Advantages and Disadvantages of Using Bitcoin on Poker Sites
Bitcoin has become one of the leading online currencies much quicker than anyone had expected, mostly because of the rise in its worth. Everyone has heard about it by now, and an increased number of people have been investing in it, mining it, or feeling incredibly happy because they already have reserves that are now worth a fortune.
If you are one of those people interested in it, and you enjoy playing poker, by any chance, then it’s high time that you connected the two in practice. That’s precisely what I want to help you with today.
In this post, I’ll tell you all you need to know about Bitcoin poker so that you can quickly get in on the action on some of the best Bitcoin poker rooms on the web.
How Do Bitcoin Poker Sites Work?
- How Do Bitcoin Poker Sites Work?
- Advantages and Disadvantages of Using Bitcoin on Poker Sites
- Is Bitcoin Poker Legal?
- How to Make Bitcoin Deposits and Withdrawals on Poker Sites
- Bottom Line
To understand how Bitcoin poker rooms work, you need to have a clear idea of what Bitcoin is first. So, without bothering you with the technical stuff (you can always google some Bitcoin explanation guides if you want more detail), the main thing you need to know is that you can use Bitcoin like any other currency online.
It’s a currency because it’s used as such, even though many governments around the world don’t officially consider it one.
You can use your computer to mine bitcoins, or you can buy them on sites like Coinbase. The only additional thing you need is a crypto wallet, which is basically an app for your computer or phone used to store and send cryptocurrencies.
And that’s about it. Naturally, there are many more nuances, but if you are still not familiar enough with them, you will have to learn about Bitcoin in other places, as it’s not a topic that can be covered in a single blog post.
As for Bitcoin poker sites, the explanations are far simpler. These sites are like any other poker rooms online — they just use Bitcoin as a currency. A Bitcoin poker site might use the coin as the sole currency, or it might use it in addition to a whole plethora of payment methods it already offers. In other words, Bitcoin is just another payment method on a poker site.
But why is using it beneficial for you, the player?
Advantages and Disadvantages of Using Bitcoin on Poker Sites
I want you to understand exactly what you can gain and what you can lose if you decide to use Bitcoin on poker sites. You need to make your own decision, which is why I’ll list both the pros and the cons.
Advantages of using Bitcoin in poker rooms are:
- No differences — If you decided to start using Bitcoin to make deposits and withdrawals, everything will still work the same. You’ll get to play poker like you always do, and you’ll have a chance to experience the same variations and games.
- Worldwide availability — You can play poker with Bitcoin even in locations where online gambling hasn’t been legalized or is banned altogether.
- Incredible security — Bitcoin is extremely safe thanks to the blockchain technology that powers the system. It’s practically impossible for someone to steal Bitcoin. The only way for someone to take it from you is for you to give it away yourself, which is why you need to be careful where you deposit it. Also, make sure that you use only trusted Bitcoin poker sites.
- Near-perfect anonymity — You are practically anonymous when using Bitcoin. Since it’s not connected to a centralized authority, like a government or a bank, you can use it without anyone knowing where it came from.
- Instant payments — Bitcoin is decentralized and works thanks to the power of all devices in the world that deal with it. That’s why making payments using Bitcoin is incredibly fast, and it can often be instant. So, there will be no waiting for days to get paid on a poker site, as you’ll usually have to wait only a few minutes.
- Extremely low fees — All payment methods come with a cost, but Bitcoin really outshines them in this regard, as its fees are as low as a few cents per transaction.
What Are The Disadvantages:
- High volatility — The main problem with Bitcoin, at least when it comes to using it as a payment method, is its high volatility. These days, it’s not uncommon to see four-digit changes in the value of Bitcoin in a single day, so it makes playing with it a bit problematic if you don’t already own the currency.
- Security — As Bitcoin is decentralized, Bitcoin casinos and poker rooms don’t always have adequate licenses, so you can’t be sure if your money and data are safe. However, there are still plenty of great Bitcoin poker sites where security has never been an issue and whose reputation is pristine.
Is Bitcoin Poker Legal?
This has always been a complicated question, not because of Bitcoin, but because of online gambling in general. Most countries around the world don’t have adequate laws covering the legality of online gambling and poker, and the same goes for the US.
Thankfully, things have begun to change as of late. Nevertheless, many states still haven’t budged on their online poker laws, while some even ban these activities entirely.
So, to understand whether or not Bitcoin poker is legal, you need to learn if poker itself is permitted in your state. If it is, then Bitcoin poker is allowed as well. However, if it isn’t, then you can’t use Bitcoin to play it either.
However, there is a catch — the laws don’t specify anything about offshore sites, and all the best Bitcoin poker sites are offshore. This means you can safely play poker using Bitcoin without worrying about getting in trouble with the law.
How to Make Bitcoin Deposits and Withdrawals on Poker Sites
Depositing with Bitcoin on a poker site is easy and not much different from any other deposit method. Here are the steps you need to follow:
Download a Bitcoin wallet
If you don’t already have Bitcoin then you will need a wallet. You can use Electrum, Exodus, Ledger Nano X, Trezor, and a few others that are considered to be the best at the moment.
Buy Bitcoin on a trading platform like Coinbase
If you already have Bitcoin, then you can move on to the next step.
Visit A Bitcoin Poker Room
Visit the poker room, make an account, and go to the Cashier section to make a deposit.
Choose Bitcoin as the payment option
Input the amount you want to deposit, and get the payment details.
Transfer Bitcoin To Your Poker Account
Copy the details from the poker room and use them to send Bitcoin to your wallet. Once that’s done, you only need to wait for 10 to 15 minutes, and the money will appear in your poker site account. Now you can start playing
The withdrawal process is much simpler. You only need to visit the Cashier section of your poker site account and choose Bitcoin as the withdrawal method. Then you’ll get the instructions on how to receive Bitcoin or maybe even exchange it for US dollars instead. It all depends on the site you’re using and how it likes to deal with Bitcoin withdrawals.
So, there you have it — a complete guide on Bitcoin poker sites. You can now easily start playing poker with Bitcoin if you want. It’s easy, safe, anonymous, and the poker playing experience is as good as it would be if you were using any other payment method instead.