How Venmo is a step toward the future of currency

How Venmo is a step toward the future of currency

Based on my personal experience, it seems as if college students are among the first to be introduced to new ideas in the realm of technology. Many companies and developers eagerly market their products to young adults on college campuses with the hope of receiving a coveted stamp of approval from a group that is instrumental in the successful implementation of new technological innovations. Throughout the course of my freshman year, many revolutionary ideas such as Uber, Joyride and AirBNB have come to life through the means of mobile applications that seem so simple, yet are so profound and complex in their nature.

Among the best of ideals that exemplifies this pattern is the movement toward digital currency. Bitcoin, the world’s first peer-to-peer monetary system that is entirely digital, is slowly but surely on the rise of becoming possibly one of the most game-changing technological breakthroughs since the Internet itself. While some remain skeptical that Bitcoin will emerge into society as a common means of currency, I do not see how one could ignore the apparent movement toward an entirely digital state of commerce that is already becoming evident in our everyday lives.

The use of Venmo, a mobile application from the minds behind PayPal that allows users to transfer funds from one bank account to another, is now a commonality in my life that I would not have predicted to exist before beginning college. When I forget to bring my wallet to dinner, I am able to reimburse a generous friend with a single tap. The convenience that lies within this concept is far too present to be ignored, and I find myself often wishing I could purposely leave my cash and debit card at home to solely rely on digital methods of completing transactions (which many have already begun to do through means such as Apple Pay.)

While I still believe the transition to an entirely digital currency would be far too risky and unstable at this time, the evidence that surrounds a movement in this direction is far too prominent to be ignored. Members of my generation who are thrilled with the simplicity and convenience brought about by apps such as Venmo will soon embrace the concept of Bitcoin with open arms, and I am intrigued to see how this future of currency will unfold.

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 11.0px Helvetica; color: #000000; -webkit-text-stroke: #000000} p.p2 {margin: 0.0px 0.0px 0.0px 0.0px; font: 11.0px Helvetica; color: #000000; -webkit-text-stroke: #000000; min-height: 13.0px} span.s1 {font-kerning: none}

Comments powered by Disqus

Please note All comments are eligible for publication in The Crimson White.