The short answer is – it depends. There are many anonymous cryptocurrencies currently. However, that doesn’t mean that all cryptocurrencies are anonymous.
The word “anonymous” is defined as the state of being unidentifiable by name. It’s the Latin word anonums, which means nameless (from an (without) and onoma (name)).
As such, an anonymous currency must not reveal the name of the identity behind it. This doesn’t just mean failing to display the names involved in a transaction, but also the capacity to prevent the revelation of identities through other means.
Privacy Cryptos Are Anonymous
Privacy coins are designed specifically for anonymity. And you can’t trace back the transaction to the owners. The identity of the users (sender and receiver) remains completely blocked from third parties’ views. In most cases, users are even empowered to use hidden wallet addresses. For instance, you can indicate that you’re sending money from India when indeed, you’re sending from the US. This way, tracing users is impossible.
There are currently at least 63 privacy coins available for trading in the crypto market. These coins are worth in excess of $2 billion when put together. The top four options on the list are Moreno, Dash, ZCash, and Verge.
Bitcoin Isn’t Fully Anonymous
Unfortunately, Bitcoin isn’t one of the privacy coins. Although it’s anonymous in that your name and address don’t appear in the transaction ID, it’s possible to trace Bitcoin transactions.
For one, you can connect nodes on the Bitcoin chain. Anyone with a sound understanding of the platform can theoretically connect the dots (nodes) to uncover connections between transactions. Secondly, users trading Bitcoin on an exchange often verify their identities. Finally, Bitcoin’s public ledger is public to everyone. Anyone can use the ledger to trace transactions.
- What’s the best cryptocurrency for online gambling? There’s no one right answer. Bitcoin is very popular, but other cryptos work well too. Remember that most gambling platforms don’t accept privacy coins.
- What are some tips for using cryptocurrency to gamble anonymously? If you want to gamble anonymously, consider finding a gambling platform that accepts privacy coins. Many of these are crypto casinos that don’t need identity verification.
- Which Platforms offer instant casino withdrawals using Bitcoin? The majority of casinos that allow Bitcoin payments offer instant Bitcoin withdrawals. Some of the best casinos for cryptocurrency MBit Casino and 7Bit Casino.
- Is it safe to use Bitcoin for online gambling? Yes. Bitcoin is one of the safest digital currencies, partly because it’s also the most popular of all the cryptocurrencies.
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If you want fast payouts, then you need to try Betplay casino. Experienced players understand how important fast payouts are to a successful gaming strategy. Many casinos offer “instant payouts”, but we’ve found most fail to deliver on that promise. The only real “instant withdrawal” casino is Betplay. Withdrawals are processed automatically, without “management review”. The deposits and withdrawals are unbelievably fast because they use the Bitcoin lightning network. You’ll need a wallet that supports Bitcoin lightning transactions. If you’ve never tried a Bitcoin lightning transaction, you should check it out just to see how fast a BTC transaction can be!
1xBit casino has earned the “best overall casino” category. We spent two years gaming and analyzing dozens of casinos. 90% of our independent crypto gaming guides from across the globe rated 1xbit.com as the winner in every category. Readers might suspect we are biased if we only promoted 1xbit. So, we decided to create a “best overall casino” category and crown 1xbit.com as the best online casino for cryptocurrency. 1xbit has it all, lightning fast payouts, 40 different crypto currencies, the best sportsbook and sports betting interface, the best VIP program, the list goes on.
One of the reasons more players are spending their time at crypto casinos is due to more discreet gaming experience these casinos can provide. At CGG we spent two years evaluating and analyzing crypto casinos as well as casinos offering traditional payment methods like credit and debit cards, bank transfers or cash deposit options like Paysafecard. Casinoin is one of the few casinos that offer both crypto and traditional payment methods. If you want to play anonymously, make sure you choose crypto as your desired currency when setting up your account and always use crypto for your deposits.
Mbit casino is all about the bonuses. Can you have too much of a good thing? Mbit doesn’t seem to think so. They have so many bonuses available that it almost seems too much. Free spins, match bonuses, slot races, tournaments and more. We listed Mbit as our recommendation for the “best daily bonuses” category. Most casinos offer players a welcome bonus. But finding great bonuses on a daily basis is more of a challenge. Mbit goes even further and offers bonuses that you can use more than once. Mbit changes up the daily bonus offers on a monthly basis.
For players looking to find the best of both worlds in terms of payment and payout options, then Bongo might be the casino for you. Bongo is one of the few casinos that offers true crypto deposits and withdrawals in addition to a full suite of fiat payment options. Most casinos that advertise Bitcoin as a payment method are actually using a third party like Skrill or Neteller to process Bitcoin deposits and payouts. Both of those providers have their own set of KYC and payout policies, so you lose all the advantages of playing with crypto going that route.