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The Monero currency was first launched in April 2014, as a Bytecoin fork, which used the CryptoNote protocol as its basis. The coin was developed on the principle of privacy and fungibility and implements a unique concept called blockchain obfuscation. This enhances the anonymity of the coin, making it more private than Bitcoin.
Even though Monero is not as popular as Bitcoin, Litecoin, Ethereum,etc., players can still find several online casinos that accept payments using Monero. In this article, we will point out the main advantages and disadvantages of using Monero for online gambling.
Like Bitcoin, Monero is based on the Proof of Work consensus protocol to generate new coins. New coins are made when transactions are verified and then added to a new block.
Unlike Bitcoin, which has a block generation time of 10 minutes, Monero has a block generation time of 1.58 minutes. The block reward is also smaller, with a Monero block having a reward of 1.90 XMR, while Bitcoin has 12.5 BTC.
Monero transactions operate like regular crypto transactions, Peer to Peer over a secure decentralized network that stores all transactions on an immutable ledger, but there are some notable features that set this coin apart from other altcoins.
The Monero blockchain still records the transactions, but users can send and receive various amounts of XMR without any trace of the transaction, as no one can track the origin, their quantity, or the recipient of the funds.
Unlike Bitcoin, where merchants can refuse your coins if they see the coin has been previously used by suspicious addresses, Monero coins are all equal and un-identifiable in origin. This feature is known as fungibility.
Users can also opt to keep their transactions traceable or completely anonymous. The coin’s anonymity is achieved through the implementation of ring transactions obfuscation and signatures and one-time stealth addresses that are generated based on the receiver's public address.
A great advantage of Monero is its fungibility, which ensures that all coins are as valuable or desirable for making payments or transfers. The coin’s technologies also mask the sender, recipient, and amount of the transactions, which anonymizes all parties involved more efficiently than Bitcoin. The transaction speed of XMR is also high, while fee charges are low in comparison with other blockchains.
On the downside, the coin has limited accessibility in terms of online platforms and merchant websites. Moreover, like all other top market cap cryptos, XMR is very prone to price volatility.
Who accepts Monero? The unique anonymity implementations, speed, and fungibility of Monero make the coin a great payment alternative for online casino deposits and withdrawals.
You can deposit XMR in your gambling account and enjoy few advantages than other crypto (especially Bitcoin casino) or credit card deposits. As Monero transactions have next-to-zero fees compared to credit card or bank transfers, the funds are settled in a few minutes, which is even faster than BTC deposits.
The process of depositing is like with any other crypto, you access your gambling site and look for the unique Monero address. Then, copy this address and paste it into your Monero wallet and send the amount you want to transfer on the casino site. After a few minutes, the funds will be credited to your account.
You can also send XMR from your exchange wallet or other platforms where you keep your coins, but we do not recommend you keep your funds on third-party sites.
Monero is a popular choice for payments and online gambling operations for those who appreciate true privacy. This is why the coin is the number one currency for darknet markets. In spite of this association, there is no feature of Monero that makes it unsafe for its users.
Seeing as the number of online gambling platforms which support cryptocurrencies has grown in number, XMR has also been added steadily to their lists.
Monero casinos are fewer in number and game selection than those accepting Bitcoin. Gambling with XMR is even safer than gambling online with fiat currency, as your transactions cannot be traced.
There are several reputable casinos that accept Monero for their slots, casino table games and dice games. But there aren’t any legitimate online bookies that accept Monero. However, there are casinos that have native support for depositing and withdrawing the coin, but there are some that convert the coin into Bitcoin after depositing XMR and before withdrawing your XMR funds.
As the 14th largest coin by market cap, Monero, is available for buying and trading on a large number of crypto exchanges, marketplaces, and trading platforms. Some of the exchanges that support the coin are Binance, Bitfinex, Bittrex, CoinBene, CREX24, HitBTC, Huobi, Kraken, Poloniex, and TradeSatoshi.
The most common pairs for the coin are XMR/BTC, XMR/ETC, and XMR/USDT. Fiat options are rare, as there is only a EUR option on Kraken and USD options on Kraken and Bitfinex. There are other selections USD and EUR, but they do not have liquidity or volume. South Korean users can also buy Monero with the Korean won on Bithumb.
When Bitfinex was still available to US customers, their XMR/USD market was one of the strongest fiat options for Monero conversions. But after they were forced because of regulatory changes to pull out of the US market, the XMR/USD market lost a significant amount of its volume. The highest liquidity is on HitBTC with the XMR/BTC pair.
You will first have to find and set up a Monero wallet, so you can store them after you have purchased them from an exchange. There are a variety of wallets, multi-crypto, Monero-only wallets, hardware, or online; you will have to decide which is best for your needs.
While Monero seems like it meets all the necessary criteria to become the perfect crypto for casino and sports betting sites, there are still very few sites that have implemented this option. As crypto adoption is expected to increase in the next year, punters can hope to see more Monero gambling options.