitcoin.they can exchange their money by dibit card or atm.
They're all in the same competition with bitcoin, but this is no sense for me. Does WU and money gram want to use bitcoin? That's a silly question.

It's also mean if they're trying to use their opponent's p[roduct. in fact, bitcoin already overcome Western Union.

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