Monzo and Cryptocurrency

With Cryptocurrency starting to really make its way into the financial world. I wonder if the Monzo team are considering the idea of utilising crypto? I understand that the UK banking sector is pushing against it and Monzo may well have to tread carefully for now. But I believe that the future lies in both banking with the likes of Monzo and welcoming Cryptocurrency.


Even though I’ve used it for a purchase recently, I must admit that I don’t fully get the point in bitcoin.

My purchase was anonymous in as much as the seller doesn’t have my details, but I’m sure there must be more to it than that?

Bitcoin is not really anonymous - the blockchain is there for all to see. There are companies who specialise in tracking transactions and de-anonymising them.

But bitcoin is also not static - as innovations appear in altcoins they can be absorbed into bitcoin if the community agrees. Also there are additional services that try to provide more anonymity.

For true anonymity, you should use monero.

Why use it? An anonymous coin is akin to cash. And personally, I’m a privacy advocate, so I want there to be ways to spend that are not trackable, simply because it’s my business what I spend my money on.


Bitcoin was created after the global financial crash in 2008. It became popular due to it’s decentralisation and anonymity. It became a trusted currency thanks to its decentralisation. But now we have other blockchain tech arising next to Bitcoin as Bitcoin struggles to scale up and it’s transaction wait times get longer and longer. Bitcoin may adapt in some way but in the meantime there is Ethereum making great pathways. It’s tech uses ‘smart contracts’ on the blockchain and applications can be built on top of it. ‘Ether’ the currency that supports Ethereum has been gaining a lot of value and second to Bitcoin in market value. The entire CryptoCurrency market place is worth $29 billion USD. It’s not going anywhere and will only grow stronger. People love Monzo because of its community based banking and that gains trust. People will never fully trust the big banks and that’s why I think Monzo and Crypto together could have a nice future.

Here’s a nice video on understanding the blockchain.

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I think ethereum is an interesting idea, but too complex for the masses.

Plus the first DAO was hacked and they hard forked to change it - so for me it has lost credibility.

If the creators of the system can’t build a DAO that cannot be hacked, what hope have mere mortals?

I would very much appreciate being able to make an outbound bitcoin transaction directly from the Monzo app, without having to explicitly exchange any money, figuring out all the details etc.

Right now I have to go to Coinbase, pay a lot extra for instant exchange (due to the chargeback risk), wait for them to transfer to my mobile wallet, then wait for that to clear, then transfer to the destination, then wait for that to clear - all the while paying a lot of network fees due to the number of transfers happening.

If my bank could allow me to pay directly, the chargeback risk is removed and it all works much more simply. It should be just the same as making a card transaction in any currency.

Possibly allowing instant exchange back into Monzo too would be nice.

Personally not really interested in any other blockchain application for Monzo really. There is no benefit in using blockchain technology when you can trust the other parties involved, or where you are the only party involved.


To be honest, what’s the point? Isn’t the whole point of crypto-currencies to keep banks and centralised institutions out of it?

Regardless, no single crypto-currency is yet mature enough to be usable in everyday life. If you do, well done and give yourself a pat on the back.

For the rest of us, bitcoin—which is meant to be the most stable—fluctuates wildly. I’ve only ever used it (for large sums) to hold assets for very short amounts of time, maybe days at most. Oh, and there’s a potential BTC fork on the horizon which could wreak havoc with the currency.

And if you want anonymity, you’d rather go with zcash or zcoin, neither of which are stable enough yet.

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Ah, just read @billinghamj’s post after posting mine, and I have to say that that’s quite a brilliant idea.

I’d love to have a bitcoin wallet type thing attached to my Monzo account. As in someone could send X BTC to my address, and my account would be credited with the current market value of BTC. And for sending, I could send to an address and Monzo would send the exact equivalent BTC to that address, taking the same value from my own account.

Of course third-party services could be employed to handle this, I think Stripe does it so far? It really handles the volatility of the BTC market while still providing us with the benefits.

Would love to hear what Monzo think about this.

This is really all I want in terms of integration, easy online BTC payments. Not too fussed about what the exact implementation is as long as it’s easier and cheaper than the mess that is UK Coinbase payments.


Agreed. We in the UK don’t have many options when trying to buy BTC. 4% fee on Coinbase, some very long wait times occasionally and £100 limit. I found LocalBitcoins to be good. It seems expensive but if you look at the percentages, it ends up being 2-3% and the only limits are set by the sellers themselves.

LocalBitcoins is truly the best. It actually is.


Have you seen the news… revolut are doing just this…

Yeah but revolut… have you checked their forums recently? I decided against investing based on the appalling customer service

Now if monzo did crypto I’d be interested. Hopefully something more than bitcoin though - monero is much more interesting and aligned with monzo ideals. It even sounds similar! :wink:

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Massively agree on the issues they have with support. However I truly think both :monzo: and Revolut are going to experience massive support issues with their huge customer base. Tom advised at the current account launch that :monzo: are hiring big in this space, so fingers crossed they do it better than revolut

Quite possibly, but whilst monzo may have issues due to lack of staff, revolut support appear to not give a damn which is a huge difference in ethos and really important to the long term success.


I would LOVE it if Monzo supported crypocurrency.

It’s all part of the new banking world we live in today, and right now Monzo is the forefront of that, it should be them that make the first move into the world of decentralised coins.


Cannot get behind the idea of this feature more! It would be another unique selling point for :monzo:. Lets hope we see it on the roadmap soon :slight_smile:


I definitely add my vote to this - having just started dabbling in Bitcoin purchases (and making a nice amount of money from it!) I would really like to be able to transfer money straight to and from Monzo - if it would be possible to maintain both a BTC wallet and a GBP wallet that would be ideal and I know about 50 to 100 (possibly more) people who would switch to Monzo if this was possible…

I think EUR needs to come before XBT

Possibly - but there is a lot less volatility in the exchange rate GBP/EUR and with Monzo exchanging at pretty much bank rates I am interested in your rationale for holding a EUR account?
You could probably use the same arguments for USD too?