Headline: Bitcoin Buzz Draws Western Union, MoneyGram

[checkers6676]

http://www.foxbusiness.com/news/2013/04/18/bitcoin-buzz-draws-western-union-moneygram/

aaaaaand....speculate!


http://mashable.com/2013/04/02/western-union-bitcoin/

http://online.wsj.com/article/SB10001424127887324493704578431000719258048.html

[Qoheleth]

I don't understand what they're proposing they do. Using Western Union to transfer BTC would be like using a team of horses to deliver a car.

[NamelessOne]

I don't understand what they're proposing they do. Using Western Union to transfer BTC would be like using a team of horses to deliver a car.

LOL! I'd say the best thing they could do would be become a local exchange. A place to quickly sell and buy bitcoin in perhaps even large amounts. I've never used the company so I have no idea how they work, but local exchanges already located in cities across the world would be incredibly useful.

[checkers6676]

Perhaps the company itself would use bitcoin as a tool to transfer funds internationally, and as a result cut down on their overhead so they can put more money in their own pockets while charging customers the same fees?

[Kazu]

I think you guys fail to understand the gravity of the situation.

WU literally could, with extremely little effort, turn every single WU place into the equivalent of a Bitcoin ATM.

[keewee]

Perhaps the company itself would use bitcoin as a tool to transfer funds internationally, and as a result cut down on their overhead so they can put more money in their own pockets while charging customers the same fees?

Or they could reduce their fees. The first one to embrace Bitcoin would get a jump on the competition

[Kazu]

Perhaps the company itself would use bitcoin as a tool to transfer funds internationally, and as a result cut down on their overhead so they can put more money in their own pockets while charging customers the same fees?

Or they could reduce their fees. The first one to embrace Bitcoin would get a jump on the competition

It would require them becoming an exchanger to do so, unless they want to suddenly stop working the moment gox goes down.

[NamelessOne]

I think you guys fail to understand the gravity of the situation.

WU literally could, with extremely little effort, turn every single WU place into the equivalent of a Bitcoin ATM.

Yeah, that is pretty much what I was saying with the 'local exchanges'. They already have the infrastructure across the globe.

[ElectricMucus]

I think they are mainly concerned with the competition. (No not Bitcoin itself, stupid), but rather the lots of small electronic cash providers who are attached to Bitcoin in one way or the other.
Paxum, Dwolla, OKpay, and so on.

[NamelessOne]

I think they are mainly concerned with the competition. (No not Bitcoin itself, stupid), but rather the lots of small electronic cash providers who are attached to Bitcoin in one way or the other.
Paxum, Dwolla, OKpay, and so on.

That is a good point and they would be smart to act quickly.

[impulse]

I think you guys fail to understand the gravity of the situation.

WU literally could, with extremely little effort, turn every single WU place into the equivalent of a Bitcoin ATM.

This is true. With their existing infrastructure they could instantly become the defacto Bitcoin exchange and Bitcoin bank while barely lifting a finger and expand their business into a whole new world. Western Union could in essence be Bitcoins "killer app".

[Frozenlock]

And they could also make a killing in fees until some competition arises.
A match made in heaven. I never thought I would say that, but go Western Union! 

[myrkul]

They could become money changers for fiat <--> BTC, making it facebook-level simple for anyone to transfer wealth more quickly across the globe

Oh god please this.

This would murder Gox in one swell foop.

[Anon136]

I don't understand what they're proposing they do. Using Western Union to transfer BTC would be like using a team of horses to deliver a car.

Western union simply realizes that bitcoin will make their entire business model obsolete. Which leaves them 2 options "beat um" or "join um." since bitcoin is decentralized they cant "beat um" which leaves only "join um". So it isnt really relevant specifically how they use bitcoin, they just know that they have to find SOME way to use it or they are doomed.

[just1nmc]

Sent them an e-mail. Any kind of integration with WU would be huge for bitcoin.

[ElectricMucus]

I think they are mainly concerned with the competition. (No not Bitcoin itself, stupid), but rather the lots of small electronic cash providers who are attached to Bitcoin in one way or the other.
Paxum, Dwolla, OKpay, and so on.

That is a good point and they would be smart to act quickly.

I'm not sure but my gut says they won't. Their profit margin is simply too high to be thinking about direct completion. My bet would be some sort of marketing campaign.

[NikolaTesla]

Perhaps the company itself would use bitcoin as a tool to transfer funds internationally, and as a result cut down on their overhead so they can put more money in their own pockets while charging customers the same fees?

It's a pretty smart move, if you think about it. Customers would still just work with their fiat, and WU would insulate them from the bitcoin part of it, while the bitcoin is used simply to speed up the transfer. Then the customer can be told their $ can now be transfered in mere minutes.

[BTC Books]

I think they are mainly concerned with the competition. (No not Bitcoin itself, stupid), but rather the lots of small electronic cash providers who are attached to Bitcoin in one way or the other.
Paxum, Dwolla, OKpay, and so on.

That is a good point and they would be smart to act quickly.

I'm not sure but my gut says they won't. Their profit margin is simply too high to be thinking about direct completion. My bet would be some sort of marketing campaign.

Not even close.  Take a look at their 7-year stock ticker.  They're hurting.

http://www.nasdaq.com/symbol/wu/interactive-chart

Bitcoin as their back end transfer mechanism could save them a ton - and the logical step from there would be to own the exchange market more solidly than Gox has ever dreamt of.

They could do a lot worse.  Actually, they are...

[ElectricMucus]

I think they are mainly concerned with the competition. (No not Bitcoin itself, stupid), but rather the lots of small electronic cash providers who are attached to Bitcoin in one way or the other.
Paxum, Dwolla, OKpay, and so on.

That is a good point and they would be smart to act quickly.

I'm not sure but my gut says they won't. Their profit margin is simply too high to be thinking about direct completion. My bet would be some sort of marketing campaign.

Not even close.  Take a look at their 7-year stock ticker.  They're hurting.

http://www.nasdaq.com/symbol/wu/interactive-chart

Bitcoin as their back end transfer mechanism could save them a ton - and the logical step from there would be to own the exchange market more solidly than Gox has ever dreamt of.

They could do a lot worse.  Actually, they are...

I don't know enough about stocks to judge that.
But I imagine their shareholders wouldn't react too kindly to something like that, even if it were possible. Those people probably are holding the stock because of it's a "conservative" one, those who are looking for a speculative stock are long gone anyway, and I doubt they will look back.

[myrkul]

I don't know enough about stocks to judge that.

Price go down = bad.