Bitcoin and other cryptocurrencies have entirely revolutionized the world of online gambling including online Poker in terms of payments. The success of this strategy is mostly due to the decentralized nature of the Blockchain process and the anonymity it provides. Besides, it provides incredibly low fees and lightning-fast speed. In these modern times, this is unarguably the most preferred way to make a withdrawal or a deposit on online poker websites.
In stark comparison to sports betting, Poker has always had a significantly noticeable cash operations problem.
You need money to play poker, but to deal with the transaction aspect (whether it is live or online) can be quite an ordeal.
Banks and credit card companies have always held online poker sites bound to their rules and regulations since these financial institutions can quickly hit the brakes on any kind of transfer.
The superb part of all this is that you don’t have to be well-versed with the knowledge of Bitcoin to make a deposit using cryptocurrency.
Why Bitcoin is a Game-Changer for Online Poker?
Although there is a myriad of reasons available as to why players should opt for using cryptocurrency when playing online poker, but it all truly comes down to the needs and preferences of the players themselves. The majority of these online poker players are on the lookout for some form of a mixture of the following factors when choosing a payment processor:
- Reliability and safety
- Fast deposits and withdrawals
- Low fees
- Easy to use
- No risk of getting blocked
It may seem like a lengthy list of requirements, but believe it or not, Bitcoin meets most, if not all of these, requirements for playing poker online.
Once players learn how to utilize Bitcoin properly, it becomes apparent this is a very reliable and safe form of digital currency. Since it is decentralized, the players themselves hold most of the authority, which is the complete opposite of banks.
Massive debates have inevitably led us to the conclusion that the most alluring feature of bitcoin is for sure how fast it is for individuals who like playing poker online. Are you wondering how quickly can these deposits possibly be? Keep in mind that once you obtain bitcoins, you can be out on the interwebs playing poker within a matter of minutes instead of days.
Withdrawals are also speedy, but in comparison to deposits, it may take a day or two for players to receive their respective poker payouts since these online poker sites need to confirm the payout amount to avoid any instances of money laundering from occurring. Even though this process might seem a bit extensive, it is still far better than having to wait weeks at a time just to obtain a withdrawal check from other online poker websites.
Upon comparison to banks and credit cards, you will notice that bitcoin and individuals who play bitcoin Poker have some of the lowest fees in the business. If you wish to speed up the transaction process while playing online poker, you have the choice to do so by paying a slightly higher fee. Many people argue that a credit card is far easier to use than bitcoin, but once you get used to the notion of Bitcoin, you will find that it is rather intuitive. The most enthralling fact of all is that players have the power to spend their bitcoin poker winnings; however, they choose to. This freedom comes as a breath of fresh spring air to those players who, unfortunately, have had their credit card or bank transfers previously blocked by a bank. Bitcoin is, without a doubt, an excellent currency for engaging in online poker play.
Playing Poker with Your Bitcoins
Here’s a fascinating fact about people who choose to use bitcoin to play poker: No one prefers to use Bitcoin at the Poker table!
A vast majority of these online poker sites have taken on the responsibility of immediately converting bitcoin to USD as soon as it is transferred into the player’s account without any kind of delay. Although several reasons exist for online poker sites to routinely engage in this practice, their primary aim is to give players a much-needed break from the fraught nature of cryptocurrency. For example, imagine you both bitcoin worth 100 USD and went on to deposit it on an online poker website. Upon doing so, you immediately doubled your money by running up a profit of 200 USD. Now upon choosing to withdraw your 100 USD of profit, you come to discover that bitcoin has plunged by 50%? It’s almost as if you did not win anything at all!
Despite being one of the most popular forms of cryptocurrency, Bitcoin is notorious for its volatile nature. Players nearly always face the potential risk of losing a considerable portion of the value of Bitcoin when indulging in online poker. USD is, comparatively, a far more reliable option to fund the accounts of players. Specifically, those players who wish to remain away from the digital currency rollercoaster.
