Online betting has changed a lot in recent years. One of the biggest shifts is the rise of cryptocurrencies. More than just Bitcoin, gamblers are now using privacy coins like Monero (XMR) and Zcash (ZEC). These digital currencies promise anonymous transactions. No names. No bank records. Just bets like the ones on the 22Bet login casino.
What Are Privacy Coins?
Bitcoin is not fully private. Anyone can trace wallet addresses. But Monero and Zcash work differently. They hide sender, receiver, and even transaction amounts. This makes them attractive to users who don’t want anyone watching. Imagine cash—digital cash. That’s what privacy coins try to be.
A Double-Edged Sword
Some see this as a win for safety. If no one knows who you are, no one can target you. Others think it’s a risk. Anonymity could invite fraud, money laundering, or shady betting operations. Here’s the tension: more privacy can mean more freedom, but also fewer rules.
How Gamblers Use Monero and Zcash
Monero and Zcash are not always accepted on big-name betting sites. But underground platforms? Plenty use them. Users often convert Bitcoin to Monero before betting. It adds a layer of secrecy. One bettor described it like putting on an invisibility cloak. “I don’t want my bank knowing I bet,” they said.
The Regulatory Blind Spot
Lawmakers and financial watchdogs are scrambling to catch up. Privacy coins create blind spots. Governments can’t easily track gambling income. That makes it hard to enforce tax laws, age limits, or gambling bans. Zcash, for example, has a feature called “shielded addresses.” These hide everything. That’s great for privacy, but a nightmare for oversight.
Are Privacy Coins Safer?
What does “safe” even mean here? If safe means “no one steals your info,” then privacy coins are good. No third parties. No leaks. No risk of identity theft. But if safe means “well-regulated and fair,” then it gets murkier. Without transparency, there’s less accountability. If you lose your money on a rigged platform, who do you call? No one.
The Risk of Addiction in the Dark
Hidden betting has a dark side. People can spiral. Privacy coins allow users to gamble without limits, without detection. For someone with a gambling problem, this is dangerous. There are no reminders to stop. No bank warnings. Just silence and loss.
The Crypto Community’s View
Not everyone sees this as a problem. In fact, many in the crypto space celebrate it. Libertarians, in particular, love Monero. They argue that personal choice matters more than government control. To them, privacy isn’t optional—it’s a right. But others warn that unchecked freedom can open the door to harm.
Case Study: A Tale of Two Bettors
Meet Paul. Paul bets using Monero. He’s careful, private, and wins a little here and there. No issues. Now, meet Sam. Sam also uses Monero. But he’s chasing losses, gambling at 3 AM, and moving funds from coin mixers to sketchy casinos. No one sees what’s happening. Not even him. Same coin. Two outcomes.
Where the Technology Is Headed
New betting platforms are emerging. Some use smart contracts and decentralized finance (DeFi). These platforms promise fairness with code, but mix in privacy coins, and you get something wild: anonymous, automated, global gambling. What could go wrong? Or right? It depends on who’s holding the keys.
Government Crackdowns
Recently, some countries have cracked down on Monero and Zcash. They say these coins make it too easy to hide money. In 2023, several exchanges delisted Monero due to pressure. Still, it lives on. Users can trade peer-to-peer, off-grid. So, regulation might slow things down. But stopping it completely? Unlikely.