Bitcoin is a completely anonymous and virtual online currency and payment option that we have started to see being accepted at more and more online poker sites.
There are of course many reasons why you may be interested in using this relatively new banking method.
The first thing to note is that Bitcoin is not linked up to just one single currency it is in fact a digital currency and its value does move upwards and downwards constantly in regards to other currencies, and you keep your Bitcoin in something known as a Bitcoin Wallet.
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- 1 Top Bitcoin Poker Sites – Sites Accepting Bitcoin Deposits
- 1.1 Recommended US Bitcoin Poker Rooms
- 1.2 What is Bitcoin and how it works for poker?
- 1.3 How Do Bitcoins Work?
- 1.4 Types of Bitcoin Poker Rooms
- 1.5 Bitcoin vs. Real Money Poker
- 1.6 Benefits of Using Bitcoin vs. Real Money
- 1.7 Drawbacks of Using Bitcoin vs. Real Money
- 1.8 How to Deposit Using Bitcoin
- 1.9 Top Tip for Bitcoin Deposits
- 1.10 Frequently Asked Questions For Using Bitcoins
- 1.10.1 Do I need a credit card of bank account to gamble on bitcoin poker sites?
- 1.10.2 Am I able to play bitcoin poker on mobile devices?
- 1.10.3 How can I convert bitcoins into another currency (Euro/Dollar)?
- 1.10.4 What is a Bitcoin Wallet?
- 1.10.5 How Many Poker Sites Accept Bitcoin
- 1.10.6 What is the Currency Exchange Rate of Bitcoin?
- 1.10.7 Do I have to play in Bitcoin Currency?
- 1.10.8 What Bitcoin Poker Games are available?
- 1.10.9 Are Bitcoin Poker Tournaments available?
- 1.10.10 Can I play Bitcoin Poker for Free?
- 1.10.11 Are online poker sites as fair as land based poker rooms?
- 1.10.12 Can all poker players use Bitcoin?
- 1.10.13 Do poker site have Omaha Poker?
- 1.10.14 Are Bitcoin depositing players going to get bonuses?
- 1.10.15 Am I at risk using Bitcoin?
The bitcoin is the latest innovation in the field of cryptography, digital anonymity and crypto-currencies. Namely, it is a type of currency which allows peer-to-peer trading, due to the fact that the middle man has been successfully eliminated.
This currency was said to have been invented by Satoshi Nakamoto, although the real name of its inventor remains in the dark. In any case, there is nothing more behind it than a mere exchange rate platform.
It’s quite a simple procedure of buying and selling bitcoins using regular money from the currency of your choice. Namely, there are multiple services which can be accessed online, offering bitcoins for sale.
The interesting segment about this phenomenon is how to explain its value. Overall, one can perceive at as intrinsic value, interconnected with the actual bitcoin. Just like anything else on the market, it can fluctuate in regards to its supply and demand ratio.
There are three types of poker rooms which allow players to participate with bitcoin as a currency.
- The first type is bitcoin-only poker sites. These are specialized poker sites which only allow players who use bitcoin as a method of payment. Here, there is no other option, which is why there are no currency convertors. In this line of thought, there is not fee for conversion as well.
- The second type is bitcoin-inclusive poker sites, as these online poker rooms have the standard array of accepted currencies, but they also accept players who use bitcoins. A convertor is provided here, as bitcoins understandably vary in value from one currency to the next.
- As for the final type, it’s important that you know how bitcoins are actually kept and stored. Namely, e-wallets have been present for quite some time in this field, which makes them a familiar term by now. Considering their digital ‘physique’, bitcoins are stored in such e-wallets. Hence, there are also poker rooms which allow bitcoins as a payment method, but only through Neteller.
There are distinctive differences between the online poker experiences when wagering real money as opposed to bitcoin crypto-currencies. In this regard, one can actually distinguish between two aspects of the clash – benefits and drawbacks of bitcoin when opposed to real money play.
Although certain skeptics may appear a bit surprised by the end of this paragraph, the use of bitcoin does have a beneficial effect. This is so mainly because of the lack of contact points with the actual world, making bank account or credit card information hardly relatable.
Moreover, deposits and withdrawals are further simplified. Depositing transactions are extremely quick, yet manage to retain their effect of anonymity. As for withdrawals, there’s an added benefit. Here, the catch is that bitcoins are hardly traceable, thus making it extremely difficult for any third party, such as a government, illegal organization, etc. to track your transactions. Speaking of which, they are practically free when compared to regular banking transfers or those conducted through other e-wallet methods.
One of bitcoin’s most positive aspects turns out to be quite the drawback when practicality comes to the fore. Bitcoins, as you’ve seen, need to be stored on a proper e-wallet location, which ultimately needs to be installed on one platform or another. Now, if the drive which holds the software with all the bitcoins you own were to break or simply damage in any way, you would most likely be left with nothing.
Another reason behind the havoc of bitcoins is their impending future. Being unstable as it is, there’s no saying which way their value will turn in a moment. This creates hazy situations and potential financial risk for both parties involved. Therefore, most poker rooms still hold back on accepting bitcoins, as they are capable of disrupting whole transaction channels.
You will need to first get a Bitcoin Wallet for you to be able to move your Bitcoin around the web, and there are many different companies offering such a service, once you have such an account and a supply of Bitcoin then you can deposit any amount of Bitcoin into our out of any poker site you hold an account at. If of course that poker sites does offer Bitcoin payments and deposits!
More information on how to use Bitcoin can of course be found on a Bitcoin Wallet website, so please do take a look at one of them as they will give you a complete overview of the services they offer and you will also find out about any associated fees and charges for using Bitcoin to fund a poker site account too.
