Most players who deposit and withdraw using Monero do so for the privacy that Monero has to offer. A Monero casino like Betbit offers players the ability to make these deposits using one of the most private cryptocurrencies. It is fair to say that Betbit itself has to take reasonable measures to identify the players in order to avoid irresponsible gaming and handling of funds (ie. Money laundering, Illegal Jurisdictional Gambling, and underage gambling. So, in effect, playing at Betbit is not anonymous.
What is Monero? Monero is the leading cryptocurrency that focuses on privacy and censorship-resistant transactions as well as using an obfuscated decentralized public ledger. Monero’s transactions are all unique and untraceable. The Monero blockchain shield addresses and the amount of each transaction. It combines lightweight architecture with privacy. With low volatility and a stable market backing, you can be sure that your assets are safe and secure. It comes with custom encryption protocols unique for your machine so that even if you are hacked you know that your digital wallet is safe. Utilizing the same anonymization protocols (Cryptonote) developed by the US Naval Corps for their computers you can rest easy with your assets in Monero. This is the ultimate cryptocurrency if you want to block people from snooping on your crypto holdings and transactions.
Average transaction speed is 2 minutes. The average cost is of each transaction is $0.57. (It can handle 1000 transactions per second using modern hardware and if the bandwidth allows it). You can find more info on the Monero transaction times here.
Dynamic Transaction Fees (it fluctuates). At the time of writing this article, the transaction cost of a Monero transaction was $0.57. As it’s a very popular coin you are able to buy it on quite a few exchanges:
You are also able to convert it easily using a service such as Changelly and Shapeshift.io . The nice thing is that it offers instant money exchanges with no deposit storage. It also supports 2FA. The site currently has about 3 million users per month.
Monero is supported by a variety of wallets (physical, virtual, paper). Some wallets that are popular are…
At the moment the Betbit Wallet only supports Bitcoin. The site, however, allows for both deposits and withdrawals in Monero. Please note however that it can take up to 10 minutes for your coins to be confirmed. You may also qualify for deposit and cash back bonuses by using cryptocurrency at Betbit.
One of Monero’s cornerstone features is its Ring Signature encryption protocol. The ring signatures continuously merge and scramble a user’s account keys with public keys, thus creating a ring of possible signers for a specific transaction. Thus you are not able to link any transaction to that of a specific user. It also uses one-time randomly generated addresses for transactions. This increases the inability to track details of the transaction. As such Monero is immune from hacking attempts and can be used to erase where the funds come from, or where it ends up going to.
You can read up more about Monero at (https://monero.org/)
Monero is one of the easiest currencies to mine. Monero is easily mineable using either CPU or GPU miner. As it is a proof-of-work currency, the speed at which you mine is based on the resources you assign to it. Like other cryptocurrencies, its best mined using a mining pool, but you are easily able to do solo mining as well. Minergate is the most popular way to mine Monero coins, and it’s really easy to set up. You are also able to mine Monero on your phone using the previous version of Minergate for Mobile. Also, both Nvidia and AMD GPUs work well when mining Monero on Minergate.
It can also be deployed on your home system in minutes and even added to your website to replace advertisements and runs on any device that visits your site. Plus ad-blocking applications are still trying to catch up, meaning that you can easily make additional money.