Playing slots using cryptocurrency as your preferred deposit method makes it possible to enjoy online gambling without entangling yourself with the traditional banking sector.
People do it for a lot of reasons. Some do not want to leave a paper trail while others just don't trust banks and credit card companies. The point is that cryptocurrencies such as Bitcoin work like alternative monetary systems that allow you to gamble online without using fiat.
You might expect that online casinos would accept all of the mainline cryptos out there. They do not. Almost all of them accept Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. Adoption varies greatly after that. One of the other options is a cryptocurrency known as Monero.
It is interesting to note that Bitcoin and Monero are the subjects of a pretty good debate within the cryptocurrency community. One side insists that Monero is a better choice. The other side says that Bitcoin is always better, regardless of whether you are talking online gambling or paying for a taxi ride.
So which is it? Is Bitcoin better than Monero for playing online? Let us unpack it a bit. At the end, you can decide for yourself which digital coin is your best choice. You might even decide that neither one suits your interests all that well.
Cryptocurrency and privacy concerns
Talking cryptocurrency payments of any kind almost always leads to questions of privacy. That is understandable. One of the fundamental principles of cryptocurrency is maintaining privacy through the use of encryption and digital wallets. No one needs to know who owns what coin. No one needs to know how coin is spent.
In theory, cryptocurrency transactions do not link you to the coins you spend. Things are different in practice, however. Consider the cryptocurrency wallet. Your wallet is where you store the digital representation of your coins. A wallet can be software, hardware, or even paper. Coins are designated by keys and addresses that facilitate moving them across the network.
Cryptocurrency transactions do not contain information about individual users. But they do contain wallet information. As such, it is possible to go through Bitcoin's distributed ledger and figure out which wallets contain which coins. That means it is also theoretically possible to discover your identity just by figuring out wallet ownership.
Before you panic, this is a lot harder than it seems. It is also more trouble than hackers are willing to go through. There is little value to them discovering your wallet and a few hundred pounds of Bitcoin you own. Yet the privacy issue does draw a distinct difference between Bitcoin and Monero.
Bitcoin and pseudonymity
Bitcoin was built on the premise that users should remain anonymous. Indeed, that is one of the many benefits people say comes with playing slots with BTC. Yet the fact is that Bitcoin is not truly anonymous. Rather, it is pseudo-anonymous. But what does that mean?
True anonymity would mean that someone who managed to hack the Bitcoin ledger still wouldn't be able to trace transactions to your wallet. It would mean that even when investigators demanded that exchanges and payment processors turnover transaction records, they still could not track the identity of individual wallets and coins.
Another thing to consider is that you need public addresses to transact business on the Bitcoin network. Anyone with a copy of the ledger can clearly see the addresses and the coins associated with them.
Because the Bitcoin ledger contains encrypted information about wallets and coins, it cannot be considered truly anonymous. Pseudonymity is the next best thing. Bitcoin protects the limited amount of information it does contain through encryption. That encryption is extremely difficult to break even among the best in the business. For all practical purposes, pseudonymity offers more than enough security for the online gambler.
Monero has a privacy coin
Monero is considered a privacy coin because of the way it handles records in the blockchain. It is not 100% anonymous either, but Monero does employee two important technologies that make it nearly so. These two technologies are known as 'stealth addressing' and 'ring signatures'.
Every cryptocurrency transaction requires both a public and private key. The public key is required to broadcast the transaction data across the network so that computer nodes can verify it and add it to the blockchain. The private key allows sender and receiver to transact business between themselves.
On Bitcoin's ledger, both public and private keys are viewable. That theoretically makes it possible for someone to track coin movement by tracking public and private keys. Monero does things a little bit differently.
The Monero ledger does not contain any public key information. Rather, every new transaction automatically propagates a new, single use address that pertains to that transaction only. This is called a stealth address. Anyone scanning the ledger can see individual transactions along with their stealth addresses; they never see public keys.
Ring signatures make it even more complicated. Every Monero transaction includes the actual stealth address of the sender along with stealth addresses linked to other Monero users as a decoy of sorts. Anyone trying to figure out who was responsible for sending coins across the network would have to look at multiple potential users. The more users added to the mix, the more difficult it becomes.
Monero is not 100% anonymous any more than Bitcoin is. But it does offer two additional levels of protection that make it a favorite among certain kinds of cryptocurrency users. In that respect, the added privacy would seem to give Monero the advantage for playing slots online.
Online casino acceptance
For the sake of this discussion we will say that Monero is more private than Bitcoin. That leads us to ask if Bitcoin has any advantages over Monero? Yes, there are a few. The first is that Bitcoin enjoys far wider acceptance across the world.
Bitcoin was the very first commercially viable cryptocurrency on the market. Today it is the most traded cryptocurrency in the world and the one with the highest market capitalization and market price.
This means something to online casino operators. If they are going to accept cryptocurrency payments, they are going to start with Bitcoin. That is why you hear so much about Bitcoin casinos. Virtually every online casino property that accepts cryptocurrency payments accepts Bitcoin. Some of them deal in Bitcoin exclusively.
Monero does not enjoy such widespread adoption. We cannot give you an exact number, but the volume of casinos accepting Monero is measurably smaller than those accepting Bitcoin. Players who insist on using Monero basically have fewer options.
Government regulations and investigations
Bitcoin has another advantage in that it is subject to less scrutiny as compared to Monero. Simply put, Monero's near total privacy has made it attractive to people who would use cryptocurrency for illicit purposes. This has certainly caught the attention of government regulators and investigators.
Monero's near total privacy makes it the preferred cryptocurrency for money laundering. And even though people were laundering money for centuries before cryptocurrency was even a thing, there is no escaping the fact that governments have their eye on Monero and its ability to help people do something widely considered unacceptable.
This bad reputation Monero suffers from is more than enough to lead casino operators to stay away from it. They want nothing to do with it because they do not want to be caught up in any sort of future investigation. They stay away from Monero because they don't want to give even the slightest appearance of being involved in certain kinds of activities.
On the other hand, Bitcoin has a better reputation. That reputation may still not be good enough in some jurisdictions, but it is in most. Bitcoin is reputable enough that online casino operators are more than happy to accept it as a deposit method.
Online payment systems
One final area in which Bitcoin has the advantage is that of online payment systems. For example, did you know you can use Bitcoin as your funding method even at online casinos than do not accept direct cryptocurrency payments? It is possible through payment systems like Skrill and Neteller (not available in the USA).
Both Skrill and Neteller are widely accepted payment systems throughout Europe and most of the rest of the world. The nice thing about both is that they offer seamless cryptocurrency exchange. You could open a Skrill account and fund it with fiat. You could use that fiat to purchase Bitcoin. You could also move other BTC holdings into your Skrill wallet.
When it comes time to play casino games, all you need do is log on to a casino that accepts Skrill payments. Then go to your Skrill account and convert some of your BTC to fiat. Make your deposit and you are good to go.
Just like the total number of casinos accepting Monero is smaller as compared to Bitcoin, the number of online payment systems with support for Monero is comparatively small. So Bitcoin has the advantage here as well.
Is Bitcoin better than Monero for playing slots? That depends on what is important to you. We would recommend you do your own research before choosing a cryptocurrency to deposit. There are many choices out there, each of which has to be examined on its own merits.