Topic: Bitcoin vs Venmo - page 2. (Read 2051 times)

in my case is different, i earn via signature and i spend directly from my wallet(so no wasted satoshi for coinbase or other online wallet) using something like purse.io, total fee = ridiculous 2 cent, and also i get a discount of 30% on purse.io, far better than any other service out there

Wire transfer fees charged by the 10 largest U.S. banks:
Banks                    Domestic - Incoming   Domestic - Outgoing   Foreign - Incoming   Foreign - Outgoing
Bank of America               $15                     $25                           $16                            $45
Chase                       $15                     $30                           $15                            $45
Wells Fargo                       $15                     $30                           $16                            $40
Citibank                       $15                     $35                           $15                            $45
U.S. Bank                       $20                     $30                           $25                            $50
Capital One                       $15                     $25                           $15                            $50
PNC Bank                       $15                     $25                           $15                            $45
TD Bank                       $15                     $25                           $15                            $40
BB&T                               $15                     $25                           $18                            $65
SunTrust Bank               $15                     $25                           $30                            $50
AVERAGE                       $15.50                     $27.50                   $18.00                    $47.50

its 3% to put funds onto the app.. then free to send within the app..
(far better than bitcoins 4cents for atleast 10 minute wait)

which actually if you look at the price of the cheapest bitcoin exchange.. and then look at the cost people actually pay to fund a coinbase account and then play the spread to get bitcoin.. there is not much difference.

its kind of why bitcoin is not good for remittance because getting fiat into bitcoin is not free.. and the same goes for the other side.. even if they say there is no "fee" the bitcoin exchanges/localbitcoin brokers adjust the spread by 1%-4%, so the cost is hidden

so 3% to fund a bitcoin app from fiat into bitcoin.... to then be able to pay anyone instantly(think bitgo's proposal) in bitcoin with a username (think coinbase internal payment or changetip social donations) would make bitcoin have something on par with venmo.

but i do agree paypals upfront in your face 3%.. or bitcoins 'hidden in the spread' cost of 1%-4% is still offputting.

but one day i hope to see a bitcoin version of an app thats functionally similar to venmo or other instant payment services (UK: Pingit) where its not much, if anything to actually get bitcoins at the cheapest price of the competing exchanges and completely free to send instantly once you have bitcoin

There are bitcoin wallets that send coins via SMS, emails and web links but still the Venmo app looks more hassle-free and is already integrated with Facebook which is a big plus.

well 3% is big enough to discourage someone like me, and anyway bitcoin was meant to be spent directly not to dump for fiat and then spend, at that point spend directly your fiat, that's why there is no app for that

https://venmo.com/about/fees/
wire transfers are free too

what are the fees on venmo?

If there's still fees, its similar to paypal. 
so , big deal.

plus its still moving fiat around.

bitcoin is a true p2p currency.

3 issues bitcoin has

1. no app that links bank account instantly
2. no 'address book' or facility to pay people via username
3. no billion dollar company to spend funds on advertising

apart from that a service like changetip would work great. as it has the facility to buy coin using debit cards etc.. it just needs tweaking to be more user friendly to send people funds without pressing lots of buttons

maybe changetip(social media integration), coinbase/circle(funding accounts), bitgo(secure transactions) all club together to make a user friendly app that can fund an account in seconds and able to move funds via qr code or social media username securely and fast

but then again. im going to expect a bit of rage from the blockstream camp who dont want users to buy small amounts of bitcoin and transact small amounts on bitcoins blockchain

Venmo vs. Bitcoin

Venmo is a service of PayPal that allows anyone to send money via Facebook, phone or email, and has seen impressive growth, particularly among young professionals and social media users. In fact, over $2.1 billion has been transacted over Venmo, which integrates with Facebook and its 1.5 billion active users.



Additionally, Venmo is also planning to steal Bitcoin’s thunder in another arena by integrating with PayPal’s merchant services, which have supported bitcoin payments since spring 2015.

“The social component (and free marketing) helped Venmo go viral,” explains Techcrunch. “When you go out to dinner with a friend or share a cab or go on a weekend getaway and want to split the bill, Venmo is almost always the easiest option.”

Read full:
https://news.bitcoin.com/paypals-venmo-beating-bitcoin-p2p-payments/