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With the coverage the Bitcoin exchange rate has been getting, this was just a matter of time.
I see WU looking at things like Bitcoin more to minimize transmission time and interbank exchange fees on the foreign exchange market. WU can then control the float time and the margins on exchange rates.
Earlier quoted context omitted.
I see WU looking at things like Bitcoin more to minimize transmission time and interbank exchange fees on the foreign exchange market. WU can then control the float time and the margins on exchange rates.
I do not believe so - interbank transfers are nearly instantaneous and cheap, especially for a firm like Western Union. The meatier costs are from anti-fraud and anti-money laundering.
All of that being said, Bitcoin eliminates or at least reduces many of those costs, in that delivery and receipt of payment can proceed without the involvement of the agent. And FinCEN, with its determination that institutional bitcoin services must be handled by a money transmitter, has just created a barrer to entry that WU is well inside of.
I concur with you, however, that interbank fees are a minimal component of their cost. Also, transfers processed by WU and its competitors are usually instantaneous from the point of view of their customers (part of the value they bring is the massive network of paying and receiving terminals that exist worldwide).
Source: I was the head of IT and operations for a money transmitter in a previous life.
If bitcoin is going to be here in 2 years then I think it's undervalued. In some exchange it has reached past $111
If bitcoin is going to be here in 2 years then I think it's undervalued. In some exchange it has reached past $111
Where about do you think it ought to be valued? Personally, as a completely casual observer, the current valuation seems incredibly high and unsustainable, but I'll admit that's an uninformed gut reaction.
If bitcoin is going to be here in 2 years then I think it's undervalued. In some exchange it has reached past $111
Where about do you think it ought to be valued? Personally, as a completely casual observer, the current valuation seems incredibly high and unsustainable, but I'll admit that's an uninformed gut reaction.
http://falkvinge.net/2013/03/06/the-target-value-for-bitcoin...
Whether that will ever happen, or if it will happen in the next few decades, it remains to be seen. But the point is a Bitcoin does have the potential to be worth a lot per unit. It all depends on how many people and businesses are going to use it in the future. If you look at it like that, Bitcoin hasn't even scratched the surface of its potential.
Buying bitcoins is a convoluted process especially outside of USA. Western union certainly has infrastructure to speed-up this process for anyone who is willing to pay their outrageous fees.
Earlier quoted context omitted.
Why?
Perhaps he meant sploosh: http://25.media.tumblr.com/tumblr_lls5fsESx61qi7deco1_250.gi... Edit: Lol.. not sure why I was downvoted. It is obvious the previous poster meant that bitcoin is over-the-heads of employees of Western Union... this was a play on that. HN is a hideous bitch goddess.
Earlier quoted context omitted.
To which I think the only response to Western Union can be: Whoosh.
Why?