Monero — Perfect Cryptocurrency for the Gambling Business
Gambling industry continues to develop extremely fast. Time dictates new conditions, therefore business needs to use fresh ideas. One of such innovations is Monero.
Monero is a cryptocurrency which has a row of indisputable advantages over bitcoin and ethereum, which cause fast growth of its popularity. Monero is recognized as one of the safest, most confidential and untraceable currencies, these features make it a perfect choice for operating in the online gambling sphere.
It’s all about using a different cryptocurrency, which provides more effective privacy. Many suppose that transaction in bitcoins can’t be traced. But bitcoin was initially created so that any transaction could be seen through blockchain — a peculiar register of public type. It’s very convenient if you need to check if transaction was successful, that’s why it’s very suitable for government institutions and non-commercial organisations.
A different technology is realized in Monero, which prevents tracking. Address of a bitcoin purse allows to monitor the account status and all the addresses to which were transferred money or taken from. Yes, blockchain doesn’t assume mentioning the name, but in case of open publication activity of the address will become a public domain.
Actually, there’s no need to publish the address. In order to find out if it’s your address or not, transactions can be traced with other showed accounts. Of course, transparent organization can calmly publish financial flows, but most physical persons and companies don’t want others to know about their accounts.
Recently more and more news about information leakage appear in the Network. But Monero will protect personal data, for it hides all information on transactions by default.
Such result was achieved due to the technology of «Ring Signatures» — CryptoNote. It’s a kind of mixing transactions of some people with others, therefore it’s hard to figure out where’s whose address. Monero hides balance by means of closed one-time addresses, which are generated randomly, not connected with particular people.
Why Monero will continue its growth:
- severe need of the financial sector in privacy and anonymity;
- high level of hashing algorithms reliability, which has proved its efficiency;
- new addresses for each transaction;
- implementation of mechanisms, which exclude any probability of identification;
- high level of house mining profitability due to low expense of electric power;
- support of the society;
- transparent policy of developers, who don’t fear publicity and are widely known within crypto-community.
Anonymity makes Monero attractive decision for gambling, for we all perfectly understand, that it’s considered illegal in most countries.
Cryptocurrencies are very convenient for the gambling business. Specifics and distinctive features allow it to satisfy demands of operators and players.
- optimization of expenses (absence of commission for transactions);
- reduced terms of objects implementation (no financial intermediary);
- guarantees of deception impossibility by users;
- access to maximal number of potential gamblers.
Any user needs right to play and stay anonymous. People care for safety of their finances, and such cryptocurrency as Monero is one of the best choices in this case. Moreover, the point, that money can be transferred from one account to another over several days is rather unpleasant, while cryptocurrencies don’t have this issue — all transactions are carried out immediately.
Monero unites all necessary for this business features, on making participants equal. Growth of the digital currency popularity — is a positive signal, allowing to consider increase of demand and expansion of the influence sphere.
Transition to digital money, which don’t depend on political or economical situation in the world, will give operator an opportunity to get rid of any intermediaries and become independent. The only necessary thing — desire to gain trust of audience. Online casino owner doesn’t need to worry about problems with regulators and law enforcement authorities: in fact, the world hasn’t yet approved cryptocurrencies, therefore nobody can have claims.
Today we observe tendency to increase of demand for crypto-money in the world of online gambling. Players actively master new technologies and gladly use innovative benefits of the present. So, operators shall be interested if not in absolute transition, then at least in integration of transactions in Monero possibility.
Practice shows, that only bravest innovators get to the top. Therefore you shouldn’t wait for the future to knock at your door. You need to open doors for it in advance and be ready for generous hospitality, if you want to take a worthy place in the market.