Monero Casinos 2021 in Test
Similar to Dashcoin and Stellar Lumens, the Monero token, or XMR for short, is a fork of another coin, in this case Bytecoin. While many cryptocurrencies are considered Bitcoin offshoots, Monero is going its very own way. Especially with regard to data protection, the token has many advantages over the well-known altcoins. In addition, Monero is traded as the most anonymous of all digital currencies.
The XMR token was developed on the Monero blockchain as early as 2014 and is backed by six others, including the main founder Riccardo Spagni. The coin first became known in 2016 after XMR became the AlphaBay payment service provider – a darknet marketplace that attracted the attention of numerous crypto 🪙 observers. In the meantime, Monero has taken a much more serious turn and is used for various payments on the regular World Wide Web.
Good for players: In the meantime, the Monero token is available on many exchanges. This provides the ideal basis for crypto casinos to increase the acceptance of XMR payments in the long term. To date, there are significantly fewer Monero than Bitcoin casinos, but due to the arbitrary scalability as well as numerous other advantages, which we will discuss further in the article, this could well change in the medium term.
So far, some companies have been reviewed by our editorial team that not only offer high security standards, but at the same time have a very high acceptance towards various cryptocurrencies – and thus also towards Monero XRM. Deposits are possible there after successful registration. Bonus offers are granted upon payment with the XRM token, so the still little-used coin does not exclude the use of a starting balance.
What is Monero?
Monero, although not too widely used in the iGaming industry, is one of the top 20 cryptocurrencies – in terms of market capitalization. The scope of the decentralized currency can be seen especially in the immense price increase that the XMR token has experienced since 2015. Starting with just a few cents, the value was as high as $450 in 2017. Currently, it has leveled off at around 220 euros, but the potential for a renewed rise is quite high.
Similar to Bitcoin, Monero is also based on blockchain, although the developers have written a completely new protocol for the XMR token, which focuses on the verification and adaptation of individual blocks. The creation of new blocks takes around two ⏱ minutes. Monero also differs from Bitcoin, Ethereum and Litecoin in terms of the computing power required for development. Very high energy efficiency is offered.
Casino customers can clearly benefit from the anonymity that many alternative cryptocurrencies lack. Currently, however, there are still quite few crypto casinos that enable XMR transactions.
What potential does Monero have in crypto casinos?
A key advantage over other cryptocurrencies is that Monero has not set a cap on the development of new XMR tokens. Inflation cannot be ruled out in the long term due to the high availability, although higher demand may well lead to a price gain. Ultimately, Monero, is similarly inflationary to fiat currencies and thus unlikely to be a coin that will approach the value of Bitcoin – precisely because there is to be no development limit. Above all, however, players at Monero Casino benefit from the fact that they can theoretically buy unlimited new game credits on common wallets.
Monero is especially interesting for investors who want to take advantage of the XMR’s performance. CFD brokers offer exactly this possibility. Here, however, the cryptocurrency is not traded as such, but with associated securities.
Those who use the Monero CFD levers at the right moment can achieve solid profits in the long run – ones that are, in turn, wonderfully suitable for venturing a deposit into the XMR casino. But: whenever it comes to trading, the risks should of course not be underestimated despite all the positive prospects.
With good reason, Monero likes to be called a security coin, because it not only offers a completely rewritten blockchain protocol, but it is at the same time and thus of growing interest especially for players in the crypto casino. Anonymous because Monero ⭐ works with ring signatures. This obscures the data of the recipient and sender, which in turn makes the traceability of transactions almost impossible.
How to buy Monero
In fact, this time it is not as easy to buy XMR tokens as you know it from other cryptocurrencies. At least currently, the coin is not offered on many trading exchanges like Bitpanda. A direct purchase via the third-party providers provided by crypto casinos, including first and foremost Moonpay, unfortunately does not work at the moment either.
The following exchanges, however, allow you to exchange euros and other real-money currencies for Monero in a few simple steps:
Some crypto casinos work with standalone service providers in the industry – including Moonpay, Localbitcoins and Cryptocurrency, which usually make it easy for players to buy digital currencies without a lengthy sign-up process. However, this option does not exist for Monero, as the XRM token is a special one whose security 🔒 criteria differ significantly from those of more prominent coins.
Thus, due to the high level of anonymity, it is mandatory to set up your own wallet. The registration as such can be easily completed:
- Click on the registration button
- Enter correct personal data
- Submit documents if necessary
- Deposit real money and exchange it into XMR
Basically, the XMR Coin can be acquired on the mentioned exchanges without any restrictions, because: Unlike Bitcoin & Co, there is no upper limit for the development of the Monero token. The currency, which was published in 2014 on the basis of the Crypto Note whitepaper, already has a decisive advantage over better-known coins.
An alternative to buying is Monero mining. One has the possibility to mine XMR tokens with low server power. However, this is only useful for casino customers in the long term. On the other hand, if you want a quick entry into the crypto casino, you have to go the direct purchase route.
