How To Deposit & Withdraw Poker Funds Using Cryptocurrencies
Cryptocurrencies proved to be a handy payment method for online gambling sites, including poker rooms.
Even though cryptos still struggle with mass adoption, the gambling industry welcomed them with arms wide open. As a result, a growing number of poker platforms integrated them for deposits and withdrawals.
However, many poker players are still not sure whether to use cryptocurrencies. Despite being around for more than a decade, Bitcoin and other cryptos are still considered novel and unreliable.
I agree that they might be new, but I don’t really click with the “unreliable” part. If there’s one payment method that proved fast, secure, and reliable — it’s cryptocurrencies. Still, I understand that people need more time to get used to them.
Main Advantages of Cryptocurrencies for Online Poker Players
Before I tell you how to make deposits and withdrawals from online poker platforms, let’s list the main advantages of using cryptos.
- Safe and secure — Cryptocurrencies use state-of-the-art technologies which make them virtually impenetrable.
- Fast transactions — The majority of cryptocurrency transactions are instant. Even if you have to wait, it’s never longer than a couple of minutes.
- Minimal fees — Cryptocurrency transactions are much more affordable compared to standard payment methods.
- No intermediaries — There are no middlemen in the transactions — they take place on a P2P basis, speeding up the entire process and making it more cost-effective.
- Anonymous — All cryptocurrency transactions are public yet anonymous.
- Enhanced bonuses — Some online poker sites want to attract more cryptocurrency users by offering enhanced welcome bonuses.
How to Deposit With Cryptocurrencies
Before I explain the whole process, I’d like to point out I’ll be using Bitcoin as an example. This is because Bitcoin is the most popular crypto. Therefore, if an online poker site accepts cryptocurrencies, it’s most likely BTC.
The number of poker platforms accepting cryptos other than Bitcoin is much smaller.
So, how does one make a Bitcoin deposit? let me elaborate.
Get a Bitcoin Wallet
A cryptocurrency wallet is a piece of software or hardware that stores your “digital gold.” Most “hot” or online wallets are free of charge, so pick the one you like the most and install it on your PC or mobile device.
If you want your funds to have an additional security layer, you should buy a “cold” or hardware wallet. However, if you don’t have prior experience using cryptos, any reliable software wallet will do.
You will not have to register for a wallet. Instead, you’ll receive a private and a public key. You’ll use the private one to log in and the public to receive BTC (also known as wallet address).
If you don’t own Bitcoin (or any other cryptocurrency), you’ll have to get some. You can ask someone you know to send it to you in exchange for real money. If possible, you can even ask your employer or clients to pay you for BTC.
Still, one of the most convenient ways to get BTC is to use a cryptocurrency exchange. Ensure that it’s centralized since decentralized exchanges don’t accept fiat money (only crypto-to-crypto transactions).
Open an Account on a Poker Site
Take a look at our top list of Bitcoin poker sites and select the one that meets your needs. If you’re not sure which one is right for you, you can read their respective reviews to get a better idea.
The registration process is similar for most of them and requires entering your username, password, email, and more.
Make a Deposit
After signing up, you’ll have to select your preferred payment method, which should be Bitcoin in this case. However, if the site accepts other cryptocurrencies, you can pick one of them if you own them and want to use them to make a deposit.
Go to the Cashier page and enter the amount you want to deposit.
At this moment, the poker site will show you a wallet address that you need to copy to your BTC wallet and input the amount you’d like to deposit.
Most of these poker sites made this procedure even more convenient, offering a QR code that will execute the deposit as soon as you scan it with your wallet app.
Get the BonusThis step is optional. If you want, you can receive a welcome bonus after you make a crypto deposit. Some poker platforms will additionally award players who deposit in crypto because cryptocurrencies represent an emerging market that the poker industry can benefit from.
How to Make Withdrawals in Cryptocurrencies on Poker Sites
Believe it or not, cashing out your winnings using cryptos on poker platforms is much easier compared to many other payment methods.
You just have to select a crypto you’d use as a withdrawal method (Bitcoin in this case) and enter the amount you’d like to withdraw. The poker site will then ask you to enter your wallet address and confirm the transaction.
BTC transactions take a couple of minutes, after which you should be able to see the funds in your wallet.
Like it or not, cryptocurrencies have been taking over the world, step by step, ever since the first Bitcoin was mined.
The online gambling industry liked the idea of a P2P payment option that makes transactions free and instant. This has led many poker sites to begin accepting Bitcoin and other cryptocurrencies.
This expansion is likely to continue in the future, as there’s a growing trend of playing poker with cryptos.
Are you going to jump onto the crypto train and use all its benefits or wait and see in which direction the industry moves?
After all, there’s still no foolproof way to tell whether cryptocurrencies are the most remarkable financial and technological breakthrough or the biggest Ponzi scheme in the history of humanity. If I were to choose, I’d side with the former, as cryptos have been around long enough to make me a fan.