Best Online Casinos that Accept Monero (XMR)
This article is dedicated to one of the most popular cryptocurrencies Monero. Read to the end and you will learn the most important secrets about this currency.
What is the first thing that comes to mind when you say "cryptocurrency"? Most people immediately think of Bitcoin. No wonder! Bitcoin was the first and most popular cryptocurrency on the market. It guaranteed the anonymity of users. Bitcoin provided the best level of privacy. The protection of the user's identity was achieved. It always does by randomly generated letters and dates of numbers. Unfortunately, this approach has proved ineffective.
The blockchain allows you to track any transactions and addresses. It is universally available. That is, government agencies, relatives and friends can easily get access. What access can they get? They get access to the purchases of the owner of the Bitcoin address. Don't think that transactions are private. Blockchain Analytics shows your purchases to law enforcement agencies.
Thus, new cryptocurrencies were developed using a different system. A lot of them were able to provide complete anonymity to users. A good example is Dash. It uses the CoinJoin function. How does it work? It combines the resources of different users. In this way, it protects the user's identity.
We will tell you about the best online casinos that accept Monero (XMR). This currency is completely private. Many people use this means of payment. They remain anonymous in online transactions.
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What is Monero (XMR)?
Monero is a cryptocurrency focused on increased transaction privacy. You can trust this digital currency! Monero was launched in April 2014 as an open-source cryptocurrency. The currency has become very popular over the years.
Monero is a secure private currency. It means that the owner handles the user's funds and transactions. It’s impossible to track the details of the currency. Your wallet address is protected.
Monero corresponds to 4 characteristics:
- Address secrecy. The system hides the address to which you transfer money
- The RingCT technique hides the amount of money that you transfer
- Koveri: in-development function. The IP address is hidden when making a transaction.
- Ring signature technique. It helps the transaction to disappear among the other
Users’ Identity Protection
As we have already said, Monero uses the ring signature technique. This technique is necessary to protect the identity of users. The ring signature receives the public keys of its blockchain account. So, it uses them. In other words, no one can associate a signature with a specific user from outside. They are all connected.
The concept of a ring signature made Monero transactions anonymous and secure. It's been a long time, but the technology is still working successfully. Monero combines coins to hide purchases. It means that a third party will never track your money transactions.
Details of the transactions are also anonymous. You can share them with your friends or someone else. Viewing is done through an account. A ring signature makes the transfer amount confidential. The recipient and sender are fully protected.
By the way, a new update has recently appeared. It is called RingCT. It is necessary to protect the transaction value. It hides the details. Also, hide addresses will not be difficult for you! A unique address is published every time. The user gets a one-time address. A unique address is published every time. The user gets a one-time address.
Monero (XMR) Fungibility
It is important to say that Monero provides users with fungibility. In other words, the user can replace a single coin with another. And each coin will have the same value. Don't forget that the blockchain records the transaction history of its Bitcoins. It means that exchanges can shut down coins with certain events. For example, it may be a theft.
The merchant sees each coin as equal to the other. The untraceable nature of Monero does its job. Fungibility is very important. The suppliers can reject a unit of assets if they see the transaction history.
Monero coins are fungibility due to the property of this cryptocurrency. It ensures that transactions are untraceable. It also doesn't allow you to link certain coins to a specific transaction. It makes 1 XMR equal to any other 1 XMR.
Monero (XMR): Market
Cryptocurrency trading is developing every day. Thus, the list of world exchanges is regularly growing. If you are interested in this cryptocurrency, we will tell you on several exchanges. These exchanges are necessary to buy cryptocurrency. Top 3 exchanges:
- Poloniex. The world learned about this cryptocurrency in 2014. They were the first who offered Monero.
- Bitfinex started working with Monero in 2016. Its exchange is one of the largest among BTC / USD. By the way, it lists trading pairs such as XMR/BTC and XMR / USD.
- Kraken accepted Monero only in 2017. Moreover, it recognized Monero as the best cryptocurrency. It’s the best digital currency with high volumes and liquidity in the official blog.
Do you have a computer? We are sure that you have. You can probably mine Monero at home. You will be presented with the mine blocks. The graphics and CPU are suitable for beginners. It is also good for those who do not want to invest in mining.
You need to decide whether you will mine the coin or using a mining pool. Mining pools allow XMR miners to combine the power of their equipment. It will increase the chances of confirming transactions due to high competition. The received reward is distributed among the participants of the mining pool.
Monero (XMR) VS Bitcoin (BTC)
We told you a little bit about Bitcoin at the beginning of this article. Your transfers will be anonymous if you are not linked to an address. Otherwise, all your transactions will be available to the public. Any person will be able to see your costs. So, the reputation of confidentiality is not deserved.
