Bitcoin to Crush Western Union, MoneyGram?

Just as old technologies give way to newer ones, so must be the case for the financial industry. According to bitcoin advocate Barry Silbert, payment services like Western Union and MoneyGram could soon see their demise as the digital currency industry grows.
This phenomenon has been witnessed in the music industry, which saw the closure of Tower Records, and the photography world, wherein the shift to digital format led to the bankruptcy of film company Kodak. Silbert predicts that it will also be a ‘slow death’ for traditional payment companies, as mainstream acceptance of bitcoin grows.

This post was published at NewsBTC on May 29, 2015.