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Among people I know, most individuals send money to each other via Venmo. This presents two problems: how to be sure you're sending money to the right person,
by nix0n 6y ago
Among people I know, most individuals send money to each other via Venmo. This presents two problems: how to be sure you're sending money to the right person, and, the transaction is data-mined by Paypal. So, having payments inside of Signal actually would solve both those problems (if both people are using Signal).
It could also be, that Signal is trying to turn their app into a platform, like WeChat.
- RIMR 6y ago1. Do most people actually care enough about PayPal knowing about their Venmo transactions to sacrifice ease-of-use and use a cryptocurrency instead? Is it worth having to endure volatility and have to deal with exchanges just to hide that split restaurant bill? 2. How does using a Cryptocurrency connected to Signal ensure greater confidence that you are transacting with the correct person than using Venmo connected to PayPal?
- nix0n 6y ago1. I care enough to pay cash when possible, even if it means rounding up my share for something like a split restaurant bill. I would hope Signal's implementation makes it so you don't have to worry about volatility or exchanges. 2. This assumes you and your friend are both communicating with each other via Signal.
- bradleyjg 6y agoI go to a restaurant with some friends. The bill comes and it’s in USD because of course it’s in USD. One guy puts down his card because he plays cc miles games and anyway the waitress doesn’t want to deal with multiple cards. He gets home, logs on to Venmo and requests my share from me—-in USD. I click accept, the money comes out of my bank account, which is in USD because of course it is, and goes into his Venmo account. That’s the last I ever have to think about it. There’s no 1099B coming. Crypto makes this story much, much worse for very little gain.