As for Monero, transfers are always private and not tracked. It is a completely private and untraceable cryptocurrency. Monero is more reliable than Bitcoin. You can get cryptocurrency from your account. You will have only a special individual user key.
The main advantage of Monero is the anonymity of payments. There are stealth addresses, two private keys, and a ring signature. The lack of persons' information on the wallet excludes the possibility of taxation.
Casino Games via Monero (XMR)
As you have already understood, Monero is the most secure cryptocurrency option. Today, it has further advanced the security and privacy of transactions. It is a great option for those who care about life’s privacy.
A lot of cryptanalysts think that Monero a good alternative to Bitcoin. So, the Monero level of anonymity is better. It applies to gamble. The main difference is the tracking capability. These features can become problems. Some funds may have a "dirty" past value.
Monero is a promising cryptocurrency for online gambling. It's cheap enough. The currency is also easy to use. The main thing is to find an online casino that supports Monero.
Monero gambling is not so different from Bitcoin games. You must have a wallet with this cryptocurrency. You need it to make a direct deposit to your XMR casino account. The transaction usually takes a few minutes. But the speed of the deposit may also depend on the resource you are going to send funds.
You can see a list of exchanges on the official website. They accept Fiat money (dollars, euros, rubles, and so on) in exchange for electronic money. We have already told you about mining and exchanges.
About Monero (XMR) Casinos
Nowadays, few legitimate casinos are accepting Monero in 2020. It’s better to search for famous cryptocurrency casinos.
You can also play Monero dice. Cryptocurrency casinos usually offer several Alt-coins. If this is a good and legitimate casino, you will find many interesting features in the game. For example, you can set your strategy. The game will start playing automatically until you win or lose.
Players often ask about the existence of Monero sports betting. Unfortunately, there aren't any yet. No one has created a reliable licensed sports betting site yet.
We want to give you some advice. Shapeshift is the best solution for converting Monero to Bitcoin. This conversion is good for a variety of betting sites. So, don't be afraid to use it to meet your needs.
Depositing with Monero (XMR)
Players can use Monero to fund their gaming account. Fast and private Monero money transfers are suitable for adding funds. It is suitable for your casino account and withdrawing your winnings. You get many advantages by using Monero. Compared to other cryptocurrencies, Monero payments will have lower fees. Also, you won't have to wait long. It takes a few minutes.
You will learn how to transfer money to your account. You only need to deposit on the selected casino site. After that, a unique Monero address will be issued to you. Send money to this address from your Monero wallet. Everything is ready! Now you can enjoy gambling!
So, the main advantages of the Monero deposit consist of a small commission and quickness in time. The deposit will take you a few minutes or even less! The transaction commission is very small. It increases if the transaction priority is also increased. It’s necessary to say that you do not have to increase it. Monero's adaptive block size has taken care of everything! By the way, the adaptive block size is a function. It guarantees fast money transfers from anywhere in the world.
Withdrawing to Monero (XMR) Wallet
Gambling winners always get their winnings in a matter of minutes.
It is important to tell you how to link the transaction to your account. You need the payment ID. They are 64 characters long. The Monero ID is created to go with transactions. All funds are deposited to the same address on the exchange. Thus, if you are putting Monero on the exchange, you need to find the payment ID provided by them. After that, you will need to insert it in a special window. But we recommend using a Monero wallet. Try not to use exchanges and other third-party services. They do not guarantee the confidentiality of transactions. Also, they don't promise the safety of your money.
Monero transactions are confirmed within a few minutes. But withdrawing funds from debit and credit cards takes 72 hours. You will have to wait much longer. The choice is yours!
Monero is a popular coin. It has successfully secured its place in the market. It provides high anonymity in all circumstances. It is in contrast to Bitcoin, which becomes more transparent over time. Monero is actively used in various online stores when purchasing goods and services. Moreover, it is impossible to track payments in the blockchain.
But many exchanges, especially Asian ones, stop working with anonymous cryptocurrencies. It can negatively affect Monero. One thing must be said — there is a demand for this cryptocurrency and it is constantly growing. Time will tell what happens next.
Monero cryptocurrency offers users a really big functionality. One of the main advantages of cryptocurrencies is the complete anonymity of payments. We say in general. It is reflected in Monero. This cryptocurrency uses the CryptoNote algorithm. It is a confusing code. It works on the principle of ring signatures. So, CryptoNote adds to anonymity and increased protection for users. Users get access to the funds using a special code. The code is assigned to each of them individually.
By the way, the exchange rate has remained stable over the past three months. It is an undeniable advantage for mining XMR tokens. Moreover, Monero cryptocurrency has good liquidity.
We hope that this article was useful to you. You have learned all the information about the Monero cryptocurrency. Don't forget to check the online casino before playing. They must have a license and good reviews. Good luck!
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