While there are hundreds of cryptocurrencies available, with many attempting to offer users with better privacy settings than those already in existence, they have seen different levels of success.
Bitcoin for example, was the first cryptocurrency to scale and was publicized for offering its users with obscurity. Bitcoin promised to offer its users with high levels of anonymity by concealing their users’ details behind phony addresses, through randomly generated strings of letters and numbers. However, this method proved to be ineffective.
It’s this challenge that pushed for coders to release other cryptocurrencies, specifically trying to address the issue of privacy and trying to offer users with a better chance of remaining unknown even while using the cryptocurrency online.
For instance, Dash uses a feature created around CoinJoin that combines cash from a number of users in a bid to minimize the chances of revealing the users identity.
Monero on the contrary is private by default a factor that has seen it achieve a widespread adoption to users who wish to adapt cryptocurrencies and manage to remain anonymous.
What is Monero
Originally launched in April 2014 as BitMonero on its first five days of operation, Monero means money in Esperanto. This cryptocurrency is a fork of Bytecoin operating on the Cryptonote protocol. It’s a private, secure and untraceable currency that uses ring confidential transactions (RTC), ring signatures and stealth addresses to mystify transactions at the protocol level.
By offering its users a high level of privacy, Monero provides fungibility – meaning that each of the Monero unit can be substituted for anther. In other words, every Monero coin has an equal value.
Because all the transaction history of individual coins is recorded on the blockchain, coins that have a bad history, such as theft, can easily be shunned by exchanges and merchants.
Because of the untraceable nature of Monero, two coins can’t be differentiated in the eyes of the merchant. Without this level of fungibility, a platform that supports Monero can easily refuse one of the coins because of its past transaction history.
As a result, XRM (Symbol for Monero) has continued enjoying success among people, with more and more people adopting its use. Dark web marketplaces including Oasis and AlphaBay, not forgetting different online casino websites have quickly embraced the use of Monero, reportedly due to the increased demand.
‘Due to the high demand of Monero from the community, as well as the security features of Monero, we are going to add this cryptocurrency to our marketplace,’ a press release by Oasis stated.
What are the advantages of using Monero as a payment method?
The Mining Algorithm
We shall compare the algorithm offered by Bitcoin and that of Monero. The BTC algorithm runs super fast on tailor made chips, referred to as ASIC’s than on the standard laptops and PCs. This means it’s useless for any ordinary PC to attempt to participate in the mining process of BTC.
In contrast, Monero’s mining algorithm was specially designed so that the ASICs don’t have any upper hand over the ordinary computers owned by the common person. The result is anyone interested in mining Monero can easily do it from their home or work PC without consuming much electricity
2. The adaptive block size limit
The Bitcoin blocks are normally produced on average after every 10 minutes, while those of Monero are produced on average after every 2 minutes. This means it’s much faster to conduct transactions using Monero as compared to Bitcoin.
Anonymity is one of Monero’s main selling points. It’s the most secure, private and untraceable cryptocurrency online. While BTC’s security ends at a point of pseudonimity, Monero actually provides the anonymity that you want, thanks to the ring signatures it uses. Furthermore, it’s untraceable because the Monero Blockchain does not show your address and as such, nobody knows where your cash is actually going to.
Monero Gambling – Is it Legal?
The legislation of Monero gambling is very immature, leaving a lot of space for players to speculate. Online casinos launching their websites and plan on using Monero and other cryptocurrencies are often muddled by contentious and confusing decisions of jurisdictions in regards to the use of cryptocurrencies.
With the desire to operate their business legally, these operators will try finding if offering online casino services using Monero and other cryptocurrencies is legal and whether or not Monero should be licensed as well as which players should access their services.
But as of today, there are no clear cut laws to the answer above.
Casinos that accept Monero as a payment option
If you happen to be one of those few gamblers and people who strongly believe that cryptocurrencies such as Monero have a future, you might be thinking about how to multiply this digital gold by playing at an online casino. The popularity of the cryptocurrencies has seen a sharp increase in the number of sites offering the same and as such it might be a little bit difficult discovering the best site to play from.
However, after we tried and tested a number of sites, and evaluated them based on important criteria such as security, number of games, ease of accessibility (mobile and PC), and the promotions, we listed out top 3 sites as follows:
- FortuneJack Casino: We’ve already featured this online casino in our other reviews as being one of the best sites if you want to visit a cryptocurrency casino. Again, it features as a Monero friendly casino and we highly recommend it for players looking to play provably fair games, claim unique casino bonuses and enjoy safe and secure online casino services.
- 1×Bit Casino: In addition to supporting Monero, 1×Bit Casino also supports other popular cryptocurrencies, making it very easy for you to switch in between them. It also has very lucrative bonuses on offer, giving you a welcome bonus of 1mXRM immediately you sign up and extra bonuses from time to time. We were also impressed with the manner in which customer service delivery was handled.
- Monero Dice: It’s not one of the best sites out there especially when it comes to offering you a variety of casino games, but we still recommend it nonetheless because it’s the best when it comes to offering you provably fair dice games. Also, the user interface might mix you up but once you get the hang of it, you are guaranteed to have a very good time playing the games available.