Recently
I stumbled on a short piece of news that amuses me. It's about a report from Marketwatch of a statement made by Western Union CEO Hikmet Ersek.
In it he said that Western Union would not include cryptocurrency as part of their money transfer solution. Saying things like
“The consumers tell us what they want. People aren’t paying their hospital bills in cryptos.”
Funny, from what i know people don't happily choose Western Union when they want to remit money. Do a little sleuthing and you'll realize that the only people that still uses Western Union are poor immigrant workers needing to send money to their family in poor countries and has no other options of doing so.
One can even say their sole business model is predatory to immigrant workers. No rich people would use Western Union to send their money anywhere, at those who wants to keep their wealth anyways..
I mean, just look at one example of their fee charges taken from someone in the UK!
27 Pounds in fees to send money from the UK to 3rd world countries?! I mean sure, that's the more expensive "Money In Minutes" package they offer, which offers transaction "within 10 minutes". And you already know that the typical Bank to Bank transfers takes god knows how long..
You know what else lets you send you money anywhere across the world (regardless of geography) in less than 10 minutes?
You're damn right, even Bitcoin - the slowest blocktime blockchain has can guarantee transaction in 10 minutes, You dont even need to pay less than a pound in fees too! And that's talking about the SLOWEST cryptocurrency!!
Do we even need to bring up Steem?
"People aren’t paying their hospital bills in cryptos"
I love this statement...
I love how it will take less than a decade before that CEO will get to eat his own words.
Why is that Big company folks love to talk shit about tech, about how "It's just a fad". Didnt the last 200 years proof anything? Owh wait... In fact, Western Union itself did made history by talking shit about tech..
I mean... What the heck are they thinking? Didn't western union start out as a telegram company? Was it so hard to imagine a wireless telegram? And it seems that Western Union is about to hammer themselves in the head yet again.
There's no doubt Cryptocurrency will (and is) disrupt(ing) the traditional remittance industry. And Western Union's dismissive behavior just show's how they are afraid of what this technology will become.
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Kristian Kho [Ian] is a 24 year old freelancer with a passion for steem and a deep desire to be a better person in every aspect. I aim to express any and all my thoughts on things that I find interesting as well as using this platform as a self-development log.
I am a part of #Teammalaysia, a decentralized community initiative that aims to empower local creatives and content creators specifically in Malaysia to create content through the Steem Blockchain.
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