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Author Topic: When will Bitcoin take over the money transfer market  (Read 885 times)
Valerian77
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November 18, 2013, 12:15:10 AM
 #1

If I look at this:
http://coinometrics.com/bitcoin/btix

I think WU (and all competitors) has a serious problem with their core business model. It is no more a question if but more when Bitcoin will take over the market.

My estimate is at the current growth rate (0.59 % per day - that was for the past but now the growth rate seems to escalate) it will take at most one year.

My suggestion to WU would be to turn into a company for Bitcoin ATMs very fast before other companies take over this business.
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November 18, 2013, 12:58:35 AM
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I don't think bitcoin alone will take over but it will be a large part of it

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November 18, 2013, 01:05:47 AM
Last edit: November 18, 2013, 01:36:16 AM by byronbb
 #3

When ATMs are more common you will be able to put USD into the machine then PAY someone elsewhere in bitcoin without even having to deal with the technical issues of bitcoin itself. The depositor option will be on the machine itself, maybe as a send to option, or just an email address linked to a BTC address. This will remove the learning curve for the average user who simply needs to send some USD across borders and doesn't understand or give two winks about bitcoin.


edit

Moreover lets say you send someone some money overseas from such a machine to their address. Then you privately tell them the password over email or text message. So then they can go to any of these machines, put in the password, and withdraw fiat. The underlying process is completed with bitcoin but neither party is really aware of it.

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November 18, 2013, 01:13:49 AM
 #4

If I look at this:
http://coinometrics.com/bitcoin/btix
I think WU (and all competitors) has a serious problem with their core business model. It is no more a question if but more when Bitcoin will take over the market.
My estimate is at the current growth rate (0.59 % per day - that was for the past but now the growth rate seems to escalate) it will take at most one year.
My suggestion to WU would be to turn into a company for Bitcoin ATMs very fast before other companies take over this business.

I agree with this and have thought about it for a few years.  WU is foolish to not be offering this service.  As far as fincen is concerned btc is only a problem once moved into cash, and that is what WU does.... they're a regulated money exchange.

I'll send them more resumes.  I want to think they'll get it soon.
Valerian77
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November 18, 2013, 01:28:30 AM
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I'll send them more resumes.  I want to think they'll get it soon.

lol - I was thinking same - but then not sure about to help them or not. No management can be so ridiculous simple minded not to see that.
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November 18, 2013, 09:30:56 PM
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Probably mentioned on this forum before but the end of WU and the rest of them will happen when people on the third world start using bitcoin for payments.

Bitcoin has been practically designed for Africans/Indians etc living with poor infrastucture, but within mobile phone coverage to use their bitcoin wallet. Imagine 1 billion Africans using bitcoin for remittances and an alternative to the dollar

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November 18, 2013, 09:35:30 PM
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WU is foolish to not be offering this service.  As far as fincen is concerned btc is only a problem once moved into cash, and that is what WU does.... they're a regulated money exchange.

WU charges ~ 10% to 15% to transfer money.  This profit margin is possible because of the HUGE barriers to entry.  Bitcoin (once widely adopted) vastly reduces that barrier.  No barrier to entry means margins will collapse and WU will likely generate LESS revenue and probably lose market share to those willing to undercut them curther.  When you consider today they are collective a massive premium, have a huge market share, and the cost for a traditional competitor to undercut them is massive, they have nothing to gain and a lot to lose.

They are in a similar situation as Blockbuster.  Had Blockbuster embraced mail delivery (netflix) and kiosks (redbox) they would still be alive today.   Less profitable, slimmer margins, likely would have had to close 70%+ of their stores and massive layoffs but they "could" have adapted.  However the reality is that large, old companies are rarely innovative.  They (like WU) really had no choice but they stuck with their core model and hoped things would change.  Things didn't and they were crushed.  In hindsight a smaller lower margin company is better than bankruptcy but business decisions aren't done in hindsight.  Most "old tech" CEOs can't make that move to transistion the company to a future where they will see their market share, margins (and likely stock price) collapse.   Inertia means they simply die out instead.

I don't see WU embracing Bitcoin (and seeing their margins be crushed to maybe 3% compared to 10% to 15%) until they have no choice.  When they finally do move it may be like Blockbuster, too little, too late.
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