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Monero – The King of Anonymity Among Cryptos

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Monero is most probably the king of anonymity among cryptos. When handling payments online, apart from fast transactions, the highest demand is always for mechanisms that can provide full anonymity. And this is the field where Monero rules – both features combined in one crypto.

It is a secure, private and untraceable currency system. The ability to stay “below the radar” so to speak, is of high importance if you ask crypto enthusiasts. This is also the character that has put this currency in the spotlight of the latest May review of Monero published by Reuters. The  Monero Outreach, a workgroup of the decentralized Monero, defended the Monero feature which intrigues many, in this post.

No One Can Track Your Transactions

Monero gives you the chance to have complete control over the crypto transaction. This means that no one is able to see where your assets go, and you can basically hide all of your tracks. All transactions with this crypto are private. Apart from securing total privacy, this is an important advantage of Monero because the assets you use always appear to be “clean”. Even if at any point in the past, the Monero which is now in your possession, had been used in any kind of shady business, the network will not show the details, and the value of your Monero will not depend on it. Other cryptocurrencies, allowing for transparency while protecting anonymity, are subject to visible previous transactions. This is the point where the distinction is made between so-called “clean” and “tainted” cryptos.

Monero Is Fungible

Many experts accentuate the fact that this crypto is fungible. An odd word, dont you think so? To tell you the truth, I had to look it up as well to grasp the exact meaning. What it comes down to is the fact that Monero is compatible or convertible, if you wish. Furthermore, since it does not succumb to the concept of “clean” or “tainted”, it is considered to be fungible.

Public and Private Keys

Monero has multiple keys. So far, we have all got acquainted with bitcoin or ether, for example, that have one public and one private key. Again, “multiple keys” is the feature which should secure that the senders’ and users’ identities are kept well hidden. The public view key, as the word says, is used for generating public address. The private view key is used by the receiver for scanning the blockchain and finding the funds sent to him.

Signatures and Full Protection of Identity and Transactions

In order to fully protect your privacy of a sender, Monero has “Ring Signatures”. There is an interesting explanation of this term which I came across and it says that when you are sending the check you need to sign it and everyone will recognize your signature, because the handwriting is unique for each person. However, if you were to combine your own handwriting with a few more people, you would create a unique, but unrecognizable signature. This is what Ring Signatures do. They make a unique reference to the sender without any lead toward his identity.

Monero developers also pride themselves with what they refer to as “stealth addresses”. This means that the transactions between addresses are not traceable, i.e. only the sender of funds would know who the receiver is.  Furthermore, the transaction amount can also be fully hidden, depending on your preferred settings.

Looking forward to hearing your experience with Monero.

Editor’s Note: Check out all you need to know about Ethereum & ETH, or Dogecoin – crypto with most passionate fans.

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Casino Brango’s May Review

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When we are thinking about May we could say – one more great month at our casino. Several big cashouts and one special promotion is just a small part of everything we had last month. Come join us on the recapitulation of May.

NBA Special Promotion

A good game is a pleasure of its own, even if you are not the most dedicated fan. In the name of that, we made special NBA promotion for all basketball lovers. You should have predicted the exact score of the final game and the winner for some great prizes. We have to wait for several days to know who will get the prize because the NBA Finals games are still playing. Once we know the results, we will process your accounts and give you the prizes if you were lucky and guessed correctly.

Top Winners

During May we had great winners at Casino Brango. First on the list is Scott who found a golden egg and got the great win of $12.750 playing slot “Hen House”. Amparo is a well-known slot player and this time she played “Cai Hong” and won  $10.294The interesting thing about her win is that she used the new deposit method QBDirect. On the list of top winners is Bryan who got Royal Flush playing video poker and won a great $4.000 just on one hand!

Most Played Games in May

Players at Casino Brango in May mostly had chosen to play these three video slots – “Cash Bandits 2“, “Gemtopia“, “T Rex“. These ones are on the list of very popular games at our casino and you can check out why simply by login/signup at our lobby.

Most Paid Games in May

We suppose that you like to know which games are the most paid at some casino. Because of that, we share with you three games with the biggest payouts in May. These are: “Ghost Ship“, “Panda Magic“, “Wu Zetian“.

 

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How Does BitPay Fit Into Crypto Tax Law

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“…In this world nothing can be said to be certain, except death and taxes”. Throughout time, there have been many references to this phrase by Benjamin Franklin. And it still stands today. However, we are witnessing a tremendous moment in time, when boundaries are pushed, new currencies evolve and the law is trying to keep up with reality. So, what is the story about cryptos and taxes, and how does BitPay fit into this?

Most people are aware of the importance of filing taxes, and they do it regularly. With cryptos, things got a bit challenging. The IRS has reportedly received complaints from its citizens and officials asking for clarifications regarding the way cryptocurrencies are treated, and claiming that they are in constant risk of being marked as individuals who try to evade taxes, all due to the volatile nature of the existing law.

At the moment, the law states that a taxpayer should file each transaction executed when using a cryptocurrency because each transaction is considered to be a taxable event. At the same time, in the US, cryptocurrencies are also taxed under capital gains law that applies to property investments. The current regulations issued back in 2014 state that cryptocurrencies should be treated as property, meaning that they fall under statutes that apply to property transactions. However, the IRS appears to be reconsidering the nature of cryptos, as the IRS Commissioner has reportedly claimed that the situation has changed since 2014 and that cryptos are developing both as “a medium of exchange and as an investment vehicle”. Now, I am not an expert, but this sounds to me like the lawmakers are about to officially characterize cryptos as currencies.  Furthermore, the IRS has announced the issuing of clearer guidelines on how to treat cryptos and how to properly file taxes.