As the value of Bitcoin is going to be changing often in regards to its value to your own home currency then when you are playing poker and using Bitcoin as your chosen banking option you should always try and time your withdrawals to perfection.
For by requesting a withdrawal back to your Bitcoin Wallet when the exchange rate is in your favour then you will get more cashback and opposed to withdrawing your Bitcoin when the exchange rate of low and unappealing so always keep that in mind!
Some very rare an unique poker game variants are available at quite a number of our handpicked Bitcoin accepting poker sites and one such poker game variant is Abyssinia Poker, below are some more questions that you may be seeking the answers to.
No, you don’t need that, but you would need to have a specific e-wallet for your bitcoins. The only time you would need such a bank account is when purchasing bitcoins.
Yes, again for the reason that this currency is used just like any other would be on a given poker site. Considering you have you e-wallet software on your device and have chosen a mobile-friendly online poker room or one that offers its own mobile application, you should have no troubles.
Once you have withdrawn your earnings from the poker site to your e-wallet by providing its address, you are able to sell your bitcoins the same way someone else had sold them to you in the first place.
A Bitcoin Wallet is simply a way that you can store all of your Bitcoins in one easy to manage account, the wallet actually resides on your mobile device or your computer and as such you can instantly send your Bitcoins to anyone you like who also have a Bitcoin Wallet.
Sadly there are not that many online poker sites that currently accept Bitcoin as one of their chosen banking options, however we have started to see more and more poker sites now adding it as a banking option. With that in mind if you are actively seeking out poker sites at which to play that do accept Bitcoin then there will be plenty of them to choose from if you look around hard enough!
One thing that you do need to be fully aware of if you would like to start using Bitcoin is that the value of them can and will vary often on an hour by hour or even minute by minute basis. In fact many poker players tend to take advantage of the fluctuating currency exchange rate of Bitcoin.
When you fund your poker site account and have built up a large bankroll through a series of winning games or poker tournaments then many players will wait until the exchange rate if beneficial to them based on their home currency to whether withdraw their Bitcoin from a poker site or to exchange the Bitcoins back into their own home currency!
One thing to remember is that the value of one single Bitcoin can be very high and as such you may think that when playing at a poker site that uses Bitcoin as its base currency setting then those sites are only offer very high stake poker games.
Many poker sites will allow you to play for a fraction of a Bitcoin or some sites will turn one Bitcoin into their own unique credit type system where you will get so many poker playing credits for each one Bitcoin you deposit.
That results in players being bale to play for low stakes rather than very high stake amounts. With that in mind always check out just how the Bitcoin accepting poker sites turns your deposits into poker chips as the way they do that can vary from site to site.
There is going to be just as many different game variants on offer at any poker site that accepts Bitcoin deposits, and as such do not think that you are going to only have one or two different poker game variant son offer.
In fact you will find just as many pout limit, fixed limit or even no limit poker games on offer at all Bitcoin accepting poker sites so you will never be restricted in regards to the number and types of poker games you can play
In fact as Bitcoin Poker is proving to be so every popular you are also going to find there will be no shortage of fellow poker players logged into those sites so you will have plenty of opponents to take on when you sign up and start to use those online poker sites.
You will be able to take your chances in a huge number of different Bitcoin poker tournaments when logged into any of our featured poker sites that now accept that particular banking option. You will also find guaranteed poker tournament on offer as well as a large range of both sit n go poker tournaments and main event poker tournaments.
Please do check through the websites of any of our featured poker sites that you have taken an interest to for when you do so you will find a poker tournament schedule displayed on their websites and this is going to allow you to select any tournament that may be about to start.
You will find free to play poker tables and games on offer at Bitcoin accepting poker sites and you will also find several of them offer freeroll poker tournaments where you can win real cash prizes.
We want you to be completely confident that no matter which of the poker sites we list on our website that accept Bitcoin you do decide to play at will be offering you above everything else a very fair and random outcome on each hand you play off.
Therefore every one of our Bitcoin accepting poker sites all hold a full and full and valid gambling license, and as such you do have the added protection of that gaming commission and will always get a fair outcome on any poker game you do decide to play when using Bitcoin to make your deposits.
Many Bitcoin accepting poker sites will require you to be either over the age of 18 or over the age of 21 to be able to legally play at their respective poker sites, depending of course on what the legal age to gamble is in your country of residence.
Bitcoin is accepted at a lot of different poker sites, and as such you will never have any difficulties funding your poker site account using Bitcoin as long as you are old enough to sign up and then play at those poker sites.
One poker game that is proving a very popular variant is Omaha Poker, and you may be pleased to learn that not only are cash ring games available but you can also play Omaha Poker for free as free play tables are also available at each of our Bitcoin accepting poker sites.
Make sure however that you find one of our Bitcoin accepting poker sites that is going to allow you to make a deposit that you can afford as many of them do have very low Bitcoin deposit limits, so low rolling players are going to be easily able to play at those poker sites
You will not have to look very far around our website to find a first class Bitcoin accepting poker site at which to play at, for we have located and fully reviewed all of the best ones, many of which have been accepting Bitcoin for many years now.
To give you an incentive to make deposits and to sign up at those poker sites using Bitcoin you will also find a plethora of different bonuses are also available to you, many of which are very high valued Bitcoin deposit match type bonuses.
One of the main reasons that many poker players tend to use Bitcoin as their number one banking option when making payments into their chosen poker site is that you funds are going to be safe, and all transactions using Bitcoin made into a poker site account are done so using the highest levels of security.
As our featured Bitcoin accepting poker sites are fully licensed that also means that your funds are kept in a fully segregated and ring fenced account and you are going to have access to those funds at any time, so there are no risk involved in using Bitcoin.