What is Monero?
Monero is a cryptocurrency based on privacy, security, and untraceability. With Monero, you keep your gambling private.
Unlike most other cryptocurrencies, Monero keeps transactions private and currency details untraceable. Monero is all about concealing your information to those who have your wallet address. Known as a secure, private currency, only the owner of Monero is responsible for funds, with transactions being totally private.
Monero keeps your transactions a secret with four key features:
- Stealth addresses: hide to what address the money is really going to
- RingCT: technique for hiding the amount of money transferred
- Koveri: in-development feature for hiding your IP address when making a transaction
- Ring signatures: technique for making your transactions disappear into a sea of other transactions
Monero vs Bitcoin
Bitcoin transfers are only anonymous if you are not linked to an address. Monero transfers are always private and untraceable.
While Bitcoin has a reputation for privacy, that reputation isn’t well deserved. The problem is that if your identity is (accidentally or otherwise) linked to a Bitcoin address, all your transactions from that address are public knowledge and everyone from tax officials to government agencies to nosy neighbors can see how you’ve spent your money.
Monero is a different animal. It’s designed from the start to be completely private. It encrypts and hides everything it can, creating a virtually untraceable currency. In fact, Monero is so private that it’s even the currency of choice at darknet market sites.
Some clever people also use Monero to facilitate anonymous Bitcoin transfers. They do this by converting BTC to Monero with Shapeshift and then back again to a new Bitcoin address. This way you too can take advantage of Monero’s security features to pay anonymously.
How Can I Get Monero?
Monero is listed on various exchanges such as Kraken and Poloniex, among others. You simply purchase the Monero amount you want and store it in your wallet.
Monero market is similar to other cryptocurrencies. The currency is listed on various exchanges and you simply purchase the Monero amount you want and store it in your wallet. You can get your Monero wallet here.
The most common transfer pair for Monero (listed as XMR) is Bitcoin. Back when Bitfinex still allowed US customers, they used to have a strong XMR/USD market, too. But since they had to pull out of the US market due to SEC tightening its grip on crypto exchanges, the XMR/USD market became way less popular.
You can buy Monero with fiat from Kraken, which allows you the XMR/EUR pair. For South Koreans, Bitthumb supports XMR/KRW pairing. You can find the most up-to-date Monero transaction pairs at Coinmarketcap.
How Safe is Monero?
Monero is the safest and the most private you can go, along with ZCash.
Both Monero and Zcash are highly advanced in keeping your transaction safe and private. For a player who is concerned about his privacy, both of them are excellent options.
Gambling at a Bitcoin casino is more private than gambling at a fiat casino. However, Monero and ZCash alike bring that a few steps forward as you can’t trace the transfers. I’m glad to see the adoption of private gambling taking steps further.
Gambling With Monero
Monero is an up-and-coming cryptocurrency that will become a staple at crypto casinos. However, as of 2018, your options for gambling with it are limited.
Monero is pretty much a dream currency for gambling online. It’s cheap and fast to use and what you do with it is your business: nobody can find out how much your lost or won when you gamble with it.
What’s the best Monero casino?
Currently in 2018 the only legitimate casino accepting Monero is FortuneJack.
FortuneJack is a well-known cryptocurrency-based casino which sets itself apart from competition like Bitcasino by accepting more than just BTC. You can gamble at FortuneJack with Litecoin, Ethereum and Monero among others.
Thanks to its good reputation FortuneJack is the go-to casino of most crypto-gamblers. You don’t need to only take other gamblers word for its safety, as FortuneJack uses a feature known as ‘provably fair’. This feature allows you to verify every bet with the server seed. You can read more about the site in our FortuneJack review.
FortuneJack is a great choice for all you casino gambling. Play in Monero:
- Slot machines: more than 300 slot games
- Table games: Blackjack, Roulette, Baccarat…
- Live-dealer casino: play Blackjack & Roulette at a real-life casino
As a side note: You can also deposit Monero at Bitcasino.io, but you need to convert it to BTC through integrated Shapeshift.io. Bitcasino.io has made it very easy for players. When depositing, they give you an option to deposit through Shapeshift. Shapeshift converts your XMR to BTC, and you’re good to go. The downside is that you aren’t playing in Monero, you’re playing in Bitcoin. Later when you cash out, you can Shapeshift the money back to Monero.
Where can I play dice games in Monero?
Monero dice games are available at FortuneJack.
Besides being a top-notch casino, you can play a verifiably fair Dice game there. The game accepts several alt coins, including Monero.
FortuneJacks dice game has all the features you’d expect from a Bitcoin-style dice game. You can set your own strategy and let the game play itself automatically until you reach your pre-set win/lose level. As far as dice games go it’s one of the better ones, which is lucky considering it’s pretty much the only choice for XMR dice rolling.
Are there Monero sportsbooks?
Not yet unfortunately.
When it comes to sports betting, you’re out of luck. There simply aren’t any trustworthy, legit Monero-accepting sports betting sites on the web yet.
For all your betting needs we recommend you use Shapeshift to convert your XMR to old-and-boring Bitcoin. This conversion opens a great selection of betting sites for you, including my favorite Sportsbet.io.
How And Why Use Monero For Casino Deposits
Fast, cheap and private, Monero money transfers are perfect for funding your casino account and withdrawing your winnings.
By using Monero for funding your gambling account you get to enjoy a number of benefits other cryptocurrencies (especially Bitcoin) or credit card deposits can’t match. Monero payments come with lower fees than credit card or bank transfers and are completed in a few minutes. The deposits go through faster than even BTC deposits.
Transferring money to your casino account is simple. Choose to deposit at the gambling site and you’ll see a unique Monero address. Send money to this address from your Monero wallet and you’re ready to gamble!
A Monero gambling deposit will take only a few minutes to arrive. Transaction fees are negligible and become a bit more if you increase the priority of the transaction. However, in practice you never need to increase the transaction priority thanks to Monero’s adaptive block size. The short explanation of adaptive block size is that it’s a feature that guarantees that your money transfers go through fast no matter where or when you send Monero.
Withdrawing Funds With Monero
If you get lucky and win, you’ll get your money in minutes.
A payment ID is needed to associate your transaction with your account. Payment IDs with Monero are 64 characters long and need to accompany transactions. If you are withdrawing XMR to an exchange where all XMR funds deposit to the same address, you will copy the payment ID they provide you paste it into your Recipient Payment ID field on the (for example) Bitfinex Monero withdraw page. However, using a Monero wallet is the recommended option. To keep transactions private, we don’t recommend using a third-party service like exchanges holding your money.
Debit or credit card withdrawals take as many as 72 hours before they’re cleared, but with Monero, transactions are confirmed within minutes.