Bitcoin is not the only option for safe and anonymous gambling: Monero, which emerged in 2014, offers all these advantages and more. Based on CryptoNote, which is a new generation application layer protocol, Monero offers truly anonymous and untraceable gambling opportunities. Monero means “money” in Esperanto, and the currency used by the system is called “XMR”. Below, you can read about how you can use Monero to gamble and the advantages you can achieve with Monero Gambling.
Top Monero Gambling Sites
What Is Monero Gambling?
The currencies you can use in online casinos and sports betting websites are not just USD and EUR: You can also use crypto-currencies if supported. Just like Bitcoin, Monero can be used to play casino games or to place bets too. In other words, Monero gambling is the name given to online gambling activities using XMR as currency. Although not as much as Bitcoin, XMR is also a valuable currency: 1 XMR was worth 416 USD when this article was written.
However, as we will explain below, by using XMR you get more than just a currency. Monero is the perfect choice for those who prefer anonymous gambling: With the privacy features that it has, it ensures your personal info always stays confidential. Contrary to popular belief, Bitcoin is not so anonymous. All transfers on Blockchain can be tracked. For example, you can see all the transactions performed by any Bitcoin address – even if the identity information is confidential, this is not true anonymity. In fact, it is possible to identify a person by back-tracking the transactions: Some companies (such as Blockseer and Coinanalytics) already offer this service. Monero does not have this disadvantage: No action on its blockchain can be tracked. From this point of view, we can say that Monero is a far more appropriate choice for countries where gambling is prohibited: Neither the government nor the banks nor the tax offices can identify you – you will be a “ghost”. As a matter of fact, thanks to this feature, Monero is also called “Darknet currency”. We will explain this in more detail below.
How Does Monero Gambling Work?
To use Monero, you need to buy XMR first, like any other crypto-currency. You can use exchange sites for this purpose. The way the system works is the same as Bitcoin in general. When you own XMR, you also get a wallet address. You need to use this address to make and accept payments. Once you have deposited XMR to a casino site, for example, you can continue playing the games as usual – the rules of the games (and betting) do not change. Only your gains and losses are now calculated as XMR. However, you get more advantages than Bitcoin. Some examples are:
- True Anonymity. As mentioned above, neither identity nor transactional information can be tracked by anyone. You can act completely anonymously. For the same reason, geographical restrictions and ID verification procedure do not apply to Monero. Wherever you live in the world, you can use Monero gambling sites without sharing your credentials.
- Faster Transactions. Compared to Bitcoin, Monero is a much faster system. We will discuss this in more detail below, but XMR transfers do not last for minutes (even hours) like Bitcoin. In just a few seconds, all transactions are complete.
- No Restrictions. Regardless of the gambling laws of your home country, you can use Monero to place bets and play casino games. This currency can never be monitored – governments cannot “ban” it and use the blockchain to track your identity.
Monero vs. Bitcoin
First, let’s compare the basic features of these two crypto-currencies:
|Creator||Satoshi Nakamoto||The Monero Project|
|Creation Date||January 2009||April 2014|
|Block Generation Time||10 minutes||2 minutes|
|Value of Coins (Total)||10.467.596.650 USD||5.440.144.000 EUR|
This table may be insufficient to explain the differences between the two currencies. For this reason, let’s give more detailed information:
- Monero is fungible. Let’s think that you are making a deposit to a sports betting site using Bitcoin. The block used for this operation can be identified and tracked. So, if you are not allowed to gamble in the country you live in, this block will become “tainted”. In other words, it can be “flagged” for use in an “illegal” transaction and its value will decrease according to the other blocks. This disadvantage applies to all Bitcoin variants due to the “open ledger” system. Monero does not have such a disadvantage. The parties and amount of a transfer cannot be identified and tracked at all. For this reason, it is a much more appropriate choice for players who live in countries where gambling is prohibited, as mentioned above.
- Monero is dynamic. Bitcoin’s block size limit is 1 MB. This limit affects the speed of creation of new blocks. Therefore, if the blockchain is very busy, the processing time will be longer. For the same reason, multiple confirmations are required to complete a transaction. Monero blocks have no limit. Block sizes are dynamically determined by the needs and intensity of the network. The deposit and withdrawal times are very short for this reason – you do not have to wait to withdraw your winnings.
- Monero is easier to mine. There are specially designed computers used to mine Bitcoin, which are called “ASICs”. An ordinary user cannot make a significant contribution to the Bitcoin mining process because ordinary computers are not suitable for this purpose. For Monero mining, you do not need ASICs – it is possible to use your desktop PC at home.
Overall, the greatest advantage of Monero gambling is anonymity. Unlike Ethereum, the features of Monero blockchain do not directly affect how games and bets work. But it gives you unrivaled anonymity: If you use Monero for gambling, it is not possible for anyone to track or restrict you. For this reason, we especially recommend it to gamblers in the Middle East and Asian countries. If you use Monero, you can gamble without worrying