Peter Todd Says Western Union is Bitcoin's Biggest Rival at 2019 MIT Bitcoin Expo
During a panel at the 2019 MIT Bitcoin Expo, Peter Todd explained that Bitcoin's main competitor is Western Union. During the panel, participants discussed the utility that Bitcoin has for financial activities around the world compared to traditional systems. The main conclusion is that Bitcoin does not compete against Visa or Mastercard. Instead, Bitcoin should be compared to Western Union and similar companies. Western Union Competes Against Bitcoin Peter Todd is a recognized Bitcoin Core developers and applied cryptography consultant. He said that when we have a look at the history of Western Union, it is possible to see that the company aims at dodging regulations around the world. He mentioned that most of the people do not know about it and that we only have the image of the company that allows individuals to send and receive international payments. Mr. Todd has also been working for the enterprise blockchain solution firm R3. The company has developed the payment platform Corda
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