@prologic@twtxt.net I might have mentioned this already but you might want to look into MoneroPay for payment processing when you get to that point with cas.run. It’s a completely self-hosted backend service for receiving and tracking Monero payments and it’s written in Go.
Monero uses cryptography to make transactions anonymous and the coins completely fungible. With most cryptocurrencies including Bitcoin, the transactions associated with an address are public and you can trace those coins all the way back to their origin. This means that not all coins are the same. For example, some exchanges won’t accept Bitcoin that comes from a mixer because they assume you’re doing something untoward.
With Monero, it’s not possible to trace any transactions with just an address. People can’t see what you’re spending your money on or where your coins came from. Transaction fees using Monero are also very small. It’s less than the equivalent of 1 cent in USD.
Minuscule transaction fees and anonymity make it the best choice in my opinion for buying goods and services online. Monero is much more like “digital cash” than Bitcoin, which I think is better described as “digital gold”.
@mckinley@twtxt.net And what about some of the other aspects that make Bitcoin awful. Like the stupid instability of it’s fiat conversation price and the stupid amouns of energy it consumes? How does Monero compare?
Hmmmm
Monero, a privacy-focused cryptocurrency, is not illegal globally but is banned in some countries due to its potential use in illicit activities. Countries like Dubai, Japan, South Korea, and Australia have either banned or recommended a ban on privacy coins like Monero.23 Oct 2023
That’s not good 😌
@prologic@twtxt.net Monero has stayed a little more stable than Bitcoin but it’s still a cryptocurrency and it’s still going to fluctuate quite a bit. It also uses proof-of-work algorithm so it still consumes quite a bit of electricity. I think the value of being able to send any amount of money, any time of the day, to anyone on the planet in 20 minutes (appears in 2 minutes, spendable in 20) completely privately with near-zero transaction fees exceeds the drawbacks.
Unfortunately, the characteristics that make it useful as a global currency for day-to-day transactions also make it useful for people doing illicit things. Many exchanges, fearing regulatory action, won’t accept Monero for the same reason they won’t accept Bitcoin from a mixer.
Monero shouldn’t be banned just because people use it for bad things. It’s just a tool and it can be used for good or evil. It’s the same reason countries use when they ban or restrict Tor usage.
@darren@twtxt.net The few always spoil it for the many 😢