Deposit with Monero XMR in the casino
Once the purchase has been made, some crypto casinos offer the option of selecting Monero tokens as a means of payment. The following steps must be carried out for this:
- Select provider
- Set up customer account
- Select XMR payment method
- Set amount
- Scan wallet address or enter it manually
- Wait for credit
Depending on the company, the decision for or against the welcome bonus can be made in parallel. As a rule, an XMR amount is also credited within minutes.
Advantages & disadvantages of Monero casinos
What advantages does Monero offer as a payment method in the casino?
A clear plus point is that basically anyone is able to mine Monero tokens with the appropriate technical requirements and thus generate credit for the crypto casino in the medium term, without necessarily having to buy it.
This advantage may be thought of over a longer period of time, but should also be kept in mind as an aspect for those who want to play directly.
Moreover, Monero is one of the few cryptocurrencies with flexible block sizes, making it adaptable to the rapid changes in the crypto market. Moreover, there are no limits for XMR Coins, as theoretically the tokens can be generated indefinitely.
Monero Coin advantages at a glance:
- Greatest possible anonymity thanks to encrypted addresses
- Secure algorithm
- Low network transaction fees
- Units divisible up to 12 decimal places
- Constant adjustment of the block size
- Account balance cannot be viewed
- Bonus is also granted for Monero payers with some providers
What are the disadvantages with Monero casinos?
Basically, Monero is ahead of other cryptos as a so-called “privacy currency”. Thus, the hope is justified that the XMR token will also gain importance in the gaming industry in the future. To date, unfortunately, our editorial team is only aware of a few companies that enable Monero payments. Also, the purchase of the token is not supported by all popular exchanges.
The disadvantages in a nutshell:
- Not available in all crypto casinos
- Not all crypto exchanges support Monero
- Currently no purchase of XMR via Moonpay possible.
Although the coin is not yet particularly widespread, – related to the gambling industry – the advantages definitely outweigh the disadvantages with Monero as well. Although people always like to talk about a high level of anonymity with well-known tokens like the BTC, transactions with Bitcoins and other cryptocurrencies leave their traces on the web. This is exactly where Monero differs from its counterparts.
Ring signatures make the history of XMR payments secure and ensure that bookings cannot be traced at any time. This has advantages 👍 especially in the gambling industry, because the Monero token is entirely closed from the financial market and can thus be kept anonymous.
Special features of the Monero XMR Coin
Usually, cryptos are limited to a certain number. Monero, however, is different, because the developers – as already indicated – have not set an upper limit. According to estimates, there could be around 18.4 million Monero XMR tokens in circulation as early as 2022. This would correspond to a , if the forecast is correct.
Divisibility is another “specialty” of the XMR token. This makes it possible to deposit – and ultimately trade – small amounts on the market.
In addition, special:
- Constant adjustment of block size and mining difficulty.
- Divisible up to 12 decimal places
- Wallets available for all operating systems
- Transaction history of XMR not traceable
- Mining over CPU and graphics card performance possible
For block creation, the developers rely on the proof-of-work concept, or POW for short. With this, it is possible to generate new XMR blocks every two minutes. However, their median must not exceed that of the previous 100 blocks, as this could possibly result in an XMR loss. For this reason, the token was designed to be flexible and is thus more adaptable than bitcoin, for example.
The Monero rate on Coinbase
For all those who play at crypto casinos, completely different questions probably arise. For example, it is good to know what the value of an XMR is. Since the value can be different every day, it helps to look at specialist sites to find out about the price trend. This also applies to all those who do not just deposit once with Monero in the casino, but who may want to hold and trade the XMR token in the long term.
Monero itself is one of the safest cryptocurrencies on the market. The same demand should be placed on the crypto 🪙 casino that is chosen in the end. Currently, the options for finding Monero casinos are relatively limited.
The main thing that the providers we know have in common is that they have a gambling license in Curacao. With this, a high level of fairness and transparency is guaranteed.
What are the payment limits at Monero Casino?
The lower limit per transaction can vary a bit depending on the provider. However, the example of Fairspin.io quickly shows that customers at Monero Casino are not asked to pay very much. Anyone who can spare the equivalent of just over two euros will already be able to make the deposit.
Like all cryptocurrencies, Monero can also be deposited without an upper limit in the preferred crypto casino 🎰. The providers we know of have not set any limits here – neither for the deposit nor for the withdrawal of winnings. In this respect, the digital currency does not differ from Bitcoin, Ethereum and other alternatives.
These games are available at Monero Casino
There are basically no differences in the game selection, no matter which payment method or digital coin is preferred for deposits and withdrawals. Consequently, there are no disadvantages for customers who carry out their transactions with XMR tokens. Even the “demonstrably fair” blockchain-based games have long been playable not only with BTC, but with any other cryptocurrency.
Tips & tricks for paying with Monero
The few available XMR casinos not only have a huge range of payment methods to offer, which are allowed in addition to the Monero token. There are also numerous games of the best quality to be discovered there, for which the deposit of a few coins can already be worthwhile.
