It operates using Proof of Work, and more specifically the privacy- focused CryptoNote V7 algorithm. Monero has slowly but consistently gained popularity in-spite of facing a strong competition from its winning counterparts like bitcoin.
The Monero’s Research Lab, Core Development Team and Community Developers are constantly pushing the frontier of their efforts and innovations to expand the horizon of monero’s potential.
- What is Monero?
- A brief History of Monero?
- How is Monero Different from other Cryptocurrencies?
- What is Monero Mining?
- How to Buy Monero?
- How do Monero transactions work?
- Final thoughts on Monero?
- What is Monero Gambling?
- Monero Gambling in Detail
- What are the Pros and Cons of Monero Gambling?
- Monero Casino Games
- Getting Started with Monero
(1) WHAT IS MONERO?
Monero is a fungible cryptocurrency that works on anonymity transactions. The revolutionary blockchain technology behind Monero establishes it as a private, censorship-resistant token that can be used to transfer value around the world.
Presently, in terms of market capitalization, Monero occupies the 11th position at the cryptocurrency marketplaces. The technology that forms the bedrock of Monero, aims to make transactions untraceable, and therefore the balances of XMR tokens remain confidential.
Monero’s has earned a high level of popularity and acceptance due to its privacy-oriented features,most important of it being the CryptoNote algorithm. Monero is compatible with all leading OS platforms
Launched in 2014, Monero (XMR) is a privacy-oriented cryptocurrency that is operates on a open source blockchain concept.
Blockchains, the underlying technology behind digital currencies, are simply huge virtual public ledgers of the user’s activities that record and update all the transactions on the network.
Monero’s blockchain is intentionally configured to be opaque so as to make transaction details – like the identity of senders and recipients, and the amount of every transaction – anonymous by disguising the addresses used by participants.
Monero facilitates an egalitarian mining process where individuals get rewarded for their activities by joining mining pools, or by mining individually.
Unlike bitcoin, the mining activity for monero can be performed on a standard computer without any specific hardware such as the application-specific integrated circuits (ASICs).
(2) A BRIEF HISTORY OF MONERO
The actual project which led to the birth of Monero was called Bytecoin. Bytecoin initially used the CryptoNote protocol. It’s the same protocol on which Monero is built.
Since its creation in 2012, Bytecoin began to gain popularity in 2014 but soon it it encountered a problem. Eighty percent of the Bytecoins had already been mined and there were not enough Bytecoins left to last in the long run.
It is then some developers came together to create a new currency from Bytecoin. They named it Monero which means “coin” in Esperanto. Monero has retained most of the features of its parent currency Bytecoin.
(3) HOW IS MONERO DIFFERENT?
Like Bitcoin and other digital currencies, Monero uses the robust and revolutionary blockchain technology to send or receive payments. But unlike Bitcoin, it uses the CryptoNote algorithm to emerge as the most unique cryptocurrency.
The key features of Monero are as follows:
During transaction, the identity of the sender and receiver remains absolutely private. Moreover, the transaction cannot be linked to each other and cannot be traced to their starting point. Monero tackles the privacy concerns using the concepts of ring signatures and stealth addresses.
Ring signatures are anonymous, digital signatures that enable the participants involved in a transaction to conceal their identity from other members of the group.
To generate a ring signature, the system uses a combination of a sender’s account keys and clubs it with public keys on the blockchain. This conceals the identity of the sender, as it is computationally impossible to ascertain which of the group members’ keys was used to produce the complex signature.
Stealth addresses-the randomly generated addresses- add additional privacy by concealing the actual destination address of a transaction. It also hides the identity of the receiving participant.
This key feature makes monero unique as compared to bitcoin. In case of Bitcoin transaction, the entire network is able to see the following:
- The public address of all the sending and receiving parties
- The addresses of all participants involved in the transaction of Bitcoin ever since its creation
Since every user in the network owning the copy of the full ledger can see what you are spending your money on, Bitcoin is not considered absolutely private.
