Obviously, Bitcoin and online poker are a perfect combination for players. Why? Bitcoin provides an unprecedented anonymity level, an essential feature of self-respecting poker sites. It is great for casual players who want to avoid the system or bypass rules that affect their favorite poker sites.
Most of you probably have heard about Bitcoin and cryptocurrencies and the fact that this currency is used for online payments. However, you most likely have not used it to play real money poker sites. Not many poker operators accept this form of payment, but the number of operators offering poker for bitcoin and other cryptocurrencies is growing daily. Since real money is at stake, everything should be clear and understandable. You should learn all the ins and outs of how this cryptocurrency is used to deposit and withdraw funds on poker sites.
What is Bitcoin and How does it Work in Poker?
Since some of our readers may not be familiar with the concept of Bitcoin, start learning from the basics. Bitcoin is a digital payment network invented in 2009. It uses peer-to-peer technology to process instant payments and is the latest innovation in cryptography, digital anonymity, and cryptocurrencies. The main idea of Bitcoin is to provide users with almost complete anonymity with every transaction.
The main thing you need to understand about Bitcoin is that it has no physical form. Instead, it has balances kept in a public ledger accessible to everyone. Bitcoins are not affiliated with or backed by any bank or government, making them particularly attractive to certain players. Players cannot use traditional payment methods on real money poker sites due to restrictions in their country.
The procedure of buying and selling Bitcoin by using regular cash in the currency of your choice is quite simple. There are many services through which we can buy and sell Bitcoins. The interesting question is how to explain the significance of this phenomenon. Generally, it can be seen as an intrinsic value associated with Bitcoin itself. Like everything else in the market, it can fluctuate in terms of supply and demand.
Pros of Using Bitcoin to Play Online Poker
While some skeptics may seem a little surprised by the end of this list, the use of bitcoins does have a positive effect. Using Bitcoins on poker sites is not a panacea and an easy way. But there is no perfect payment method – they all have pros and cons.
Poker is part of a highly regulated online gaming industry. In most parts of the world, gambling laws are strict. Not everyone has the luxury of having access to their favorite poker sites. Even if you find a poker site that accepts players from your country or go to an offshore poker site, you won’t be able to deposit into it.
By using Bitcoins, you can bypass these annoying restrictions. As you may have noticed, Bitcoins are not subject to government or banking laws, which means that if you find a poker site that accepts Bitcoins, then there are no laws or regulations that can prevent you from making a deposit.
Bitcoin was created specifically for the poker industry due to the level of anonymity it provides. Some leading poker sites prefer anonymity, which gives them an edge over the competition. Privacy is crucial to many poker players, allowing them to win real money at poker tables without revealing their real names and address.
Due to its cryptographic nature, Bitcoin is probably more secure than traditional payment methods. Bitcoin transactions are verified and encrypted multiple times at different points in the network. Also, when you make a Bitcoin deposit on an accurate money poker site, the funds will go directly to a “key safe” that is securely stored offline and away from prying eyes.
You now have the knowledge of how to use Bitcoin on online poker sites. The positive side is that it is one of the easiest payment methods with a much lower cost than a credit card or bank transfer. Your gaming life will become much easier thanks to bitcoin payments. Choose reliable and proven poker sites to play with BTC.