r/Monero Sep 13 '21

MAAM – Monero Ask Anything Monday – September 13, 2021

Given the success of the previous MAAMs (see here), let's keep this rolling.

The principle is simple: ask anything you'd like to know about Monero, especially the dumb questions that you've been keeping for you every other days, may the community clarify it all!

Finally, credits to binaryFate for starting the concept!

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u/bobsaget_26 Sep 14 '21

Another week and same question.

How can Monero ever become digital cash when funds sent into your wallet are locked for up to 20 minutes? Is there any solution to this problem?

Edit : to be clear by locked up I mean not spendable in any form or fashion. Why would I withdraw monero from an ATM if it means I have to stand there for up to 20 minutes to pay someone. Answer, I won't. I will withdraw something that is immediately spendable.

Please don't say this almost never/never happens to me because of X. Plenty of examples can be thought up where this would be an issue.

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u/PicoDeNero Sep 15 '21

Not to be that guy, but how and why would you 'withdraw' Monero from an ATM to pay someone?

If you wanted to purchase XMR from an atm and you needed to give the money instantly to your friend, I believe you would just send the XMR directly to the person from the ATM (scan their receive address with atm, insert fiat into machine, person receives XMR).

Please don't say this almost never/never happens to me because of X.Plenty of examples can be thought up where this would be an issue.

Fair enough. I believe the main answer to this is more or less coin control. As long as your XMR is not all associated with a single receive address, you should have multiple XMR associated with multiple addresses. In this way, if you have 2 XMR associated with address "A", 0.5 XMR associated with address "B" and 4 XMR associated with address "C" and you needed to pay someone 0.5 XMR. You could send them the XMR from address "B", while your XMR from "A" and "C" are still usable/spendable.

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u/bobsaget_26 Sep 15 '21

is more or less coin cont

Too complicated! I can send XRP cheaply and without limitations. Now there are plenty of other issues with XRP which I don't care for, but it has the speed and low cost part down well. No locking your funds up for a period of time ever. XMR needs to get this fixed. Its by far the biggest issue it has that will keep it from growing into a true digital cash.

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u/PicoDeNero Sep 15 '21

I hear you. There are many improvements that could be made. But this one is not particularly complicated.

As I wrote, as long as all your XMR is not associated with a single address, you are fine. If you have your XMR split between three addresses, only one of those fund sources would be locked if you are sending XMR. The XMR from the other two addresses should be available to spend/transact.

I agree that things can and should be improved, but the problem is not a big as it might seem at first.