Brian Armstrong, the CEO of the largest US cryptocurrency exchange, Coinbase, recently spoke about his troubles with the US banks. Armstrong used his Twitter account to complain about two popular fiat payment apps which denied him service after he attempted to make a payment to a friend.Trying to send money to pay back a friend. Paypal tells me "recipient is unable to receive money" and SquareCash tells me my bank declined the payment. This is in the U.S. where these services work best. Imagine rest of the world. pic.twitter.com/iBPzPtlAy6— Brian Armstrong (@brian_armstrong) February 12, 2020
Armstrong’s frustration does not come from the fact that he was declined service, but from the fact that something like this happened in the US, where such services are among the best. If something like that can happen in the US, Armstrong suspects that the rest of the world, which lesser-developed countries must have it much worse.
He continued down the same thread, stating that bad customer experiences are often caused by regulatory restrictions. Regardless of the fact that companies could probably eliminate such difficulties if it were up to them, they need to follow an established protocol and comply with the regulators’ rules.
He finally reached his point by stressing that cryptocurrencies do not face such difficulties. He admits that they are still very young, and they are currently facing their own issues. However, the fact that they are young and that their systems can be improved means that they will likely be a much better alternative in the future.Crypto has it's own (numerous) UX challenges of course. But by building on new underlying infrastructure there is an opportunity to make things better, and finally have payments that "just work".— Brian Armstrong (@brian_armstrong) February 12, 2020 Ironically, Coinbase caused similar issues to its own clients
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