Online poker for bitcoins and other cryptocurrencies
Predatory fish have nothing to do with it. The super-experienced poker players are another matter. They know a lot about positions, can read your opponent’s face like a book and have no problem making new players pass up even sets. But they haven’t heard about the convincing and obvious advantages of Bitcoin in gambling. So every “poker shark” will soon have to learn the new principle of gambling.
And we will help you choose the best place to “study”.
Best crypto casinos with poker games
Check out quick reviews of popular crypto sites that offer online poker games.
Table of Contents
- Online poker for bitcoins and other cryptocurrencies
- Disadvantages of using Bitcoin to play online poker
- Bitcoin Poker vs. Classic Poker
Need more sites where you can play poker for bitcoins!
Don’t think that BTC poker is limited to the aforementioned portals. Here is a list of other gaming platforms that will offer you their benefits:
Other people’s reviews will help you understand what to expect from a particular bitcoin casino. But you will be able to find the best virtual institution only after you find out for yourself the speed of crediting of funds, evaluate the variety of tables and try to withdraw your first win in cryptocurrency poker.
And we wish you more aces on the preflop.
What Bitcoin is and how it works in poker
Since some of our readers may not be familiar with the concept of Bitcoin, we’ll start with the basics.
Bitcoin is a digital payment network invented in 2009. It uses peer-to-peer technology to process instant payments and is the latest innovation in cryptography, digital anonymity and cryptocurrencies. The currency was reportedly invented by Satoshi Nakamoto, although the real name of its inventor remains a mystery. The basic idea behind Bitcoin is to provide users with almost complete anonymity for every transaction.
The main thing you need to understand about Bitcoin is that it has no physical form. Instead, it has balances that are stored in a public ledger that is accessible to everyone. Bitcoins are not affiliated with or backed by any bank or government. This makes them especially attractive to a certain type of player. Players who cannot use traditional payment methods on real money poker sites because of restrictions in their country.
We won’t go into the minutiae of the technicalities involved with Bitcoin, as it can be a bit overwhelming. And frankly, you don’t have to worry about learning all the terminology to use Bitcoin to play online poker. So, we’ll show you right away how to deposit and withdraw Bitcoin at poker sites.
If you want to learn more about Bitcoin, here’s a handy video to help you become familiar with the topic.
How does Bitcoin work?
It’s a pretty simple procedure to buy and sell Bitcoin using regular cash in the currency of your choice. Specifically, there are many services through which we can buy and spend Bitcoins.
The interesting question is how to explain the meaning of this phenomenon. In general, it can be seen as an intrinsic value associated with Bitcoin itself. Like everything else in the market, it can fluctuate with respect to its supply and demand.
Types of Bitcoin poker rooms
There are three types of poker rooms that allow players to use Bitcoin payment options.
The first type is Bitcoin-only poker sites. These are specialized poker sites that only allow players who use Bitcoin as their only payment option to play. There is no other option here and therefore no currency converters, the player’s balance is also in BTC. In this case, there are also no conversion fees.
The second type are poker sites with Bitcoin as an additional payment method. These online poker rooms have a standard set of accepted currencies. They also accept players who use Bitcoin. In this case, a currency converter is available. The player’s balance is converted to the chosen currency as the value of bitcoin varies from currency to currency.
When it comes to the latter type, it is online poker rooms that accept , however this is done in a sort of fictitious way. That is, they don’t actually receive cryptocurrency, but a classic deposit. However, the player can deposit Bitcoin there through an intermediary. That is, an electronic wallet that accepts cryptocurrency, then from such a wallet you make a deposit to the poker room with interest.
Pros of using bitcoin to play online poker
While some skeptics may seem a little surprised at the end of this list, using Bitcoins does have a positive effect. Frankly, using Bitcoins at poker sites is not a panacea or an easy way to go. But I assure you that there is no perfect payment method – they all have their pros and cons.
Compared to other payment providers, Bitcoin is very advantageous for poker players and I will explain why.