A withdrawal is perhaps the only time players may need to worry about the ups and downs of the value of Bitcoin. Players have the option of making withdrawals in the form of USD through a Bitcoin ATM or online money exchange service. Still, the online poker site, itself, holds no responsibility for making sure you get hard currency. If the volatility of Bitcoin is a negative factor for you, then you should always have a backup plan to convert your winnings from Bitcoin to USD immediately.
What to Look for in a Bitcoin Poker Site
If you’re thinking of depositing a lump of your money on an online poker website that accepts bitcoin, you should take some time out of your busy day and read a fair number of reviews available on popular sites.
In a nutshell, you must take into account all situations that may affect your decision to play on a Poker website under normal circumstances. Usually, the most important factors that online poker players consider are a mixture of the following:
- Reliable and safe to use
- High-quality software
- Lots of games with plenty of other players
- Bad players
- Big sign-up bonuses
- Solid website support
As far as Bitcoin gambling goes, all you have to do is simply make sure that the Poker site you have chosen to play on acknowledges digital currency as a viable payment method for making deposits and withdrawals for Poker. You might also want to make a deposit using alt-coins such as Dash, Litecoin, or Ethereum. Make sure to do your research since a lot of these websites accept more than 60 different digital currency types.
If you are in search of a Bitcoin Poker site, then you might also want to do extensive research on reload bonuses and crypto sign-up.
Online poker websites are almost always offering enticing incentives (such as sign-up bonuses) to players to motivate them to deposit their money using bitcoin. For instance, if a player deposits 50 USD using bitcoin, some poker sites will offer them a 100% deposit match. It means that the player will additionally receive an amount of 50 USD to use on that specific poker site. Of course, this amount takes a considerable period to unlock, but free money is never a bad thing!
Getting Started with Bitcoin
If everything you have read up to this point sounds aces to you, then you should consider acquiring bitcoin to indulge in online poker play.
First and foremost, you need to acquaint yourself with the knowledge of bitcoin, digital wallets, and of course, blockchain. You are not required to become highly experienced if you plan only to use bitcoin for online poker, but at the very least, you can visit their Wikipedia page for a quick read.
Following this step, you will most likely want to acquire some bitcoin. The process of obtaining bitcoins varies from one region to another; therefore, you might have to do a little research on the area of your residency. Buying bitcoin is an exceedingly simple task in progressive countries but an equally strenuous task in restrictive countries. If you have access to an uninhibited internet connection, then there’s a perfect chance you’ll be able to buy yourself some bitcoin.
Typically, people acquire bitcoin with the following methods:
- Bitcoin Exchanges
- From a friend
- Bitcoin ATMs (Automated Teller Machines)
- Bitcoin classifieds
Keep in mind that it is of the utmost importance for you to set up a digital wallet for yourself before you go about the process of obtaining bitcoin. Bitcoin wallets come in a surprisingly large variety. These include an online version, a desktop version, a mobile version, and even a physical flash drive for additional levels of security.
A few people have preferred to leave their bitcoin on crypto exchanges. Still, unfortunately, in the past, there have been some issues associated with exchanges, so you’d be way better off having a personal wallet. But on the other hand, if, for you, the primary goal of obtaining bitcoin is to deposit that amount on an online poker site without a moment’s notice, then you might just be okay. If you’re leaving an amount less than 100 USD, then you are probably safe, but we must still warn you to proceed at your own risk. There are many other benefits associated with bitcoin besides poker, so it’s a practice worth acquiring. This is entirely irrelevant to the fact whether you end up using this newfound skill only for online poker.
Where do I keep my Bitcoins?
When you register for a Poker site that deals with bitcoins, you are automatically given your bitcoin wallet.
An app is available for users to download if they wish to keep their bitcoins on their computers (similar to how one stores files on their computer), or you can keep them online. It entirely depends on your preferences.
How do I send my Bitcoins to the poker site?
They are sent from your wallet. An address is sent to you, which, in reality, is just another bitcoin wallet on the online poker room that also belongs to you. It’s even faster and more convenient than how I’m making it sound right now! Once you’ve used it yourself, then you’ll see how simple this process is.
How long does it take to deposit to a poker site?
It takes less than a minute for Bitcoins to be transferred to your wallet at the online poker room.