Venmo Spanked by FTC and Why Crypto is Better Anyway
Yesterday @PayPal settled #FTC charges against Venmo for misleading customers about the fact that #payments can be reversed based on Venmo review and control. Venmo was a great solution for peer to peer payments when I signed up 8 years ago in the same way @AOL was great way to access online content in 1985.
#Blockchain is often compared to the #internet of 25 years ago. But the pace of the blockchain adoption will be a magnitude of order faster because it can leverage the internet to propagate.
Today our kids learn to use an iPad and the internet before they learn to feed themselves. The idea of using #digital #currency will be more intuitive to them than #cash. And moving value from one person or entity to another no longer requires the intermediation of a party like PayPal or Venmo to slow it down, take a big cut, or reverse it.
#Cryptocurrency not only allows people to transfer value to anyone on the planet almost instantly and at a relatively low fee without the permission of any government or institution. But even more powerful: no government or institution can prevent it from happening.
Once you experience the power of cryptocurrency first hand, there's really no turning back. You become certain in your knowledge that #crypto is the greatest innovation in #money in the last 5,000 years.