Introduction
There are loads of different cryptocurrencies nowadays, all of which are hoping to emulate the success of Bitcoin, which is undoubtedly the best-known cryptocurrency in the world. On this page, we’re going to look at Monero, which is nowhere near as popular as Bitcoin yet, but which offers far higher security than its well-known cousin. People are now starting to pay attention to this payment method, and it should continue to gain traction over the next months and years.
We understand that many people won’t have heard of this currency, which is why we’ve created this handy page. So, sit back and see exactly why depositing and withdrawing using this virtual currency could be the perfect choice for you…
Getting Started
So, how do you get started with this cryptocurrency? Well, you’ll first need to download the GUI wallet, which has been designed specifically to hold this cryptocurrency. This is completely free and used by nearly all users of this currency. Once the wallet has downloaded, you can open it up and pick a language. It’s then simply a case of naming the wallet and creating a password. Then click “Use Monero” and let the GUI sync in the blockchain. You have now done everything needed in order to get your wallet.
After this, most people choose to head over to a marketplace and purchase some of this cryptocurrency. This can then be securely transferred over to the wallet, ready to spend. Remember that this cryptocurrency can go up and down in value, so purchasing some is a slight risk, as the value of the currency could go down. Of course, it could also go up though, which would be fantastic.
The other option open to people looking to get some of this currency is mining, which is an extremely complex system. Those who are just casual users without any experience in mining for cryptocurrency will probably shun this idea and simply purchase their currency instead, as buying currency is by far the easiest and quickest option. If you want more information on mining though, there are loads of comprehensive guides to be found when searching the subject on Google.
Deposits
Now it is time to use the cryptocurrency to deposit at an online casino. Once you have found a casino accepting this currency – something that can be done by reading through the casino reviews on this site – you should sign up and then head to the banking section. It’s then simply a case of selecting the relevant option, and you will then be given a wallet address by the casino. Write this down, as it is exceptionally important.
Now open the wallet and initiate a transfer of funds. You will need to send the money to the wallet address quoted by the online casino. There should be absolutely no delay while the transaction processes. Instead, the money will be transferred over to the casino account instantly. As you’ll see later, this transaction will have been completely anonymous, thanks to the clever solutions provided by the people behind this exciting cryptocurrency.
Once the money is in the casino account, it can be spent on playing any of the casino games on offer, including online slots, blackjack and roulette. Those winning will also be able to withdraw using this currency, as is described in the next section of this page…
Withdrawals
If you’ve been lucky enough to win some money while playing casino games, you’ll be glad to know that this method can also be used for withdrawals. What’s more, the process is an exceptionally easy one. To start, just head to the withdrawals section of the casino, before then selecting the correct banking option. It’s then simply a case of inputting the details required, including the address of your wallet.
Once the transaction has been confirmed, most casinos will release the funds immediately. There will be a slight delay at some casinos though, while they process the withdrawal request. It’s then a case of selling the cryptocurrency you have left for your preferred fiat currency. Withdrawing money using this method really is simple once you get the hang of it!
Advantages
The biggest advantage to this payment method is anonymity. Many people think that other cryptocurrencies, such as Bitcoin, offer an anonymous way to spend and receive money, but unfortunately, they’re wrong. This is because once a Bitcoin address has been shared on the blockchain, all past and future transactions can be linked to that address. Monero uses ring signatures to get around this though, meaning that a user’s transactions are mixed with another user’s address, thus making the passage of money virtually untraceable. Stealth addresses are also used, meaning that the permanent addresses are hidden behind addresses used just once. It’s all very complicated, however the result is this: completely anonymous online gambling.
This cryptocurrency also offers some of the fastest transactions around. While some other cryptocurrency deposits can have gaps between confirming the transaction and the money hitting the casino account, deposits using this currency are instant. This is extremely important to online gamblers, as who really wants to wait around in order to play their favourite games? We certainly don’t!
Another advantage to this banking option is the fact that it’s been around since 2014, slowly growing and becoming more and more trusted by the cryptocurrency community. The fact that it’s still going means that it must be doing something right. After all, if it was scamming users or treating them poorly, cryptocurrency fans would denounce them online in droves, and the currency would now be defunct. The fact that this payment method is established and still popular means that everyone can trust it completely.
Finally, transactions using this method are pretty much free. In fact, the fees are so negligible that you won’t even notice them when depositing and withdrawing funds. The fees are lower than Bitcoin’s (even though Bitcoin fees are exceptionally low as well), plus they’re considerably lower than fees charged by e-wallets, such as PayPal, Neteller and Skrill. The advantage to this is clear: players will get to devote almost every last penny of money to play online casino games. They’ll also get to keep all the money they manage to win.
Disadvantages
The biggest disadvantage to this payment option is the fact that it’s not too widely accepted. It is possible to find decent casinos accepting this method, but it’s certainly not as easy as it is to find casinos accepting Bitcoin deposits. Even some other cryptocurrencies, such as Ethereum and Dogecoin, are more widely accepted than this one. So, those looking to play using this currency have a pretty small pool of sites to choose from. Check out our reviews to see which sites are best for you.
The only other disadvantage is one shared by all cryptocurrencies – there is no protection. This means that anyone who loses any currency – either accidentally or via theft – will not be able to get it back. There’s no fraud protection and there’s not much customer support, so keep your money as safe as possible. We’d suggest writing down your details (on paper, not on your computer), just in case your mind does go blank and you forget them.
FAQs
Is it like Bitcoin?
It is a cryptocurrency, just like Bitcoin, and the two are spent in a similar way. Bitcoin is nowhere near as anonymous though, plus Bitcoin fees are higher. Of course, Bitcoin is much more widely accepted though.
Will the fees rise in the future?
Most experts do not expect the fees to rise in the future, as the system has been created using a scalable model. Therefore, this method should remain virtually free in the future. If fees ever did rise, the service would almost certainly see a downturn in the number of users.
What are the alternatives?
The biggest alternative is undoubtedly Bitcoin, however there are also other cryptocurrencies to consider, including Ethereum, Dogecoin and Litecoin. Each cryptocurrency has its own advantages and disadvantages, so the one you choose is down to personal preference.
Do non-gambling sites accept this cryptocurrency?
Yes, a few non-gambling sites accept this currency – you can find them by looking on Google. Of course, there are many more sites accepting Bitcoin though. Users hope that as its popularity grows, so will the number of websites accepting payments this way.
Where’s the best casino for this payment option?
There are a few sites accepting this payment option, although not as many as some of the other cryptocurrencies. Our reviews contain information on all currencies accepted by a casino, so read through them to find the best site accepting this virtual currency.