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Author Topic: Bitcoin is killing Western Union!  (Read 9314 times)
wachtwoord
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November 01, 2013, 12:10:56 AM
 #41

Every time this thread pops up in my new posts feed I hear Kim Dotcom (Schmidt) saying: "The government is killing innovation. Don't let them get away with that!" Tongue
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nobbynobbynoob
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November 01, 2013, 12:16:33 AM
 #42

Bitcoin has a lot to do before that happens. Goverments want to track money, and will destroy every possibility for anonimity before they let it be the next WU.

They can only control the fiat exchange points (and even that's tricky in the OTC market). Once bitcoin has enough traction to remove the (partial) necessity for fiat conversion, poof! censorship-resistant transfer of value.

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mel2000
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November 01, 2013, 03:17:37 AM
 #43

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I e-mail money to someone using Coinbase.  It asks them to sign up with an account to retrieve the money.  Not that difficult.
Coinbase requires documentation and time in order to start doing money-handling transactions with them.  I don't think Coinbase offers money handling transactions on the same day one applies for their account. WU only requires cash and a driver's license (in the USA).

Quote
As evidenced by people in this thread, it is WAY harder to use Western Union or even Paypal.
WU caters to people who want to move money in an emergency without a computer or without a prior money handling broker account. Bitcoins and WU aren't even real competitors at this point. I still think PayPal is more WU competition right now than Bitcoins.
leoragraves666
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November 01, 2013, 09:19:54 AM
 #44

Bitcoin has a lot to do before that happens. Goverments want to track money, and will destroy every possibility for anonimity before they let it be the next WU.

They can only control the fiat exchange points (and even that's tricky in the OTC market). Once bitcoin has enough traction to remove the (partial) necessity for fiat conversion, poof! censorship-resistant transfer of value.

Sadly I don't think they will let that happen.

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November 01, 2013, 01:48:48 PM
 #45

... And then you win.

 Cool
the game?  Tongue
Yes.

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- Mahatma Gandhi

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herzmeister
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November 01, 2013, 02:17:14 PM
 #46

so far, Bitcoin rather brings WU a lot of business.

Lots of trades on localbitcoins.com go over WU (no, don't ask me why).

https://localbitcoins.com/?ch=80k | BTC: 1LJvmd1iLi199eY7EVKtNQRW3LqZi8ZmmB
n8rwJeTt8TrrLKPa55eU
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November 01, 2013, 03:16:21 PM
 #47

WU presentation on digital currencies given on Sept 13 2013 at Consumer Protection & Compliance conference:

https://events.westernunion.com/WUComplianceConference/presentations/2013/EmergingRiskofDigitalCurrency.pdf
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November 01, 2013, 04:13:22 PM
 #48

Western Union: bitcoin isn’t ready for international money transfer yet

http://www.coindesk.com/western-union-bitcoin-international-money-transfer/

AndrewWilliams
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November 01, 2013, 05:16:46 PM
 #49

Western Union: bitcoin isn’t ready for international money transfer yet

http://www.coindesk.com/western-union-bitcoin-international-money-transfer/


That's because they feel it would not be easy enough to prevent money laundering at this point....
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November 01, 2013, 05:36:27 PM
 #50

Western Union: bitcoin isn’t ready for international money transfer yet

http://www.coindesk.com/western-union-bitcoin-international-money-transfer/
Let's just ignore the fact that it has been used for years for just that purpose.  Roll Eyes
If WU were half as smart as they are greedy, they would realize that they could capture the bitcoin market in America.  

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leoragraves666
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November 01, 2013, 07:30:07 PM
 #51

Western Union: bitcoin isn’t ready for international money transfer yet

http://www.coindesk.com/western-union-bitcoin-international-money-transfer/


That's because they feel it would not be easy enough to prevent money laundering at this point....

 This is very correct but I don't think that would happen, people who do money laundering would rather not present their documents, and with WU it is required.

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gollum
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November 01, 2013, 09:45:05 PM
 #52

Lol what a title - Killing Western Union!
No way Jose! Theyr not killing WU today or tommorow, but over time cryptocurrencies will threaten the business model of WU if they don't start to use cryptocurrencies as well.
If WU starts to offer bitcoins to their clients through their worldwide dealers, it would be a huge win-win both for WU and for bitcoin.
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November 03, 2013, 12:14:15 AM
 #53

I can't believe no one mentioned the fact that WU has already said they're looking into incorporating Bitcoin into their business model.

So did PayPal about 6 months ago.  So where is it?  I'll believe it when I see it.

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BitchicksHusband
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November 03, 2013, 12:20:00 AM
 #54

so far, Bitcoin rather brings WU a lot of business.

Lots of trades on localbitcoins.com go over WU (no, don't ask me why).

Non-reversible?

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BitchicksHusband
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November 03, 2013, 12:38:02 AM
 #55

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I e-mail money to someone using Coinbase.  It asks them to sign up with an account to retrieve the money.  Not that difficult.
Coinbase requires documentation and time in order to start doing money-handling transactions with them.  I don't think Coinbase offers money handling transactions on the same day one applies for their account. WU only requires cash and a driver's license (in the USA).

Yes.  You can send people bitcoins at any e-mail address, even if they don't have an account.  If they don't sign up and hook up a US bank account in 60 days, you get the coins back.  Most people in the US have e-mail and a bank account.

As I said, once both parties have accounts, you can use e-mail or phone number to send money back and forth instantly for free (no tx fees if within the Coinbase network).  And you can even use an SMS text instead.

And once they go into other countries, it becomes just as easy to send money to anyone in the world.

(Just a customer, but I think this is huge for adoption.)



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gaston909
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November 03, 2013, 10:33:15 AM
 #56

I still find it a bit shocking that it takes so long for WU to be replaced. It is a terrible service and only used because some people had no other choice.
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November 03, 2013, 11:24:49 AM
 #57

I can't believe no one mentioned the fact that WU has already said they're looking into incorporating Bitcoin into their business model.

iam impressed by this fact  Smiley

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