Since the service partners provided by crypto casinos do not currently allow the purchase of XMR tokens, it is recommended to buy Monero early via the alternative exchanges – be it Binance or Coinbase, to name just two of the most well-known ones. Again, since Bitpanda does not offer Monero transactions, those who have been relying on this exchange should at best start looking for alternatives now and look into just the various other wallet options.
Not much has to be taken into account when depositing and withdrawing at Monero Casino. Because although the currency may differ from Bitcoin and Ethereum in many ways, there are no major peculiarities when it comes to the nature of a transaction. Due to the high anonymity of the XMR payment, it is of course a good idea to keep watching the market, because: It is possible that sooner or later more companies will come along where payments in Monero tokens will be allowed.
These Monero XMR alternatives are available
Currently, the list of crypto casinos that accept XMR payments is quite manageable. The token’s potential should not be underestimated, but at least those who are keen on high bonuses and crypto gaming with demonstrably fair technology will find much more choice with alternative currencies and are virtually free to choose between numerous providers. Common Monero alternatives that are experiencing particularly high acceptance in the industry are:
Before thinking about the cryptocurrency, it makes sense to compare the providers as such and choose a casino that meets the personal requirements in terms of game 🎲 selection, bonuses, security as well as service. If everything is coherent, the choice of payment method can be made afterwards – whether in Monero casinos or in companies that only provide some of the mentioned alternatives.
Monero Casino FAQ
Precisely because Monero XMR is not yet too widespread in the iGaming industry, questions can certainly arise in connection with the cryptocurrency. At this point, our experts try to answer as much as possible everything that can be of crucial importance in connection with XMR.
What are the fees for XMR payments?
Network transaction fees are typical for cryptocurrencies. However, these do not carry too much weight with Monero Token. It makes sense to compare several exchanges. For example, there are significant differences in the fee between the two crypto exchanges Binance and Kraken, which can be particularly significant in the long term. Kraken is a US crypto exchange that also acts as a bank for buying and selling digital currencies. In terms of functionality, it comes closest to the exchange Coinbase, which is better known in Canada.
In reputable Monero casinos, there should usually be no further costs and fees for players. It does not matter whether the payment is made with Monero or any other cryptocurrency. Another plus point is that there are usually no limits at all. Thus, the XMR payment option is available to beginners and high rollers alike.
Is there an XMR bonus?
The Monero casinos known to us provide new customers with at least a welcome bonus, sometimes even entire bonus packages. The deposit of a certain XMR sum is required, equivalent to the real money amounts. The bonus is not only aimed at new customers who deposit in euros, US dollars or bitcoins, but is simply converted according to the preferred currency – in our case Monero.
At Fairspin.io, for example, a welcome bonus 🎁 of up to 100,000 USD awaits new customers.
As with all cryptos, a targeted bonus comparison is also worthwhile here. However, the sum should not be the sole focus, but it is just as important to deal with the Monero bonus conditions in order to find the best offer for yourself.
Is it possible to pay anonymously with Monero?
In fact, the Monero XMR developers take a different approach than the inventors of bitcoin, for example. The fact that transactions with the token function more anonymously is due in particular to the ring signatures used in the protocol. These make it impossible for outsiders to trace the recipient or sender of a payment. At the same time, Monero uses cloaking addresses for all bookings, which ensures a very high degree of anonymity.
Said camouflage addresses ultimately ensure that account balances on the Monero blockchain cannot be traced by third parties at any time. So only the XMR buyer and wallet account holder himself knows how much credit is available.
Are XMR casinos really reputable?
The advantage about Monero is that this blockchain network is more focused on the privacy of its investors than many others. Playing at Monero casinos can be described as very safe.
Generally, you should only choose a crypto casino that has been officially licensed – for example, by the gambling authorities in Curacao. This ensures that deposits 💶 and withdrawals work reliably and that, above all, win rates and payout rates are fair.
How does Monero coin mining work?
The good news first: Monero mining does not only work as large investors or companies that operate entire server farms. The prospecting of the digital currency requires a strong processor, in addition, a graphics card of the highest possible quality should be installed in the PC used. If these requirements are met, a Monero wallet can be created. All collected tokens will later flow into this wallet.
A mining pool can be joined at any time. In addition, a program is needed to collect the tokens, such as GPU Miner or the alternative Monero Spelunker. Mining itself is an interesting thing for long-term crypto investors. On the other hand, for those who want to play with Monero in the crypto casino as quickly as possible, it is probably easier to buy the tokens on the aforementioned exchanges.
Conclusion about Monero casinos
Unlike Bitcoin, Litecoin or Ethereum, Monero is clearly still considered an exotic token in crypto casinos. Only a few providers accept the XMR Coin for topping up the customer’s account.
Two reputable places to start with are Fairspin and Fortunejack, for example. One advantage: Monero payers can claim the welcome bonus at the aforementioned brands.
Due to the high anonymity in payment transactions and the solid market capitalization, our experts assume that other companies in the industry will follow suit and include the coin in their portfolios.