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.

Monero Background

The eighteenth of November 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 Special Features, Compared with 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 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 increasing interest to 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 movement 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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