Even though the network only reveals the public address, it is still possible to trace that public address to the individual who is using it.
By the virtue of obfuscation, Monero is fungible i.e. every individual unit of Monero can be substituted for another.
Monero cannot be rendered tainted through participation in previous transactions. It will always be accepted without the risk of censorship.
One might think that all cryptocurrencies are fungible but that’s not the case. Bitcoin and all other cryptocurrencies based on Bitcoin are not fungible. It is because each and every Bitcoin transaction can be traced back to see where has it all been used.
If someone finds out that it has been used in illegal activities, then he/she can refuse to accept it. So, the tainted Bitcoins can’t be exchangeable with the good ones.
Scalability is currently one of the most debated topics in the cryptocurrency economy with bitcoin being the highlight.
It basically refers to the problems related to the growing amount of transaction that the Bitcoin network can process at once. Monero’s advanced technological features has shielded it from this problem.
It takes about 10 minutes to process a block of Bitcoin transaction leading to a maximum of around 7 transactions processed per second.
Monero does a better job than Bitcoin in relation to scalability. In the Monero network, a block of transaction is processed every 2 minutes.
(4) WHAT IS MONERO MINING?
Mining is the process of verifying the Monero transaction within the blockchain. monero relies on the Proof Of Work mining to achieve distributed consensus during the confirmation of a transaction.
In return of this activity, miners get rewarded with predetermined amount of Monero. Unlike Bitcoin mining which requires highly specialized and expensive hardware, Monero, can be mined from home using your CPU or GPU.
This aspect of Monero makes it truly decentralized and very popular among miners. It is important for a prospective miner to check whether mining Monero is a profitable activity for him or not by taking into account the electricity costs and other expenditures.
(5) HOW TO BUY MONERO?
Monero is considered the most private and secure among all the cryptocurencies. Before purchasing Monero, you need to set up a wallet to receive the cryptocurrency.
Mymonero is the official web wallet, where you need to create an account to get started. It is available both in open source and closed versions. The wallet never stores a user’s private key.
Next is Monerujo, a mobile wallet available only for Android phones. You can also use Monero Address to generate offline wallets, which are the most secure ones as they are not connected to the network.
There are approximately nine cryptocurrency exchanges that support Monero where you can convert the crypto you purchased earlier to Monero and send it back to your wallet address.
Depending on the network efficiency, the transfer of Monero from the public exchange back to your wallet may take some time. A Monero hardware wallet is yet to be available.
(6) HOW DO MONERO TRANSACTION WORKS?
With the help of an example lets see how a monero transaction takes place. Suppose, you want to send 5 XMR (Monero) to A to buy a goods from him then this transaction would include the following steps.
- You would ask A for his public address and send 5 XMR to it. It’s similar to your bank account number and is used to receive funds.
- Monero miners will include this transaction into a block
- These miners will verify your transaction to ascertain whether you really own the 5 XMR you want to send to A. They also prevent double-spending
- In 2 minutes time the miner verifies your transaction. Once that is done, he broadcasts the result in the network for validation. The rest of the miners double check the result achieved by the successful miner to ensure its credibility
- With this, A successfully receives the 5 XMR and dispatches you the goods.
(7) FINAL THOUGHTS ON MONERO
Monero being a digital currency, enables fast and inexpensive payments to and from anywhere in the world. There are no issues like multi-day holding periods or risk of fraudulent charge-backs. It is free from ‘capital controls’ hence it finds great acceptance in economically unstable regions.
Monero has tapped in the need for a network where privacy and anonymity are considered as the key features that are valued by individuals.
Monero’s widespread community of skilled developers, with their strong intent on implementing privacy-based features through unique sets of technological protocols, continue to propel Monero’s popularity.
By protecting transaction data and metadata from public viewing, Monero has proved its worth in the cryptocurrency ecosystem even though it has been afflicted by the issues of misuse.
