Incorporating it now would allow Monzo to gain market share early on, and continually adapt as it grows. Why would they do it, only when it is more mainstream? I think even just allowing users to see their crypto portfolio within the app would be a great start and from there they can decide whether they think it would be useful for Monzo to actually allow crypto to be traded and used within the app.
Why let Ziglu take the market by storm, this is what im saying - monzo has the customer numbers to blow them out the water…
I would prefer if it stays as a separate topic, the last topic discussing this as Ordog mentioned was from 2016, I therefore think this new topic should remain.
Also I am hoping for this to be more of a debate not a “What Monzo should definitely do” I like debates about topics currently hot in the media - its good to get opinions from both sides as to why or why not this would or wouldn’t work
That’s not how it works I’m afraid and you’re doing more harm to your cause than good.
If there’s an idea, there is zero benefit spreading it across multiple topics. Just vote and add your opinion on that one
You might be interested in this topic for that:
“How would showing it app make Monzo profitable? By selling it and adding fees?”
Yes, mostly. It’s super convenient to not having to do transfers to and from exchanges. Not to mention that most bank would freeze your account.
Revolut makes lots of money, though their 2.5% fees are a rip off.
To put things in perspective, Revolut made 15 quids when I bought crypto and 18 quids when I sold it. I made 102 quids net profit, but Revolut made over 30 in just a couple days. How many months takes Monzo to make 30 quids from Monzo Plus? Compare it to profit in less than a week.
On the other hand, if Monzo will be not as greedy as Revolut, it might encourage people to trade more. With 1% fee they would still be making lot of money.
Tell that to El Salvador!
“quids” is not plural. I think that means lumps of chewing tobacco from a quick Google.
You can have 5 quid, but otherwise it’s 5 pounds. Sorry, I couldn’t resist
Or compare it to how much support time is taken up dealing with fraud.
But, to confuse the issue, one can be “quids–in” from a good deal.
What fraud if you can’t send or receive crypto from outside?
You can only have crypto that you bought for fiat money from your Revolut account.
OK, I’m a foreigner, but thanks anyway.
Please state your polling requirements
Edit: if the question is…
Should Monzo do crypto, here’s one:
- Hell no
- Still no
- Put it on the Blockchain (no really don’t)
Do we bring a bit more of a central discussion around crypto or do we feel that there isn’t much of a need
We’ve had a few in the past but we can bring in a “mega Topic” and maybe think of some basics like no referrals etc.
It’s a pointless discussion as it just becomes circular with the for and against.
Community, be heard:
- Yes, one mega crypto topic
- No, it’s too big a topic
We’ve had a lot of crypto discussions here already.
TL/DR: Some people think Monzo should invest more time and energy in developing crypto currency solutions for its customers. Others don’t.
From the first one I can recall to this one, I haven’t seen anyone with anything new new to say about the subject, either for or against.
I think it needs to be two-fold.
We have a mega crypto topic that is chugging away nicely discussing crypto and is full of good quality information and discussion.
What is annoying is when people come to the community (no offence OP) and start a topic saying “crypto is the future Monzo need to do it or they’re missing out on millions”. We now have so many of these dating back 5 years that it just gets tiring because:
So every single one is just a repeat of the last one.
Then as mentioned earlier:
So I think we need:
- One for discussing crypto in general
- One for voting on Monzo allowing crypto
This one from 2016 is probably best to use as they seem to have been the first to come up with the “idea” in my opinion.