Post #4299245

@ladypretzal@transfem.social okay so the very basic idea here is that venmo and monero are two entirely different technologies. venmo is like paypal to my knowledge, they allow the transfer of money as a payment processor. rhey stand in the middle between the actual credit card companies (Visa, Mastercard, etc). Monero is a cryptocurrency. It facilitates transactions but not in the way that paypal or venmo does. Instead of communicating with banks it keeps a "ledger" called the block chain. This is verified via "mining". Transaction fees on monero are going directly to the people validating the transaction (the miners). If you want to get real technical, monero itself is a currency with no backing. (well, it's backed by what people believe it's worth and what they are willing to pay). In order to get monero you have to exchange it at an exchange because there are no banks. You would pay in let's say USD and the exchange will give you that amount in monero (usually exchanges are held up with both physical currencies and crypto since they have to give people money in exchange for crypto and vice versa).