Bitcoin Price Surge Is Helping Online Poker Players Increase Their Winnings
The most popular cryptocurrency being used by online poker players is Bitcoin (BTC). Bitcoin has witnessed another massive spike in value during the last few months and as a result, some online poker operators have had to buy millions worth of Bitcoin on a regular basis to meet cashout requests from players.
Among the sites reporting a massive increase in Bitcoin payouts in recent weeks is Winning Poker Network (WPN), one of the world’s largest online poker networks that supports numerous sites such as Americas Cardroom.
The company’s Chief Executive Phil Nagy said that a huge majority of their players (90-95%) are now requesting payouts in Bitcoin as the virtual currency closes in on an all-time high. Because of this, they needed to constantly buy Bitcoin more than they’ve had to before, and now over 60% of their transactions are done via the cryptocurrency.
That translates to around $100 million per month. As the demand skyrockets, brokers are also taking advantage, charging premiums of as high as 1.5%. Bitcoin has consistently gone up since March 2020, climbing as high as $18,479 last week, about 60% up on October.
The present surge brings us back to 2017 when the cryptocurrency enjoyed a nearly 1,400% swell, which eventually dropped the following year. Price volatility is something crypto enthusiasts seriously put into consideration, but right now everyone can celebrate as the value is expected to continue to go up.
Benefits of Bitcoin to Online Poker Players
The increasing value of Bitcoin means online poker players will be able to boost their earnings at online poker sites. Many operators are now managing transactions via Bitcoin because of the convenience, transparency and reliability that it offers.
Similarly, a lot of poker players prefer to deposit and withdraw their funds in Bitcoin as they involve minimal transaction fees, compared to those charged by banks. Additionally, transactions are done much faster and more confidential.
Players Avoiding Taxes Via Bitcoin
Some players are using Bitcoin to also avoid huge taxes, as the digital currency is perceived to be harder to monitor for US authorities, compared to other funds.
Winning Poker Network is based in Costa Rica where gaming laws aren’t that strict, and so players are allowed to file their winnings and losses without worrying about regulations. Most of the network’s customers are Americans.