Another Cryptocurrency Grows With Gambling

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Unsurprisingly, gambling has been one of the biggest factors contributing to the growth of cryptocurrencies, thanks to the privacy digital coins offer to online punters. But while Bitcoin has been the number one coin associated with wagering online securely for quite a while, over the course of the past two-three years, other cryptocurrencies have likewise emerged to conquer a share of the online gambling market. Only last month we wrote about how Tron (TRX) gambling transactions reached $1 billion in the first quarter of this year alone, and now we have other news suggesting that Monero is likewise growing thanks to online punters.

Gambling Boosts Monero Transactions

The Monero (XMR) cryptocurrency, first devised as a more private coin that Bitcoin and other related digital assets, has been at the center of many stories related to illegal dark web purchases and other suspicious activities throughout its history. But thanks to its privacy, it has also often been advised for people who wanted to preserve the secrecy of their savings, investments, and of course, to those who like to gamble with cryptocurrencies online.

According to new data from BitInfoCharts, it was exactly gambling that allowed the number of daily XMR transaction to hit a new record high at the start of this month. Even at the height of the crypto craze of 2017, when Bitcoin surpassed $16,000, the highest number of transactions the coin saw in a single day was approximately 10,630. But this May 2nd, that number shot up to a huge 15,325 transactions. And, reportedly, it’s all thanks to a simple gambling game.

By the end of April, the number of XMR transactions began to rise exceptionally fast, approaching 10,000 per day whereas a month before that number was closer to 4,000. As a new XMR-based gambling game called Minko was launched on April 18th, it’s easy to deduct why many Monero users are attributing this new growth to gambling.

Like Plinko but for a Cause

Based on the popular Plinko game from CBS’s The Price is Right, Minko is a “social gambling platform” with a cause. Giving users a chance to increase their XMR portfolios with gambling and support the team that develops the coin at the same time, there should be little surprise as to why the has game attracted punters quickly. Especially when you consider that a recent upgrade to the XMR blockchain cut down transaction fees by a huge 90%.

Reportedly, Minko was launched by one of the team members of the Monero Core Team on the fifth anniversary of the coin. The website section that explains the game claims no direct affiliation but it also says that during the first month of Minko, all of the profits will be sent to the donation fund for Monero to support the development of the coin in the future. The donations to Monero are to continue even past the first month, but in a way that will be decided by the game’s development team.

Obviously, the idea was enough to attract plenty of users, according to official data. On the very day Minko was released, the number of 24-h transactions almost doubled in size, rising from 3,700 to a much higher 7,100.

May 8, 2019: • No Comments

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