Venmo isnt peer to peer, its a central service in which two users (clients) talk to a server. Its practically the opposite of p2p.

My point is that a lay consumer doesn't know that, so the description of it above doesn't mean anything to consumers that they can't get from Venmo.

As long as it works, you're right.

The difference is what happens when it doesn't. What happens when Venmo decides you cannot buy porn or marijuana or whatever, you simply can't.

Or what happens when you can't get a bank account? You're locked out of the ecosystem.

This is one of the reasons why cryptocurrencies exists. To provide a system for when nothing else works.

> Or what happens when you can't get a bank account? You're locked out of the ecosystem.

Cryptocurrency is totally impractical without a bank account. Meeting random people in the street to trade cash for bitcoins is about the shittiest and most dangerous UX I've ever heard of.