Not by Bitcoin Alone: Monero and Online Gambling

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Not by Bitcoin Alone: Monero and Online Gambling

The word Monero translated from Esperanto means “coin.” As far as we know, the Monero cryptocurrency was developed by seven people. However, founders Riccardo Spagni and, to a lesser degree, Francisco Cabanas are most popular with the general public. Monero appeared in 2014 and was originally a Bytecoin fork that was later restarted under the title BitMonero.

Monero is widely used to make anonymous transactions, made possible by the CryptoNote algorithm. Also, when making transactions, the ring signatures mix the spender’s input with a group of others. In other words, it is virtually impossible to identify the sender. As with many other cryptocurrencies, a Monero user has one wallet with a key that is available exclusively to them, along with a unique address that ensures its complete privacy and security.

What Is Monero?

Monero, previously referred to as BitMonero, is a decentralized digital currency. It was created by Nicolas van Saberhagen and established in April 2014. Other than decentralization, Monero is based on privacy and exchangeability. This cryptocurrency uses a public ledger intentionally made obscure in order to prevent outside observers from knowing the source, destination, and amount. However, it is available to everybody for making transactions. With the purpose of issuing new coins, making the network secure, and validating transactions, Monero uses a mechanism called Proof of Work.

Monero Background

November 18, tends to be the official date of Monero creation. It was then that Bytecoin developers decided to restart the currency with zero mining. This was crucial because eighty percent of the total Bytecoin had already been mined and distributed. Therefore, it turns out that Monero is the world’s second cryptocurrency developed on the basis of the CryptoNote protocol created to provide increased anonymity of transactions.

It is noteworthy that, initially, only command-line utilities were available to Monero users. Many asked developers to improve the user interface. However, in September 2014, the system was subject to a sophisticated attack, and the developers had to concentrate all forces to eliminate vulnerabilities. It was only at the end of 2014 that Riccardo Spagni was able to launch a web wallet under the MyMonero brand. The developers are extremely precise about their project, so it is still evolving, and the system is regularly updated. Updates are scheduled for every 6 months and are intended to make significant security improvements and add new features.

Monero vs. Bitcoin

Bitcoin was the first currency to appear on the market. It offers fast, untraceable transactions, privacy, and security. Although it still holds the number one position as a digital currency, it has competitors, such as Monero. In the following lines, we will compare and contrast the two cryptocurrencies in several aspects.

Privacy

In spite of not being connected to users’ personal information, Bitcoin transactions can be traced through thorough analysis. One can reveal a user’s identity by analyzing patterns such as time zones. Additionally, the amount of money in a person’s Bitcoin wallet is transparent. In case of transactions between a business and suppliers, not only can the latter see the amount of currency the company possesses, but they can also trace other suppliers the company negotiates with.

Mining Algorithm

The mining algorithms the two cryptocurrencies use differ. While Bitcoin uses the SHA-256, Monero uses Cryptonight (GPU mining). Although the algorithm Bitcoin uses is based on faster mining chips (ASICs) and thus may seem beneficial, it can create certain issues. ASIC computers are more powerful in comparison to CPU and GPU devices. However, they also consume more electric energy. Monero makes these units redundant, thanks to its design. Therefore, an ordinary CPU user can engage in mining without having to acquire a more powerful computer.

Block Size Limit

Bitcoin has a limited block size, which can lead to slow transfers once the network becomes too busy. A user can speed the process up, on the condition they are willing to pay fees. On the other hand, Monero’s block size is adjustable, so that it expands when the number of transactions enhances. This is an obvious advantage of Monero over Bitcoin.

The Future of Digital Currencies

Monero offers higher levels of privacy and security in comparison to other cryptocurrencies. This beneficial aspect is going to be strengthened further, thanks to the passive network monitoring development. An “invisible internet project” is currently in progress. It will lead to more secure transactions that leave no room for analyzing data with the goal of identifying users.

Whereas Bitcoin still represents the synonym for a cryptocurrency, the market continues expanding in order to provide transactions of higher quality. Monero may just be the cryptocurrency of the future, as it offers an additional level of security in addition to making ASIC units redundant.

Special Features of Monero Compared to Bitcoin

  • Monero total emission is not limited; after the release of the main mass of 18.4 million XMR, the upcoming mining will bring 0.6 new XMR per two-minute block.
  • Monero mining is less efficient if compared with Bitcoin since the mining algorithm of the former uses the AES instruction set for x86 microprocessors and requires a great deal of memory.
  • Ring signatures are used throughout the network, which means that all coins and transactions are always mixed. This level of anonymity cannot be compared with Bitcoin mixers when everyone decides for themselves whether to use it or not.
  • A transaction on the Bitcoin network looks like this: “Peter transfers 0.5 BTC to John,” while Monero transactions appear this way: “X transfers n XMR to Y.”
  • Monero cryptography was written back in 2001, so it is considered fairly reliable.
  • Monero transactions are 8 times slower than Bitcoin transactions.
  • Monero’s anonymity is not “impervious,” of course since if an attacker gains control over most of the network, under specific circumstances they could be able to reveal some of the data. However, this is very unlikely, as developers are constantly working on improving the security system.