(8) WHAT IS MONERO CASINO GAMBLING?
Monero, which emerged in 2014 was based on CryptoNote, which is a new generation, cutting edge application layer protocol. With the help of this privacy tool, monero offers truly anonymous and untraceable gambling opportunities.
Since its release, Monero has risen to be one of the top fifteen crypto-currencies with the highest market capitalization. By virtue of this, plenty of the most respected online casinos have included Monero in rotation on their websites.
Now you can use Monero to gamble and to make wagers for casino games, numerous Esports events, poker tournaments, and Forex trading. Every day this digital currency continues to consolidate its position
(9) MONERO CASINO GAMBLING IN DETAIL?
Just like Bitcoin, Monero too can be used to play casino games or to place bets at the online gambling websites. Cryptocurrencies are steadily penetrating into the gambling senario that has been dominated by traditional currencies like USD.
In other words, Monero gambling is the nomenclature given to online gambling activities using. Gambling sites that accept Monero have reckoned that the user base for this cryptocurrency will grow rapidly in the months to come.
As a result, these online casinos operators are doing everything they can to attract Monero users. Apart from offering a huge selection of provably fair gaming options, good betting margins, and excellent customer service, they are offering them hefty bonuses on making Monero deposits.
It doesn’t matter what online casino games you like to play or what sports you like to wager on, there are gaming site out there ready to accept your Monero deposits and give you quality gaming experience.
(10) PROS AND CONS OF MONERO CASINO GAMBLING
Although Monero gambling is easy, free, secure, and untraceable, let take a look at the advantages and disadvantage of Monero based gambling:
- Monero can be easily procured either from an individual or exchange;
- It is private cryptocurrency ( CryptoNote protocol);
- All Monero based games are Provably Fair;
- It imparts secure and untraceable gambling experience;
- It is available to all enthusiasts
- Monero gambling provides rewarding promos and bonuses;
- Many international payment systems have started to exchange your Monero winnings to any traditional currency;
- The gambler has the sole control on his funds
- All gambling transactions are always kept private
- The faster transaction clearance time of monero makes winning more exciting
- Monero transactions take more space than Bitcoin’s transactions;
- This cryptocurrency is prohibited in many countries and hence sometimes it is considered as a narrow commercial tools;
- There is a greater vigilance on its misuse.
(11) MONERO CASINO GAMES
Monero casino games can broadly be classified into online casino games and live casino games.
Online Casino Games: You can play a variety of online casino games from the comfort of your home by using Monero as a payment option.
Many online casino players love playing online slots and dice games and Monero users can enjoy a great lineup of slot and games at the popular monero casino websites.
Some of them specialize in hosting dice games with low house edges and offer their players cool promotions.
Live Casino Games: Players who like to take their thrill to the next level can switch over to live casino games where they can interact with a live dealer.
There are quite a few professionally trained live dealer casinos that accept Monero as a means of payment. Blackjack, Baccarat, Roulette and Craps are just a few of the live games that are available to the monero customers.
Whether you want to place micro bets or play for high stakes, players are being provided with fair attention and secure gaming conditions.
(12) GETTING STARTED
The first step in procuring monero for gambling is to go to a cryptocurrency exchange like Coinbase and complete the registration procedure after which you can link a bank account or credit card to your exchange wallet. Once this process is completed, you are now in a ready to purchase Monero.
Once purchased, the Monero will be stored in a virtual wallet at the exchange site for use. You can now use your Monero to fund your gambling account and enjoy a number of exclusive benefits that other cryptocurrencies or credit card deposits can’t match.
Monero payments come with lower transaction fees and are completed in a few minutes. When you choose to deposit your fund at the gambling site and you’ll see a unique Monero address. By transferring the monero from your wallet to this address you are ready to play. If you get lucky and win, you can withdraw your money in minutes.