Poker is part of a heavily regulated online gambling industry. Gambling laws are strict in most countries around the world. Not everyone has the luxury of having access to their favorite poker sites. Polish poker fans know exactly what I’m talking about.
Even if you manage to find a poker site that accepts players from your country, or go to an offshore poker site, you can’t make a deposit on it.
Using Bitcoins, you can get around these annoying restrictions. As we said earlier, Bitcoins is not subject to any government or banking laws. This means that if you manage to find a poker site that accepts Bitcoins, there are no laws or regulations that can prevent you from making a deposit.
Bitcoin was created specifically for the poker industry because of the level of anonymity it provides. Some of the top poker sites prioritize anonymity, which gives them an advantage over their competitors. Privacy is very important to many poker players. It allows them to win real money at poker tables without revealing their real name and address.
Bitcoins not only provides anonymity at the poker table, but also allows players to transfer their winnings to a bank account without having to explain where they came from. This is especially beneficial for those who live in countries where gambling winnings are taxed.”
Low or non-existent fees
Bitcoins and cryptocurrencies in general were created as a decentralized digital currency and, as such, allow poker players and operators to transfer money directly. This eliminates the need for an intermediary to pick up your cut. As a result, fees are lower. It’s a win-win for everyone.
Transferring Bitcoins to poker sites for real money may involve only a transfer fee, which is quite low. Or in some cases, the poker operator itself may charge a fee. But in general, Bitcoins payment fees are much lower compared to traditional payment methods.”
Because of its cryptographic nature, Bitcoin is probably more secure than traditional payment methods. Bitcoin transactions are verified and encrypted multiple times at different points on the network.
Also, when you make a Bitcoin deposit on a poker site for real money, the funds will go straight into a “key safe” that is securely stored offline and away from prying eyes. I have yet to hear of a major theft at poker site Bitcoins
Believing in a poker operator is easier explained than done, especially if you’ve heard of all those fraudulent platforms where players have been cheated. As a player, how can you be sure that the flop, turn or river is not rigged in favor of the poker site? This is where BTC poker sites come into play.
Bitcoin and cryptocurrency gambling sites use algorithms to generate odds that are fair, thanks to blockchain technology, the technology behind all cryptocurrencies. All the best poker sites integrate probability fair features so that their games are truly fair and random.”
Disadvantages of using Bitcoin to play online poker
Bitcoin is slowly gaining traction in the poker industry, but it has yet to be accepted at all major poker sites. This means that the number of poker platforms accepting Bitcoin is still limited.
Another disadvantage of using Bitcoin in online gambling is that its value is very variable and unpredictable. This may not be a problem for casual gamblers, but for high stakes gamblers, it can be a problem.
It is important to note that we can access Bitcoins from any device, computer, phone, almost any device you use. This means that Bitcoins can be lost forever if your hard drive crashes or your device is stolen. With no way to get them back, you could lose a huge amount of money in a matter of seconds.
Bitcoin Poker vs. Classic Poker
There are several differences between Bitcoin and traditional payment methods such as credit/debit cards or e-wallets. First, Bitcoin and cryptocurrencies do not rely on banks, such as e-wallets.
Bitcoin uses wallets similar in concept to your online banking wallet or PayPal/Skrill/Neteller. The big difference between using a Bitcoin wallet and a payment service provider such as PayPal is that the latter is tied to your bank account, which means it is more vulnerable to hacking.
In addition, Bitcoin fees are much lower than using credit and debit cards on poker sites, and even e-wallets, for that matter.
Another difference is the speed of transactions. Transactions in Bitcoin are lightning fast, even for withdrawals from poker sites, which cannot be said for other payment methods, especially bank transfers, which take several business days to process.
Author: Ganry Colins
Hi I’m Ganry Colins the author and ideological creator of iamhero.io. My team and I love gambling, we started our way of gambling back in 2014. During this time many things have changed: sites were opened and closed, new technologies were created, games were changed, ways of withdrawal. We want to share our experience with you to make your gambling experience pleasant and safe.