Top 10 Monero Casinos for 2020 – Online Casino Monero

Monero CasinoOver the year, many different cryptocurrencies have launched into the market, and many of them have tried to be discreet and offered the best privacy to the users, these cryptocurrencies have seen different success levels as of now.

One of the most popular is Monero – it was only matter of time before Online Casinos start accepting Monero payments.

List of Top 10 Monero Casino Sites for 2020

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Bitcoin was the first and most popular cryptocurrency in the market is touted as providing the best anonymity to the users. The user identity is wholly shielded and offers the best privacy level one seeks. Bitcoin used randomly generated letters and strings of numbers, pseudonymous addresses etc. to protect the identity of the users but this approach proved to be ineffective.

All the transactions and Bitcoin addresses are trackable on the blockchain, and it is readily available to the public. Although individual bitcoin address is anonymous, it attaches itself to a series of transactions over the course of time. Hence it becomes easy for the friends, relatives and government agencies to get an understanding of the purchasing trends of the owner address.

Many people are living under the false pretext that Bitcoin transactions are private, but you should know that law enforcement agencies can track your purchases by making use of blockchain analytics.

Few years down the road after Bitcoin was released, some cryptocurrencies have been developed for the primary reason of offering anonymity to the users. Like for instance, Dash uses a feature called CoinJoin that combines funds from different users to protect the identity of the user.

Another popular cryptocurrency called Zcash uses a feature called zk-SNARKS that helps users to exchange information by staying anonymous easily. And the best part is that the blockchain of this cryptocurrency does not reveal the value of any transaction.

The privacy feature of this cryptocurrency is optional. A majority of users have refrained from leveraging it. While writing this report, 28% of transactions are privacy protected.

On the other hand, Monero is entirely private by default. Lately, it has become viral, and many people are using it for the sake of remaining anonymous with their online transactions.


What is Monero?

Monero CryptocurrencyIt is an open source and privacy-oriented cryptocurrency for people looking for anonymity. It was launched in April 2014 and has gained a lot of popularity and importance over the years. The developers introduced this innovative currency by entirely relying on donations from people and community members.

This cryptocurrency makes use of ring signatures and stealth addresses to shield the identity of the users. The ring signature makes use of user’s account keys with the public keys obtained from the blockchain of this cryptocurrency. It means that no one from the outside will be able to link a signature to any particular user.

The ring signature concept was first visualised by the academics from MIT and The Weizmann Institute back in 2001. This technology has helped Monero by making all the transactions wholly secure and anonymous. The most important thing is that the currency has withstood the test of time.

It is interesting to note that while several cryptocurrencies provide mixing services, people generally combine coins when they don’t want to reveal anything. On the other hand, Monero combines all the coins used in the transaction which means there are no suspicions whatsoever. Hence the user credentials are entirely unknown, and no 3rd party can keep track of the purchases.

All the transaction details of Monero is kept anonymous. The users have the option to share the information with their friend or anyone special. The user account comes with a view key that can be used by anyone to see the transactions.

The ring signature completely secures the recipients and senders that are involved in the Monero transaction, and no one can know the exact amount to be transferred. Recently a new update called RingCT was implemented that protects the value of the transactions as well apart from concealing the details of the sender and recipient.

Apart from offering ring signatures, Monero offers enhanced privacy to users with stealth addresses that are generated randomly with one-time address created for a single online transaction for the recipient. As a result of which, it publishes a unique address.


Fungibility and Adoption

By offering state of the art privacy to the users, this cryptocurrency provides fungibility which means individual currency unit can be substituted for another. It means that every single coin would have equal value. Since blockchain records the transaction history of the own bitcoins, merchants and exchanges can quickly shut down the coins with particular events like theft.

Because of the untraceable nature of Monero, every single coin is equal in the eyes of the merchant. Without this fungibility level, a vendor that accepts cryptocurrency might refuse a unit of one of these assets because of previous transaction history.

Because of this, Monero has been going from strength to strength since its release. Because of its popular demand, dark web marketplace like Oasis and AlphaBay have accepted this cryptocurrency. Monero was accepted by Oasis marketplace later that year, and it attracted a lot of media coverage.


Monero’s Market

The market of Monero is more or less similar to the other cryptocurrencies. If you are interested in buying this cryptocurrency, then you can do it through exchanges like for instance Kraken, Bitfinex and Poloniex.

Poloniex is the first ever exchange to offer this cryptocurrency to people with eight different currency pairs in July 2014. Bitfinex which is regarded as the largest bitcoin exchange by BTC/USD listing trading pairs like XMR/BTC and XMR/USD after filing suit in November 2016 thereby allowing withdrawals and deposits of Monero.

What is MoneroKraken was the next exchange that offered Monero trading in January 2017 and listed currency pairs like XMR/XBT, XMR/EUR and XMR/USD. In its official blog, Kraken has immensely praised Monero for being the best cryptocurrency with high volumes and liquidity.

Just like other cryptocurrencies, Monero offers its users to mine blocks. While individuals have access to join the mining pool, they are free to mine Monero by themselves.

As long as you have a computer by your side, you can take part in this activity. There are no specific hardware requirements to mine bitcoin.

This cryptocurrency makes use of a particular algorithm called Pow or Proof of Work that offers access to a wide range of processors to make mining available to different parties instead of just large mining pools.
The block time of Monero is around 2 minutes.

While writing this review, the block reward was approximately 7.46 XMR which means that the cryptocurrency network was producing 224 XMR every hour and 5376 XMR in a single day. The network hash rate is 81.84 million hashes every second.


Monero Price Volatility

The price of XMR Token of this cryptocurrency has experienced volatility at certain times climbing as high as 70% in last month and more than 1300% since it started trading on CoinMarketCap. Since its inception, Monero has seen fluctuation from $0.25 in January 2015 to $60 in May 2017.

While some analysts would interpret the price volatility in Monero to be less credible but it offers a window of opportunity for the traders. As a trader, you can buy this cryptocurrency using both fiat currencies and cryptocurrencies which can be sold in due course of time to book profit.

In the recent times, Monero has generated a lot of visibility all thanks to the acceptance from several dark web marketplace. Because of its privacy, Monero offers a lot of competition to other cryptocurrencies like Zcash. The price of Monero would work as supply and demand. It is interesting to note that the uncertainty in the cryptocurrency would be a boon for the investors and help them book great profits.


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