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Monero (XMR) is a unique cryptocurrency known for its strong privacy features. Built on the CryptoNote protocol and detailed in a 2013 white paper by Nicolas van Saberhagen, Monero's blockchain technology ensures transactions remain anonymous, concealing details like transaction histories. Dive down further to learn how to use Monero at online casinos.
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|---|---|
| Payment Method Type | Cryptocurrency |
| Year Founded | 2014 |
| Headquarters | Singapore |
| Countries Available | Worldwide |
| Total Number of Merchants | 1,400+ |
Monero's strong anonymity enforced by Stealth Addresses, Ring Signatures, and RingCT to name a few, makes its transactions hard to trace. Privacy advocates argue that there are valid reasons for seeking anonymity, such as protection from corporate tracking or competitive spying. However, as a casino player, you need to understand the other side of the argument too.
In fact, this robust anonymity attracted the attention of regulators too. Concerns escalated to the point where Binance, a leading crypto exchange, decided to delist Monero and similar privacy coins in several European countries, citing regulatory pressures.
Author's note
If you are looking for a cryptocurrency that's more stable and less likely to get banned, I strongly recommend using Bitcoin instead.
Monero fee isn't based on the transaction amount but on network traffic and the transaction's data size.
The transaction fee per kB for Monero, which is roughly $0.24, seems reasonable to me. To put this into some perspective, Bitcoin’s per kB transaction fee is approximately $26.9 and Ethereum’s is approximately $2.91.
However, because Monero transactions are naturally larger due to its built-in privacy features that require considerable amounts of energy usage due to complex levels of computation, the default fee might seem high in absolute dollar terms.
How are the fees calculated?
If you send 10 XMR through 10 separate coins (with each output valued at 1 XMR), the transaction fee will be higher than if you sent 10 XMR using just one coin (one output valued at 10 XMR).
Check out Monero's user guide to know more about its fee structure.
Monero is preferred by many online players because it's quick, private, and comes with tiny fees. Here's a simple step-by-step guide to get you started:
And when you're done playing (and hopefully winning), you can easily move your XMR back to your digital wallet from the game site's payment section. And that's it! Once you've done it a couple of times, it'll feel like a breeze.
To purchase Monero/XMR, follow the steps below:
For instance, Binance has imposed restrictions on it in some European countries, and you can't transfer XMR directly to standard bank accounts. Consider using trusted platforms like Coinbase.
Monero is a secure and private cryptocurrency, but know that using it comes with some risks. If any issues or losses occur while using Monero, the Monero Project won’t be responsible for any resulting damages or losses.
In simpler terms, make sure the sender and receiver addresses are entirely accurate while making a casino deposit.
Warning
Incorrect addresses may result in funds being irretrievably lost within the blockchain, as is common with most cryptocurrencies.
Check out Monero's legal page to know more.
Monero stands out among cryptocurrencies for its rigorous security features. At its core, Monero employs ring signature encryption, a technique where multiple user signatures are intermingled, obfuscating the true transaction initiator.
Why are regulators so concerned?
The unyielding nature of Monero's privacy has prompted agencies like the U.S. Secret Service to push for congressional regulation.
Simultaneously, the IRS, acknowledging the coin's robust privacy, even announced a substantial bounty for successfully breaching these protocols.
For more information about its safety features and PoW algorithm, check out XMR's Mining page.
If you're big on privacy and anonymity, Monero shines in its tech prowess.
However, given that some exchanges like Binance and regulators have come down hard on it, it might not be available to purchase from the most reputable ETFs. While you can still buy Monero, it's smart to tread carefully while choosing from Monero online casinos.
For a smooth gaming experience, I’d recommend checking out other well-established coins such as Bitcoin.
