Monero Through the Years Monero is a popular cryptocurrency launched in 2014. The coin is a fork of BitMonero, a cryptocurrency released just a year before. At the moment, Monero has the third-largest developer community on the scene, just behind powerhouses like Bitcoin and Ethereum. The reason for this is pretty simple. The coin is sought-after by crypto-anarchists, cypherpunks, and crypto privacy advocates looking to up their anonymity. Of course, pseudo-anonymity is a feature of most...
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Monero Through the Years

Monero is a popular cryptocurrency launched in 2014. The coin is a fork of BitMonero, a cryptocurrency released just a year before. At the moment, Monero has the third-largest developer community on the scene, just behind powerhouses like Bitcoin and Ethereum. The reason for this is pretty simple. The coin is sought-after by crypto-anarchists, cypherpunks, and crypto privacy advocates looking to up their anonymity. Of course, pseudo-anonymity is a feature of most cryptocurrencies, but Monero takes things a step further by obfuscating details on the public ledger!

Monero appeared on the crypto scene as a direct result of the need for heightened anonymity. It was first mentioned in a white paper in late 2013, where the author pointed to anonymity as the most crucial part of electronic cash. Many agreed, and the coin came into being soon after. While Monero’s nature can be a big pro, it also attracts tons of negative attention. Mainly, these untraceable coins are used more and more frequently for money laundering, ransomware, dark web dealings, and other illegal practices.

How Do I Use Monero for Online Gambling?

Cryptocurrencies have come a long way since the release of Bitcoin in 2009. Despite this, tons of businesses still look at them as something to be feared. Unfortunately, the online gambling industry is no exception to this. Many online casinos avoid adding crypto payments to their platforms, and with Monero’s growing reputation as a haven for shady practices, this applies tenfold! Fortunately, some online casinos have no qualms with the coin. They not only accept it for deposits and withdrawals, but a few even offer exclusive perks for Monero users!

The first step to using Monero at an online casino is obtaining some of the currency. Of course, this is a separate process altogether, so here’s a bit about how you can get your hands on it. Since the coin is popular right now, it’s available through several big crypto exchanges. These include Binance, OKX, DigiFinex, and others! To obtain Monero, you’ll need to visit one of these exchanges and sign up for an account. You can then proceed to exchange fiat money for the coin in the amount that fits your vision. Once you own the cryptocurrency, things get much easier.

Now that you have a respectable amount of coins in your crypto wallet, you can proceed to an online casino that supports the currency and make a deposit. To do so, visit the cashier page on the website or the cashier tab on the mobile app. Once you land in the right spot, you should be able to see the Monero option, complete with instructions on how to proceed. The process shouldn’t be too different than a traditional transaction, and should be done in no time! If something goes wrong, or you’re unsure of how to move forward, you can contact the casino’s Customer Support for help.

Is It Legal to Gamble Online With Monero?

It’s no secret that cryptocurrency laws are some of the most disputed ones around the globe. Most countries still can’t come to a consensus on how to approach crypto, so they either choose to ignore it or outright ban it! Since the legality of crypto is a charged subject with tons of varying opinions, it’s not hard to assume that cryptolaws differ greatly from country to country. Because of this, the best way for players to learn whether they can gamble online using crypto is by checking the laws and regulations of the region they’re in!

For players in the UK, crypto gambling comes with a specific set of rules. Thankfully, most of them apply to the venues that support them. These venues need to go through more red tape than usual if they want to be licensed. One part of this process is disclosing fund sources when applying for a license, which isn’t a bad thing. Thanks to this vigilant vetting process, players can rest assured that these operators are safe spaces, whether you’re a crypto user or not.

The US is another global powerhouse with specific crypto gambling regulations. While crypto gambling isn’t generally prohibited, the laws surrounding it can vary from state to state. These differences are often small, but they’re big enough to warrant an in-depth check! Because of strange wording and related general gambling laws, crypto gamblers in some parts of the US might get in trouble with the law, no matter how pure their intentions are.