Monero is a very interesting currency with a unique technology behind it. Who knows? Maybe this cryptocurrency will be the only privacy stronghold in a world where most things are monitored and controlled.

Monero Faucets

Small sums of XMR are issued even on some casino websites. However, it is more convenient to save them on special sites. The most popular are:

  • eobot.com/xmr
  • miningfaucet.org
  • MoneroFaucet.info
  • monero.myhacks.net

Faucets will not yield you huge amounts; however, they allow you to be privy to this unique cryptocurrency.

Monero Gambling

The online gambling market introduced digital currencies as a payment method a while ago. Bitcoin was the first one to be featured on a variety of gambling websites. Nowadays, due to the expansion of both the gambling market and the cryptocurrency one, there are numerous digital currencies at your disposal for online gambling. Monero is currently the most contemporary one, as it offers features that were previously not present. While Bitcoin transactions imply transparency, Monero works in a different way, making it possible for transparency to be altered. Moreover, it offers enhanced security and enables users to engage in mining without investing in expensive devices. Therefore, it comes as no surprise that the number of casinos accepting Monero as a payment method is constantly growing. Upon conducting research of such casinos, you can choose a reputable one and benefit from the most reliable cryptocurrency of the Modern Age.

The gambling industry has become interested in this cryptocurrency relatively recently. This is a bit confusing, considering the number of its significant advantages related to privacy. In any case, there are casinos accepting payments in Monero. That is why the popularity of gambling with Monero will grow for the following reasons:

  • the financial sector values anonymity and data security;
  • hashing algorithms have proven reliable and effective;
  • every transaction has a unique address;
  • Monero’s mechanisms exclude any probability of identification;
  • there is a high level of profitability of home mining due to low power consumption;
  • public support;
  • Monero’s developers are transparent, are not afraid of publicity, and are well-known in the crypto community.
  • Monero’s anonymity makes it an attractive solution for gambling. Cryptocurrencies are great for running a gambling business, satisfying the needs of both players and operators.

Operators’ Requirements:

  • cost optimization (no transaction fees);
  • reduction of project implementation periods;
  • fraud elimination;
  • access to the maximum number of potential players.

Any gambler needs the ability to remain anonymous. Many gamblers fear for the security of their funds, and Monero is one of the best options in this regard. Also, other payment options do not exclude the possibility of transaction processing within several days, whereas cryptocurrencies have no problems with this – all transfers are made instantly.

Why Monero?

Many crypto enthusiasts consider Monero a worthy alternative to BTC due to the heightened level of anonymity. The difference lies in the ability to track Bitcoin transactions and see their amount and address balances. These features can become a problem, given that some funds may have a “shady past” associated with markets on the darknet and so on. In the context of Monero, we can speak about additional data confidentiality.

  • The sender is hidden among other transactions due to ring signatures.
  • Users view and spend money using separate private keys.
  • Confidential Transaction Technology (RingCT) hides the transfer amount.

Edward Snowden, a famous expert, calls this cryptocurrency both an “amateur” one and “a great project.” He also points out that there are some issues that can have bad consequences (for him, at any rate). In the meantime, the multi-signature feature is being tested, hardware wallets vendor Ledger has announced support for Monero, and the XMR price has recently exceeded all expectations. Add to this the musicians ready to sell their songs for XMR, and it becomes clear that the project is actively developing instead of idly standing by.

Thanks to its features, Monero easily wins the “competition” of confidentiality among other coins popular in the entertainment industry. In addition, when mining, new blocks are added once per two minutes, turning XMR into one of the most speedy ways to confirm withdrawals and deposits. Finally, Monero is available for your needs, including gambling, no matter where you live.

Eager to try out this virtual currency in action? It’s quite easy.

How to Gamble for Monero

Monero gambling has much in common with playing video games and other casino options for Bitcoin and other cryptocurrencies. You need a Monero wallet to replenish your account directly in XMR casino. A transaction usually takes a few minutes, but the speed of the deposit may also depend on the site to which you intend to send funds.

Want to get XMR? On the official website of this cryptocurrency, you can see a list of exchanges that accept fiat money in exchange for electronic ones. Also, there is information about mining. As soon as the first coins appear on the account of your wallet, the road to gambling for this unique cryptocurrency is clear.

Advantages of Monero Gambling

Monero combines all the qualities necessary for any business, rendering all participants equal. The growing popularity of digital currency is a positive sign, which makes it possible to speak with confidence about a possible expansion of Monero’s sphere of influence and the increase in demand for this coin.

The switch to digital money, the stability of which does not depend on the political and economic situation or world affairs, will help the operator become independent and get rid of factorage. All that needs to be done is to strive to gain the trust of the audience. In fact, the world has not yet recognized digital currencies, which means that no one can complain; that’s why it’s easier to arrange everything related to legislative issues.

Nowadays, we are seeing an increasing interest in crypto coins in the online gambling world. Users are actively exploring new technologies and are enjoying the innovative benefits of modern payment methods. The operators should be very interested, if not in the complete switch to Monero, then at least in its integration into their platforms.

The reality is that only the bravest innovators reach the top. Therefore, there is no sense in waiting – to earn a decent place in the market, it’s better to open doors in advance and be ready to roll out the red-carpet treatment to innovations.

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