Bitcoin vs. Western Union the Streisand effect
Barbra Streisand effect – if someone tries to removal or concealment any information, it tends to have in today’s world of rapid sharing on social networks just the opposite effect. The singer in 2003 tried to have a court order removing secret shots of her residence from public networks, thereby making the exact opposite – a month after an unsuccessful action, has visited the site with photos about 420,000 visitors (Wikipedia).
And the exact same thing has now become to Western Union, best known service providing money transfer worldwide – both known for relatively high fees.
Reddit user – Dave Aiello created an image that compares the “benefits” of Western Union with Bitcoin and placed him on Facebook. Western Union achieved through the DMCA (Digital Millenium Copyright Act – US law from r. 1998) a removal of “dishonest” creation of social networks that infringes its copyright. And here comes the storm.
Streisand effect – Bitcoin vs. Western Union – 3: 0
Streisand effect is manifested in full. Not only Reddit users have taken this step of WU personally and use promotional materials companies to begin to create more parodic images, which, as stated in server Coin Fire, spread like “wildfire”.
Comparison of “service” is really not very positive for Western Union. What would you choose? Fee $ 5 for sending $ 50? Or $ 0.01 for sending the same, or larger amounts? Sending money only to selected countries, during office hours, or the same anywhere, and much faster? Not for nothing is just Western Union mentions as an example of service, often used by emigrants from developing countries to send money to family, which is, however, in comparison with Bitcoin prohibitively expensive.
Bitcoin parody of Western Union
John “David” Thompson, one of the leaders of Western Union, recently in an interview with CoinDesk (Western Union CIO: Bitcoin No Solution for Today’s Market) said that his company is considering about Bitcoin in the broader context (he even invested in mining BTC and he is personally inclined in cyptocurrencies). But still sees many obstacles – including the lack of cryptocurrency regulation and unresolved issue of consumer protection. Including possible fraud and money laundering, but this is an area that neither service users WU is not a complete stranger …
“Bitcoin as technology, as a possibility, does not solve any of these problems. It does not offer anything of value addition in the market with cash transfers. Still have questions concerning regulation, there would still have problems in the fight against fraud, issues related to consumer protection on the market. So I do not see any link to make this market better just with Bitcoin. ”
According to Thompson is too early to say why and how to integrate bitcoin services to WU and they dont think about something like this, until they meet strong demand of its customers. Bitcoin is not simply an option for Western Union.
In this context, I can not, therefore, than to borrow one from FB coment Slush – “Bitcoin really does not solve their core business. He replaces it 🙂 “.