If you take your online betting games seriously, then you must have come across sites using Bitcoin or at least heard of the new way of depositing cash to your casino account by the use of the prominent cryptocurrency - Bitcoin.
Over the years, the cryptocurrency has been on mainstream and has been the preferred way to deposit money by online casino players. This may be credited to more poker sites accepting BTC while others purely dedicated to bitcoin as a cash depositing means.
For some of us who the idea of BTC is new, Bitcoin is a decentralized virtual currency (cryptocurrency). You are probably thinking, is it possible for a currency to be decentralized and still be secure? Well, with blockchain technology it is very much possible.
Bitcoin digital currency was first developed in 2008 and enables trade between two parties around the world. Over the ten years, it has become increasingly popular all over the world. Some of the best examples of online sites accepting it as a means of trade include Amazon and Overstock.com. So don’t be shocked when you find your best poker site accepting it.
Due to its universal approval, BTC has inevitably found its way into online poker rooms. You may not see it in most poker sites, but it is a growing trend spreading like wildfire. Depositors like it because of its low-cost feature, efficiency, and because it is quite secure. There also exists exchange programs that allow you to exchange this cryptocurrency for cash.
If you are interested in switching to using bitcoin, here are some more reasons you should:
While the typical poker room takes three days to a week to process the withdrawals of fiat currency, BTC can be withdrawn to your wallet from your poker account within a day, sometimes instant.
There are no third parties. Worry not about the government freezing and seizing your wealth, they cannot monitor your transactions, and hence can't tax your income and spending.
When depositing, you will not be required to provide personal information. This is just perfect for those sensitive to sharing personal information online.
Another reason is, you can pay less rake or get more rake-back by switching to a bitcoin poker room. It may, however, depend on the site you are using or switching to.
Again, depending on site, you can play anonymously. Of course, this occurs on sites purely dedicated to cryptocurrency. Forget those that accept fiat currency.
Last but not least, BTC has no transaction costs and waiting periods which is associated with PayPal and traditional banking.
It only requires you to be well knowledgeable on the authentication details to steal from the traditional banking system, but with bitcoin, the burglar has to have the physical access of your computer to send units to their accounts.
Even as it is increasing in popularity, people are still reluctant, because they may not be familiar with the whole process, and how it works. Therefore, you may not find many poker places with the option of bitcoin.
Bitcoin market is also known for its wild unstableness and unpredictability. The confusion may be one of the reasons why some people shy away.
Another reason is it requires your physical access to the device. For this reason, in the event of a hard drive crash or even loss of a device, you could lose everything.
First, you will need a BTC wallet. It comes in handy when making deposits, transfers, and withdrawal transactions. The other difference is, real money poker is tied to a bank account while a Bitcoin is linked to your wallet. Now, a wallet is free from the horror stories of chargebacks and account freezes.
· The first thing when starting using BTC is downloading a wallet. It is basically like a bank account that stores your Bitcoin. There are a variety of wallets that you can choose from with each having its benefits. So, it is essential to find the right one for your needs.
· The next step is filling it with Bitcoins. Just as you found a variety of wallets to select from, there are also varieties of Bitcoin exchanges sites that buy and sell this cryptocurrency. The most popular exchange site is Coinbase. You may also receive it as a form of payment or through a mining process.
Once you convert Bitcoin, send it directly to your wallet. Why?
Some exchange sites like Coinbase do not like handling transactions to and from gambling sites. It is, therefore, essential to use wallet rather than direct to exchange sites when withdrawing or depositing to poker sites.
· Find a poker site that accepts BTC. Select it as the payment option on its cashier page. The recipient’s BTC address will be needed for you to deposit Bitcoin to your poker account. You will, hence, be redirected to your wallet to complete the transaction.
Is the payment method safe?
It has never been safer. Losing your Bitcoins via hacking should be the least of your worries. They will not only need your login details, but they will also need the physical access to your device.
Are winnings processed and paid back in Bitcoins?
May depend on the site. It is also normal to expect winnings in Bitcoins if you deposited with it.
Is it possible to play poker on a mobile device using Bitcoin?
Well, you need a wallet on your device and a mobile-friendly site. After that, it is as comfortable as playing on a desktop computer.
Is it available in any country?
With BTC, there are no borders. Poker players can use it from whichever side of the planet they are without conversion and transaction fees needed. However, not all sites operate on this basis. They may limit players based on their origin countries regardless of whether they use BTC or not.
You do not have to sweat the legality of Bitcoin poker. BTC is unregulated and legally accepted as a commodity, not a currency. Hence, laws applying to depositing and online poker with use of the dollar do not apply to BTC poker sites.
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