Someone Wanted To Tip You In Cryptocurrency But Could Not :(
How to receive crypto tips
Follow this simple step-by-step guide to start receiving crypto tips.
This should take no more than 2 minutes to complete.
Step 1 - Download A Trusted Mobile Crypto Wallet
Download Cake Wallet (Free & Open-Source): iOS / Android
Much like your mobile banking app, you simply need to download a crypto wallet to start sending and receiving cryptocurrency.
Step 2 - Create A Wallet
Accept Terms
Tap Create New Wallet
Set A Security Pin
Wallet currency: Monero (XMR)
Name your wallet, select Polyseed (16 words) and tap next
Save/write down your Polyseed (See video below for more details)
Step 3 - Synchronise
Note: You can still receive tips even if your wallet is not finished synchronising. Skip to Step 4 for details.
To perform most interactions with your wallet, it must first be fully synchronised.
There will be a green dot at the top of your home screen when synchronisation is complete.
When this is first done it can take a lot of bandwidth or mobile data to complete so it's best done when connected to WiFi.
If your wallet is not fully synced, your wallet balance may not display correctly, and you won’t be able to send transactions.
You can still receive payments right away, however.
Keep the app open with the screen on to complete the syncing process.
Step 4 - Receive Tips
To receive tips tap the “receive” button in the bottom of the home page of the Cake Wallet app.
Tap the QR code to make it full screen and easier to scan.
The person sending you a tip only needs to scan the code to automatically copy your wallet address.
The tipper can then select an amount in their own wallet and confirm the transaction.
Done!
That’s it! The next time someone shows you a Crypto Tip card you will be ready to receive your tips in crypto!
Spending Your Crypto Tips
Here are some easy and secure ways to spend your crypto tips:
Why Monero?
Monero is the leading cryptocurrency of private and censorship-resistant transactions.
Launching in 2014, and being used throughout, the open-source community project sought to fix issues with the original cryptocurrency Bitcoin (BTC), which prevented BTC from being used as an everyday payment system.
Monero is designed to be digital cash, easy to use, secure and private.
You can learn more about Monero here.
UK Crypto Information
On its own, owning and using cryptoassets is not illegal in the UK and does not imply tax evasion or any other illegal activities. Read More
Risks: Before investing any of your own money in crypto, please consider the following carefully:
Losing your whole investment
To minimise your risk of losing money through crypto, you should use your cryptocurrency as an actual currency to purchase goods or service, not as a longterm storage of value in hopes that you can sell it later for a profit.
In the crypto space, you are your own bank, and are therefore responsible for security. There can be multiple risks if you don’t take precautions such as accidental loss, hacks, cyber-attacks, scams and fraud.
Limited protection
The Financial Services Compensation Scheme (FSCS) doesn't cover crypto investments. If you lose money in crypto, it's lost forever. Check the FSCS investment protection checker for more info: FSCS Investment protection checker.
The Financial Ombudsman Service (FOS) won't bail you out for poor investment performance. However, they might help if it's an FCA-regulated firm issue. Learn more about FOS protection here: For consumers.
Difficulty of selling crypto
There are no guarantees that selling your crypto for £, $, €, etc., will be easy or even possible. It depends on market factors and could be delayed by technical problems or supply and demand issues. Once again, it’s best to think of your crypto as an alternative way of purchasing goods or services without centralised banks or middle men payment processors.
Financial and technical complexity
Crypto investments are subject to many variables. Determining profit from crypto investments can be challenging and time intensive, too. It is better to use your crypto as a currency to purchase goods and services as was the original intention of Bitcoin, the world’s first cryptocurrency.
Not all cryptocurrencies are the same, and some are riskier than others. It's essential to understand the specific strengths and weaknesses of each cryptocurrency before purchasing or investing. Monero is a great place to start.
