At VIPCoin Casino we review online casinos which allow you to deposit funds from a variety of different currencies. Cryptocurrencies are growing in popularity for casino funding and Monero is a popular coin due to its increased privacy. Opting for crypto casinos is a good choice for those looking for higher levels of privacy who perhaps wish to also keep their online gaming bankroll separate.
Launched in 2014, Monero (XMR) is a cryptocurrency that is primarily focused on private transactions. The majority of existing cryptocurrencies, including Bitcoin and Ethereum, are decentralized and anonymous but still have transparent blockchains, meaning that transactions can still be traced by anyone in the world. Monero focused its development on privacy-enhancing technologies to increase anonymity for its users. Monero is decentralized, which means that users can make transactions quickly, with no check clearing fees or holding periods.
There are many benefits to using Monero over traditional fiat money.
Monero aims to be truly anonymous. If you send the coin from your wallet to a crypto casino, it cannot be tracked, and the risk of funds being stolen is low. This keeps your transactions private with your casino firm.
Decentralization was another key design element of the Monero cryptocurrency, and it means that there is no centralized party that can view your payments.
Using cryptocurrencies is a faster option for users when compared to traditional banking. On average, a deposit with Monero takes around 10 minutes.
Without the use of third-party intermediaries and their expenses, Monero is cheaper to send with no wire transfer fees. There is also no difference in the withdrawal process for fees.
Monero (XMR) must first be bought on a reputable cryptocurrency exchange. Binance, Coinbase, Kraken and FTX are some of the better-known exchanges. You can use a credit or debit card to purchase the desired amount in US dollars. Once completed, the XMR is now held in your exchange account.
The next step requires more work initially but is worth it to access the true anonymity and decentralized power of Monero. Download a free wallet that accepts Monero coins on your PC or mobile device. Wallets such as Coinbase Wallet or Exodus are good options, giving you control over your coins and easy access to your funds.
Now you must click on the ‘Withdraw’ button next to your Monero holdings at the exchange. This will prompt you for a destination address. In your wallet, you will find the deposit address for Monero and then paste it into the exchange destination box. Your coins will be sent across to your decentralized crypto wallet quickly and securely.