What Is Cryptocurrency?
Cryptocurrency is a type of digital currency which allows money to be sent without the need for banks and middlemen.
Many people are aware of Bitcoin. It is partly anonymous but every transaction is public with the sending and receiving address are shown alongside the amount. Accounts are not supposed to be linked to a person’s name but often people must give their ID to an “exchange” and if hackers or other bad people access this information then they can link the transactions back to the person’s ID.
Monero is a slightly newer currency (2014 vs 2010) which has been designed with privacy and security in mind from day one, learning from the challenges that Bitcoin has experienced. Monero transactions cannot be linked from account to account and even the amounts sent are hidden from public view. It uses a number of modern mathematical approaches to keeping information truly private.
We know that the convenience of card payments is hard to beat and Bitcoin is more established but we believe in an age where our every move is increasingly tracked to sell us more products and make sure we are behaving “correctly”, it is important for us to avoid making our financial history available for anyone with access to the master password.
We are always happy to help people through the process of using cryptocurrency.
How can I use Cryptocurrencies?
You only need to convert as much as you need to spend as you can buy small fractions of any currency.
Monero is a few years younger than Bitcoin and its accessibility is a little lower, like bitcoin was previously. It is often easiest to buy bitcoin and exchange it to Monero using Bisq. As soon as bitcoin is changed into monero and stored on your own computer or a site which doesn’t keep your ID, it is private and secure.
Spendabit is the world’s first “Bitcoin Product Search Engine.” They help you find things you can buy with Bitcoin.
See Spendabit’s Bitcoin FAQ to learn more about bitcoin.