Here's the thing feared by financial institutions such as banks, presence of bitcoin will certainly make financial services, and of course there will be a rejection of many of the parties that will keep campaigning to reject the bitcoin. For us as users of the bitcoin, surely this can we expect.

Switzerland is getting popularity as one among the financial centre for digital currency development. Bitcoin has gained popularity long back and now with the introduction of Swisscoin it has got more acceptance within the country for reduced fee and avoiding dependence on banks and financial service providers like western union.

You might not need ATMs for the receiving person to get their money. I believe we have 2 here in the Philippines but I don't even now where they are but we're doing just fine. It would really depend on what options are available in that country. One local bank here allows cashing-out in their traditional atms. You can also cash out in almost any bank here too, as well as pawnshops.


True, banks will always be useful even if everyone start doing most of their transactions in bitcoin. There are still need for loans and traditional banking will still be in business.

Well, we cannot really expect privacy in a public space, as you have said there are cameras and other people, but unless you can earn your crypto online, there are not many options to get bitcoin privatelly and for no else but you to know about the transaction.

That news is very bad one for the Western Union for sure they are going to do anything just to attract their customers and win them back. But we can't blame bitcoin for it as we know that it is more convenient than using WU's service that needs a beautiful teller. Unlike with bitcoin you can just simply send it with your own with cheaper fees or else WU will just simply adopt BTC.

Remittance can only work, when people can send money from one destination to another at the same fee. The Swizz WU branch might have zero fees, but what about the person on the other side? How much is he paying on the other end, to receive that money?

WU/MoneyGram still have the advantage that they have on-ramp and off-ramp services globally for Fiat conversion, and this advantage is gradually eroded by the ease of use and user-friendly apps that are being developed to transfer Bitcoin globally. ^smile^

WU uses their own accounting system to manage back office tasks, they don't have any use for Bitcoin per se.

WU's strength, like most businesses, is the scope and "stickiness" of its customer network. It's expensive to acquire a customer in terms of both time and money. So when another network comes along that acts as a substitute, that's really something they should be concerned about.

The real question I think is: "how close is WU getting to operating costs?" They still have about $1 Billion of buffer, but it's decreasing each year....

https://news.bitcoin.com/bitcoin-companies-legally-operate-switzerland/

Yeah bitcoin is growing for good in switzerland. This will be impacting a lot for the other's country.

Speaking of privacy, your post now resides in the following complex in a special file with your REAL name on it: