- Monero is the digital cryptocurrency which has top notch privacy features
- Recently, its adoption has increased in online betting for its anonymity and untraceable feature
According to research, the global online gambling market size is predicted to touch USD 153.37 Billion by 2030. This shows that the craze of online gambling has increased due to the easy access to the online casino platforms. These platforms offer you comfort and entertainment at the same time. Also, these platforms have amazing rewards and bonuses for the users in comparison to traditional casinos.
Recently, these platforms have started to accept cryptocurrencies as a payment feature. And for these, Monero is the most reliable cryptocurrency which is used for gambling purposes. The cryptocurrency has top notch privacy features which makes it anonymous and untraceable in nature.
It’s interesting to know that the adoption of Monero has increased in online casino platforms. The adoption has increased due to its various advantages. So, the main question comes to mind: what are its advantages. But, to know the advantages, we should first know more about Monero. So, to know about it, continue reading the article.
Monero (XMR) – An Untraceable Cryptocurrency
Monero (XMR) is a decentralized cryptocurrency which offers the top notch privacy features. Its advanced cryptographic techniques make transactions censorship-resistant and untraceable. Its anonymous feature makes it a more private and secure cryptocurrency in the crypto world.
The coin has privacy features which include stealth address, ring signatures and ringCT.
Stealth address allows the users to generate a one-time address. Ring signatures are basically cryptographic signatures which have one real participant. But, it makes all the participants appear real or valid. Ring CT is an upgraded feature of the ring signatures which makes the amount hidden in a transaction.
The cryptocurrency was launched in 2014, with the name of BitMonero. However, after some time the name was changed with the current name. First time it was adopted by the darknet market site Alphabay. Alphabay began offering its users Monero as a payment option as well as an alternative to bitcoin.
Advantages of Monero in Online Betting:
As earlier stated, Monero is widely adopted in online betting or gambling purposes. It’s because it offers various advantages such as:
1. Anonymity or Privacy:
Monero’s advanced privacy features makes it a perfect fit for gambling purposes. Its anonymous features makes it difficult for someone to trace the transaction. It is suitable for the people who are living in the country where these online gambling site are ban as it makes it difficult for the government authorities to trace.
2. Prevent Frauds:
The coin uses a cryptographic system called CryptoNote to secure the system from hacks or any malicious activity. So, it can help the users to prevent frauds and secures the user’s wallet from any hack. Basically, when users engage in these online payment systems, they fear hackers or malwares. So, it’s a great advantage of Monero which makes it a perfect fit for payment systems and gambling purposes.
3. Faster Transactions:
The monero has a dynamic block size system which makes it faster to validate the node and helps the system to handle more transactions per second. Also, you can quickly deposit and withdraw funds with the help of Monero.
These all are the advantages of using Monero as the cryptocurrency for gambling purposes. Besides this, it also offers lower transaction fees which makes it a perfect fit for the gamblers to increase their winning amount. Moreover, as these platforms are gaining popularity , they are also offering Monero as a payment option to make gambling safe and secure.
References:
https://cryptobettingsouthafrica.com/secure-monero-bets-essential-tips/
