[garydevenay]

Western Union doesn't transfer value, it creates and settles credit.

[Kbelicius]

What is the difference?

[kevinak]

It creates risk and slows things down because you can’t trust your counterparties

[Kbelicius]

So it is transferring value just somewhat different?

[garydevenay]

Not exactly. Credit creation creates an asset and a liability. The creation of credit facilitates the ability to create liabilities in excess of the underlying asset (e.g fractional reserve banking).

By introducing the ability to transfer a scarce asset globally you resolve the requirement for credit, as no one ever needs to redeem.

Credit is a hack, Bitcoin is the fix.

[Kbelicius]

That still sounds like you are transferring value just in different ways.