Money Gram: Trying To Stay Relevant By Adopting Crypto
MoneyGram is trying so hard to stay relevant and you can see that in their effort. What do you expect when a greater technological giant is here that offers the same utilities plus more and makes it way cheaper and faster. MoneyGram is a remittance company, used to send money to people all over the world. This process takes time, although the service has tried to improve over the years. I can remember when it used to take days to get to the receiver, then it improved and started taking just few days like 1 to 3 business days. Later improved to few hours, all you need is a secret code and you can claim your money.
But crypto came and made everything really easy, in a matter of minutes you can get your coin and withdraw it from where ever you are in the world, you can convert it to fiat, or spend as crypto, this alone makes MoneyGram extremely irrelevant. Lots of countries depended on MoneyGram especially under developed country with low economy. Some of these countries are not countries popular on being conversant with fintech or owning bank accounts. This was one of the reasons the country of El Salvador adopted Bitcoin as the legal tender to help save the country a lot of money in remittance.
El Salvador has saved more than $300 Million in remittance just by using bitcoin. This just shows how less important MoneyGram is, and how useful bitcoin is, don’t forget the transaction fees. If you have used MoneyGram for remittance before, you can tell how high the transfer fees are, so why would you use choose MoneyGram over crypto. When crypto is more secured and faster.
Money Gram About To Provide StableCoin Remittance
In the spirit of trying to be relevant in the market, money gram is looking forward to integrating StableCoin remittance so that receiver can receive it in fiat is nice but crypto exchanges already do that. Are they about to be crypto exchanges without wallets but for only StableCoins? Why will I use money gram when I can use my crypto exchange to do that, as a matter of fact, I have been doing what money gram is about to do for years for absolutely no charges.
I do that with my Binance app, receive BUSD(A StableCoin), then withdraw it as fiat to my bank account through bank transfers or P2P.
Money gram looking forward to partner with the stellar network, so they can use the USDC StableCoin as remittance. This smells and speak centralization so loud. Money Gram is obviously a centralized company and USDC is a centralized StableCoin from the circle company.
These has shown great characteristics of crypto and shown reason why crypto is going to be here for a very long time.
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Cool, I love to see adoption no matter what, I too would prefer to use other means of sending crypto than ever think of using MoneyGram bit I'm happy to see MoneyGram adopt crypto, though, onwards (or rather ahead ahead)!
Please tell me how the option of Bank Transfers you mentioned above works in Nigeria.
Lol, disclaimer, this option is not available anymore.
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Fuck! 😅
Alright, how good would you say the P2P is? I should probably check elsewhere for that but..🌚
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Good, faster and better, but not safer. No withdrawal fee
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Not safe because a peer can run away with your crypto, right? Isn't there any form of escrow?
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Yeah, especially when you are sending the money and waiting for the coin to get released. I don’t really know how tight the escrow is because I haven’t been in a situation where I have to appeal.
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Escrow usually handles trades before anyone sends and not just when one needs to appeal, if this is not the case on binance then it seems the p2p there is not really tight. Well..
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