As the race of Cryptocurrency giants continues, Monero is already making an impact in the online gaming industry. It’s among the newest digital currency that came with even better capabilities compared to Bitcoin, and as such, many people around the world choose to use it. For instance, anonymity factor in this crypto is heavier than that of Bitcoin and the ease of use compared to other digital currencies is greater especially for those new to the world of crypto-gambling.
So, in today’s post, we’re going to offer you all the necessary information that will help you become a better gamer using this crypto as a payment option. Feel free to share this post with all your gaming pals if they’d like to know more about Monero in online gaming.
What Is Monero (XMR)?
Monero is a digital currency that showed up not many years ago, and it revolutionised the crypto-world. It utilises a new technology called CryptoNote that has new algorithm known as blockchain obfuscation. This new type of algorithm makes transactions completely untraceable, and that’s why it became a hit. The other interesting aspect of this cryptocurrency is that its users have an option to opt-in for transparency through which they can choose between being anonymous or not. How awesome is that?
How Do You Use Monero to Deposit Cash in Online Casinos?
While other online gamers are already enjoying the benefits of using Monero as a means of depositing, most still don’t understand how to get started. So, if you aren’t sure what to do, the procedure below will guide you through it all:
Creating a Digital Cash Wallet
The digital currency wallets are like electronic bank accounts where you can store your digital finances and also send to other people from there. These wallets are highly encrypted and provide total safety where no hacker can break them. So, to get started, you should first create your digital wallet account before proceeding.
Adding Monero to Your Wallet
The moment you finish creating your wallet will get an ID that uniquely identifies your wallet. This ID can be used to send and receive Monero to and from your wallet. You can get this cryptocurremcy through the following ways:
Buy the currency from a local trader; there are websites you can use to locate these traders and buy from them.
Online exchange sites: there are a couple of sites that you can convert your local currency to Monero. The most popular include Shapeshift.io, Polonoiex.com, HitBTC.com, and Kraken.com.
If you check your wallet, there are also exchange services that you can use to convert your real money to Monero.
How to Create an Account in Monero Casinos
It is quite easy. Just follow the procedure below and complete the signing up process in a few minutes:
On the home page of your casino of choice, click the “Sign up/Register/Create Account” button.
You will be prompted to fill your information on the registration form. Enter correct and accurate information.
Read the terms of service first, then accept by clicking the “Accept” button.
Click “Submit” to finish creating your account.
After signing up successfully, the next step involves loading some bankroll.
Transferring Monero to Your Online Casino Account
The procedure for loading Monero to your online gaming account is a little different, but that doesn’t mean that it’s difficult. So, here’s what you should do:
Sign in to your account.
Move on the “Deposit” which is usually under the “My Account” menu.
Copy the casino wallet address .
Go and open your wallet and enter the amount you wish to deposit.
Paste the casino address and click “Transfer.”
You will be prompted to confirm the transaction. Confirm it, and your deposit will reflect in your casino account right away.
You should also know that you can make a direct deposit by scanning the casino QR code.
Casinos That Accept Monero as a Payment Method
Ready to try amazing and super-fast anonymous gambling? Bet your Monero in the following crypto casinos:
Fortune Jack Casino: It was one of the earliest online casinos to embrace cryptocurrency. Some other supported digital currencies apart from Monero are: Bitcoin, Coinbase, Dash and Litecoin. There are plenty of bonuses and promotions for both new and ongoing players.
Bob Casino: This is also a crypto casino that accepts Monero plus plenty of other digital currencies such as Ethereum and Litecoin. It boasts of hundreds of games across different categories with slot machines taking a centre stage.
Bitstarz Casino: It accepts the Monero as well as other popular digital coins such as Ethereum, Bitcoin, Ripple and Dash. One of the main attractions of this gaming site is a cutting-edge video slots selection.
Betchain Casino: This another well-known crypto casino allows the use of cryptocurrencies such as Dash, Bitcoin, Ripple, Ethereum and Litecoin apart from Monero. This gaming site has a user-friendly interface that makes things quite easy for all gamers.
Withdrawing Monero from an Online Casino
After making the right moves on the lobby, cashing out your earnings is simple. Here are the quick and easy steps to help you withdraw in a matter of seconds.
Log in to your casino account.
Go to the “withdraw” menu which is usually found under “my account”.
In the withdrawal options available, click Monero.
Then key-in the amount to withdraw.
You will then enter your wallet address.
After that confirm that you have written the correct address and hit “withdraw” button and the cash will reflect in your Monero account.
Advantages of Using Monero in Online Gambling
Using Cryptocurrency for online gaming has plenty of benefits. Let’s see some of the advantages of using Monero in particular.
The speed for processing the transactions is faster than any other payment option.
The transaction cost is very low compared to other withdrawal methods.
All your gambling transactions are completely anonymous and untraceable.
Cost of converting it to other currencies is absolutely low.
The ever-changing nature of Monero can change to your advantage, and you could easily end up with much more money after conversion.
What Are the Exchange Rates
The following are the latest exchange rates of Monero that are currently in use:
You should, however, note that the exchange rates are always fluctuating and as a result, you should always counter check the rates before any transaction to avoid unpleasant surprises.
Bonuses offered by Monero Online Casinos
The standard bonuses offered by most online casinos are as discussed below:
Welcome packages. Like in most common casinos, there is welcome bonus issued to you in Monero gaming sites after you load your first deposit as a new member right from registration.
Reload and no deposit freebies. Monero online casinos also offer reload bonuses which are given out when you load your second deposit. The no deposit bonus, on the other hand, is awarded in most crypto casinos without the need of loading any initial gaming amount.
Daily, weekly & monthly bonuses. These bonuses are normally given to encourage you to keep gaming in the lobby. Depending on the site, you can earn rewards on a daily, weekly or monthly basis and the size of rewards will also vary.
Just like all other gaming sites, there are plenty of gaming options available at crypto casinos that accept Monero. As expected, slot machines will have the most extensive variety of popular slots such as Cleopatra, Golden Era, Frozen Diamonds and Gonzo’s Quest taking the most attention. Table and card game lovers can also enjoy roulette, craps, poker, baccarat, and blackjack plus a selection on their variants. Video poker variants, as well as instant win games like lotto and scratch cards as well as bingo titles, can also be found at Monero gaming sites.
What is the legalisation of Monero in online gambling?
It is legal to use unless you come from a jurisdiction that doesn’t accept it.
How do Monero online casinos get regulated?
They are regulated by licensing bodies such as the government of Curacao, Malta and even the UKGC.
How long does it take to process my transaction?
The transactions should be instant so you won’t have to wait more than a few seconds
Can I use any Cryptocurrency after I have decided to use Monero?
Yes, there’s nothing that bounds you to use only Monero. You can use other cryptos as long as the casino accepts.
How safe are my transactions?
Thanks to the complex mathematical algorithms put in place, your transactions are safe and anonymous.
Are there any limits on the amount you can withdraw?
Yes, but it depends on the casino that you join.
Must I verify my casino account first before I start using Monero?
According to the online casino policies, you must verify your account before to complete the sign-up process.
Should I worry about where I am buying my Monero?
Yes, you can get scammed easily. It is always a good idea check first whether its legit by reading reviews. To be safe only buy your crypto in popular & verified sites such as the ones we’ve mentioned here.
Are most Monero casinos scams?
Many crypto casinos are scams. Thus, you should always check if a well-recognised body licenses them before signing up. Better yet, pick any casino from our top-rated sites.
Are Monero transactions reversible?
No, they are not reversible. Take extra precaution when sending out your deposit to online casinos.