First things first, what is Bitcoin? For those who don’t know, Bitcoin is a virtual currency that was developed by an anonymous person known only as Satoshi Nakamoto. Launched around 2009, Bitcoins are mined by computers which are solving complex math problems. There is a cap on the total number of bitcoins that could possibly exist as a way to ensure they are not devalued by having an unlimited supply of them.
How do I get Bitcoin?
There are basically two ways with which you can obtain Bitcoin (BTC). You can mine for them, as alluded to above, but with this comes huge costs, as mining for Bitcoins requires a dedicated computer with specialized hardware. Alternatively, you can purchase them online at a currency exchange such as Coinbase or Blockchain.
When you create an account with a Bitcoin exchange, you will simply have to deposit money via a credit card, bank transfer, or any of the available deposit methods. Once you have bitcoins in your online wallet, you can use them to purchase products or services online that accept the bitcoin currency, including of course, bitcoin poker sites.
Bitcoin and Online Poker
The bitcoin currency became popular for gambling sites due to the level of anonymity they offer players and the convenience in using this currency to play online poker games. You can send and receive money with any online gaming website from anywhere in the world. The way that bitcoin is completely secure and how they came into existence provides the user with more anonymity than any major online payment system.
Bitcoin deposits only take a few seconds and withdrawals are very straight forward and generally only take a few hours, so it’s very easy to get money on and off these sites, so that you can just focus on what matters the most, playing poker!
Due to the issues that US players have had with depositing funds into online gaming sites including online poker sites, the bitcoin currency has become an attractive option for a lot of players.
What other benefits do I get from playing on bitcoin poker sites?
Since bitcoin is still so new, all these bitcoin poker sites are trying to grow their traffic and looking to attract more players by offering attractive rake structures. So, you can expect to pay lower rake at these rooms. Furthermore, sending money to and from online poker sites accepting bitcoin doesn’t incur any fees.
What are the cons of playing at bitcoin poker sites?
Just like any new poker site that is just getting off the ground, it will take a bit of time before btc poker sites have strong traffic numbers to ensure traffic at most games and limits, but with bitcoin getting more and more popular it shouldn’t take very long before this is actually the case. Over the past several years, traffic to SealsWithClubs and other bitcoin poker sites has been increasing and new bitcoin poker sites are popping up all the time.
Another important consideration when playing at a bitcoin poker site and dealing with the bitcoin digital currency to play poker online is that it’s value has been extremely volatile. With it being such a new currency, it is just starting to go mainstream, and there has a lot of people speculating on the bitcoin frenzy.
In other words, if you mine bitcoin or buy btc for online poker purposes and the value on them drops when it comes time to cash out your winnings, you could lose money, even though you won on the virtual felt! So, yes, it is a bit of a gamble, although of course, it goes both ways. You just need to be aware of the risks faced when dealing with this new currency.