On another note, what we found a bit more interesting, and equally important is the news coming from BitPay. It is about the option given to income tax payers, allowing them to receive the federal and state refunds in bitcoin. This very fact could be seen as getting a foot in the door on a way to officially accepting cryptos as currencies, instead of just property. Blockchain payment processor, BitPay has reportedly announced that the firm had partnered with Refundo – which is a US based taxation services provider, in order to secure this option for tax payers. The users of Refundo will be able to receive either a fraction, or entire tax refund in BTC, using its CoinRT. All they need to do is open an account, following instructions and to provide the required background info and a bitcoin wallet address. Then, when the IRS (or state) deposits the refund, BitPay will process it and transfer the bitcoin to the taxpayer’s wallet. The CoinRT service is said to cost app. $34.95, regardless of the amount which is being transferred. Above all, this should be the only fee paid by the user.

As a quick reminder, BitPay was founded in 2011, and this is not the first time they are dealing with cryptos. Previously, they co-operated with Florida county tax collector, as well as with Ohio State, when Ohio needed some input into accepting taxes in cryptocurrency. They claim to have processed over $1 billion worth of transactions last year.

Do you think that the tax law would change significantly in favor of crypto lovers?

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Predict the Score of NBA Finals and Get $200 Cash Prize

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Blood, sweat, and tears. The teams are giving it all. And we admire their perseverance. A good game is a pleasure of its own, even if you are not the most dedicated fan. And what constitutes a good game is strong will and impeccable skill. Quality is something we regard highly and like to celebrate with you. Therefore, we call upon all our players to engage in our special NBA Finals Promotion.

Predict the exact final score in the comment below this post, by May 30th, 2019., and you can win $200 cash, no questions asked! Don’t forget to write your username, also.

THAT’S NOT ALL!

If you guess the winner and the exact number of games it took for the team to win, we will reward you with 100 free spins!

Terms of this promotion:

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  • Free Spin must be wagered 40x on non-progressive slot games only before a withdrawal can be made
  • Max cashout $100
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  • All bonuses are subject to the Bonus and Promotions section of our Terms of Service
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All you need to do is to redeem one of the following coupons on Casino Brango and we will boost it with 20% for deposits up to $200.

CAN YOU BELIEVE THERE’S MORE?

If you manage to guess the winning team of NBA finals, but not the exact number of games, we have prepared consolation prizes – 20 free spins.

Terms of this promotion:

  • Promotion is available only for depositors
  • No two free money promotions are available between deposit
  • Promotion may only be claimed once per person/account/household/IP Address
  • Free Spin must be wagered 40x on non-progressive slot games only before a withdrawal can be made
  • Max cashout $20
  • Withdrawal may only be processed after your account has been verified. If a deposit was never made, “Verification Deposit” will be required prior to any withdrawal
  • All bonuses are subject to the Bonus and Promotions section of our Terms of Service
  • In interests of fair gaming, wagering more than $/€/AUD 10 per spin while playing any of our non-progressive slots games will result in all winnings been void while playing the bonus in question.

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Smart Contracts Making Blockchain Transactions Easier

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Informing yourself about blockchain will inevitably take you to the exploration of new topics and terms. “Smart contracts” is one of those terms. It sounds very official and strict, and in a way it is. However, it appears that smart contracts are there to make our purchases, for example, easier, and the terms of the purchase (or any other transaction) more reliable.

How Do Smart Contracts Work?

Do you remember how various physical contracts have stipulations? A contract usually states that one party accepts to undertake certain obligations, and when that party executes them, the other will then provide something, etc. All parties in the agreement have to sign the agreement to show that they have no objections to the stated provisions and that they will comply.

When it comes to digital, smart contracts, users of the blockchain platform need to agree on the “rules of the game”, and to accept the way their data is represented, to agree with the rules of the transactions, as well as with the possible exceptions. Smart contracts also stipulate the ways in which possible disputes can be resolved.

What is unique is the fact that the entire process is automated. In order to enable the tasks to run smoothly, the developers have included “if/when…then…” statements that repeat themselves as long as needed or as long as there are conditions that need to be fulfilled.

In plain English: once a payment has been made, the network of computers will issue a ticket, for example. Or, once all the necessary docs have been provided, the system will register a new company, or a vehicle or whatever is in question…  After that, the system updates itself. In short, there are no credit card verifications, no filling out the forms, no additional fees, and no dealing with the third party. Above all, everything happens within seconds.

crypto smart contracts

Smart Contracts Overview

“Smart contracts” is the term used for lines of code that are stored on the blockchain.  Therefore, we could say that a smart contract is an application that executes automatically once the predefined terms are met. A smart contract makes sure that all parties involved in the purchase or supply, for example, are certain of the final outcome. Furthermore, being based on blockchain, smart contracts are easily traceable, and act instead of an intermediary.

As a quick reminder, blockchain is a shared ledger where information about each transaction is stored and linked together. The info on each transaction is stored after validation, to ensure the accuracy. The details are also protected by few layers of encryption. The information stored on blockchain is usually referred to as “immutable” – meaning it cannot be changed or reversed.

Recap of the Advantages

  • Saving on the fees for validation or verification of the data by a third party, as everything is done by the network of computers.
  • Automatization, resulting in quick transactions in accordance with pre-defined rules.
  • Accuracy, due to the exact terms stated in the app.
  • Encryption, which secures execution of the transactions to be done and shared across all participants, excluding the possibility for the data to be tempered with.