While most countries operate in a grey area when crypto and crypto gambling is in question, some see things as black and white! South Korea and El Salvador are perfect examples of two opposite opinions regarding crypto. In South Korea, cryptocurrencies are explicitly banned! While the country tries to enforce this law, tons of users still deal with crypto through several popular crypto exchanges. El Salvador is the complete opposite. Crypto has been very well-received in the region, and the country’s even made Bitcoin legal tender!

What Are the Benefits and Downsides to Online Crypto Gambling?

Crypto might have been considered a fad upon its first release, but its perseverance through the years has proven the opposite. Cryptocurrencies have tons of potential, and more and more people are starting to see that every day! When crypto gambling is in question, Monero has most of the same pros and cons as other cryptocurrencies. Of course, its unique nature also adds a few more than you might not have anticipated. Up next, we’ll give a summary of what these are.

One of the biggest pros of most cryptocurrencies is the pseudo-anonymity they tend to carry. With Monero, this pro is taken up a notch. Unlike most other cryptocurrencies, Monero isn’t just pseudo-anonymous, it’s anonymous! All transactions on the blockchain ledger made with the coin are obfuscated, giving users a chance to take their privacy to the max. Unfortunately, this is a double-edged sword. Since you can’t see any revealing details on the ledger, there’s no transparency. If you want to check on a site’s legitimacy through their banking activity, it’s impossible to do so.

Some of the best perks of using crypto for online gambling purposes are the convenience it offers and the incredible transaction speed! Like most coins, Monero has a fully online infrastructure and is very user-friendly. Players can use the currency at all times with the help of their smartphones! The transaction speeds attached to crypto are also a massive bonus for online gambling. Instead of having to wait days to receive your winnings, your cash out should go through almost instantly! Compared to most other casino banking methods, this is a huge step up!

We already mentioned a bit about this, but we intentionally left out the best parts to surprise you here. In some online casinos, users that deposit with Monero are given special perks! These perks are usually generous Cashback and Free Spins bonuses that apply to the crypto games on the website! It’s worth noting that while these boosts can be excellent, they do come with terms and conditions. Before agreeing to them, make sure to read them thoroughly.

Now that we’ve gone over some of the pros, it’s time to take a look at the cons. The biggest issue with crypto, especially Monero, is the scams. Since crypto tech is somewhat new and complex, it’s a breeding ground for scams. Because of Monero’s anonymity, these practices are even more common! If you want to avoid these, we suggest investing time into learning as much as you can about the world of crypto. While it can often be tedious and time-consuming, it’s essential. With the right knowledge at your side, you should be able to dive into crypto water without any worries.

Another aspect of crypto we’ll go over is crypto’s volatility. The volatility of most cryptocurrencies can be both a pro and a con. Crypto’s price varies as a result of many intertwined factors. While some of them can be predicted, most can’t. Because of this, it’s possible to gain massive sums through crypto trading or amass huge losses. It’s all up to trading strategy and luck, so before you start a crypto venture, make sure you’re up to date with the latest developments in the field.

Do All Online Casino Games Support Crypto Payments?

It’s disheartening to hear that much of the iGaming industry still isn’t on board with crypto, but that’s the current reality. Some of the best game studios don’t work with crypto, so as you can imagine, their smash-hit titles aren’t available to crypto users. Thankfully, there is some good news. While one part of the industry isn’t crypto-friendly, the other has welcomed cryptocurrencies with open arms! This includes a long list of leading game developers that have an incredible selection of games on offer.

If you’re not sure where to start, we suggest turning to game studios like BGAMINGHabanero, iSoftBet, Endorphina, Vivo Gaming, Spinomenal, BetSoft, Mr Slotty, and others! These companies are some of the best-known in the industry, and they host fun titles you can try! If you’re looking for something more specific, we also have a few game suggestions. Colossal Gems, Riot, Book of Rebirth Reloaded, Asgardian Dice, and The Myth are fun titles with creative gameplay.

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