Bitcoin Was Supposed To Kill Western Union — That Hasn’t Happened

Bitcoin was envisioned as a “peer-to-peer electronic cash system” in Satoshi Nakamoto’s original 2008 white paper, and one of its biggest appeals was frictionless international payments. Bitcoin promised shorter transfer times and lower transfer fees than you’d get at Western Union or another money transfer business, the de facto option for sending money abroad.

But 10 years later, Western Union has been unfazed and unaffected by Bitcoin.

In fact, profits at the world’s largest money transfer company are up: for Q3 2017 Western Union reported a 13% year-over-year increase in earnings per share, beating analyst expectations.


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