What is Monero Gambling?
By now, Crypto Casinos are a pretty common sight. There are hundreds of online casinos where you can sign up, pay and play without ever touching your credit card or bank account. These are Crypto Casinos. They basically involve using a digital currency to make payments.
You have probably heard of various cryptos like Bitcoin or Ethereum. Monero is a cryptocurrency just like them. However, there is one key difference.
With other cryptos, the blockchain where all data is stored is transparent and visible to anyone. So, even though no real-life names or addresses are used, it is possible to track someone by using their alias and searching the blockchain.
But this is not the case with Monero. Monero uses a lot of privacy techniques. This includes hiding your ID among a list of fake IDs, and using one-time addresses.
Basically, Cryptos are the most private and anonymous way of playing at a casino. And Monero takes that a few steps further!
How Do We Rate Monero Casinos?
Since Monero casinos are now becoming common, it’s important to weed out the good ones from the bad ones. Fortunately, our team of reviewers have plenty of experience in this field. They know exactly how an online casino works and what factors are crucial to a fun and safe gameplay.
Rest assured; we will only recommend the best casinos to you. So, how do we rate Monero casinos? The criteria we use to judge them are:
How to Deposit and Withdraw with Cryptocurrency – A Guide
Making deposits and withdrawals with cryptocurrencies is actually fairly simple. All you need to get started is a wallet with some Monero ready in it.
- Choose the casino to play at. Create your account by following the instructions and filling in the details. At the end of registration, you may be prompted to deposit. If not, go to the ‘CASHIER’ section of the website, or find the ‘DEPOSIT’ button.
- Choose the deposit method. In this case, it should be Monero.
- The casino will provide you with a unique web address. This is the crypto wallet address for your casino account.
- Go to your Monero Wallet. Select ‘Send Money’. When the field appears, simply enter the address from Step 3.
- Select the amount to transfer and confirm it. Keep in mind that when you go to play at the casino, the money will be converted to USD or another currency rather than staying as Monero.
- Check your casino account. The money should appear within a few minutes.
Withdrawing money from the casino using Monero is even easier.
- Visit the casino’s ‘CASHIER’ page or ‘WITHDRAW MONEY’.
- Choose the payment method you want to get your money through. In this case, it is Monero.
- Go to your Monero wallet. Generate a wallet address and copy it.
- Paste the Monero Wallet address in the address field for withdrawal.
- Select how much money to withdraw. Keep in mind that bonuses and wagering requirements can ‘block’ some of the withdrawable funds.
- Confirm the withdrawal. It can take some time for the money to appear, depending on how quickly the casino checks your withdrawal request and then approves it.
All the Pros and Cons of Monero Gambling
Monero Gambling, despite being pretty great, does have some issues. Whether those issues make or break it depends on you. Here are the advantages and disadvantages of Monero so you can decide for yourself.
- Transactions are generally instant. Worst case scenario is up 2 hours.
- Extremely private, secure, and anonymous. It is very difficult to get personal data from crypto payments, and Monero is even more security-conscious.
- Flexible and multiplatform support. Can use both desktop browser and mobile app.
- No transaction fees to deal with, unlike Banks or E-Wallets.
- Relatively new compared to Bitcoin. May not be completely reliable.
- High barrier of entry for those who aren’t tech-savvy or have not used cryptos before.
- The value of Monero is driven by hype and speculation. The value could collapse or explode at any time.
What about Other Gambling Cryptocurrencies?
Monero is not the only cryptocurrency used. Other gambling cryptocurrencies include Bitcoin, Ethereum and Litecoin.
Bitcoin and Ethereum are particularly widespread and commonly used. They are accepted at more casinos than Monero. In fact, Bitcoin is even legally accepted, and an official currency in some countries. Despite that, Monero still wins out on security features and measures!