Cryptocurrency has really taken off as a mainstay alternative to fiat currency in the online gambling world. Its efficiency as a payment method has seen an increased number of poker sites adopt it as a feasible substitute to other payment solutions such as credit cards and eWallets. Just a few years back, the idea of utilizing cryptocurrencies such as Bitcoin to fund casino and poker sites was just a pipe dream.
Fast forward today, cryptocurrencies are main features in numerous gambling websites, making things convenient for punters and operators alike. Bitcoin (BTC) is by far the most popular cryptocurrency at present, and as it gains momentum, it is thought to eventually change the way purchase goods and services. Before even examining some of the main advantages of joining a BTC Poker sites, let’s first understand what Bitcoin denotes.
For those who have no idea, Bitcoin is a decentralized virtual currency powered by a very secure platform called Blockchain. When most people hear currency and decentralized in the same sentence, they naturally tend to about such a possibility. How can a currency be secure if there’s no one warranting it? Well, the answer to this is purely Blockchain.
In its simplest, Blockchain is an innovative system through which records of transactions made in BTC or any other cryptocurrency [such Litecoin, and Ethereum] are maintained. Such records preserved across a network of computers that are connected together in very secure and private a peer-to-peer system. Since its establishment in 2008 by a person or group of persons by the pseudonym Satoshi Nakamoto, Blockchain remains an unquestionably ingenious innovation.
By allowing digital info to be disseminated and not copied, Blockchain has created the mainstay of a new-fangled form of technology. While today this technology can be used in a number of ways [such as gun control], its main use is still in cryptocurrencies, especially Bitcoin. Sometimes referred to as the “digital gold,” Bitcoin has seen a significant growth in use over the past few years, to a point where it is getting into poker sites.
You don’t need anybody’s permission to acquire or use Bitcoin; you just need to create an account, buy or mine the coins and start using them as you please. It’s also important to note that once you send Bitcoins, they are irreversible. As such, keeping your Bitcoin account details [username and password] is of utmost importance. Since it’s nearly impossible to be hacked, your leaked or unprotected password is the only way an unauthorized person can access your account.
Advantages of Using BTC Poker Sites
While some people remain skeptical, more and more poker sites are continuing to adopt Bitcoin and Blockchain, its underlying technology, as the new form of deposit and withdrawal. Satoshi Nakamoto figured out a way for two independent entities to confidentially trade directly without needing to rely on other intermediaries. This mode of payment has ensured that BTC poker sites hold some advantages over those that use common and traditional forms of banking. Here are five reasons why we think you should consider Bitcoin poker rooms:
1. BTC Poker Sites Are Safe, Anonymous and Secure
When you fund your poker site account using Bitcoin, you can rest assured that none of your sensitive data can get into the hand of unauthorized persons. Firstly, Bitcoin transactions don’t require any personal information to be shared between sender and receiver. As such, the casino will only receive the bitcoins you send them and none of your personal data whatsoever; as a sender, you remain totally anonymous.
Compare this to payment methods such as visa where your real names and other personal details are shared to more than one receiver [the bank and the operator in this case]. Information sharing is one of the main reasons behind hacking and identity theft, so the less you do, the better. Secondly, as mentioned previously in this post, there can never be chargebacks in Bitcoin transactions.
Once you send your cryptocurrency coins, they are gone—the sender cannot reverse the transaction which is both good for you and the BTC poker site. The possibility of sending transaction details back and forth gives hackers an opportunity to intercept the process and potentially obtain your personal data, or worse, wipe out your account.
If your account contains Bitcoins, they will be locked in a highly secure public key cryptography system. Only you or a person with your wallet password can access and send your Bitcoins. Again, safeguarding your Bitcoin wallet is highly advised if you are to further secure your digital gold.
2. Bitcoin Poker Site Transactions are Fast, Decentralized, and Global
At BTC poker sites, propagating a transaction takes just matter of seconds and confirmed in a couple of minutes. And since the entire process is dependent on a global network of computers, it is completely indifferent of your physical location. This makes it possible for players from countries, like the US for instance, to play online poker even though they usually face country restrictions. It doesn’t matter whether you fund your Bitcoin poker room in your house or on the other side of the world.
Part of this convenience is that you can use the same payment method to complete both deposits and withdrawals. Unlike payment solutions [such as Boku, Paysafe Card] in BTC poker sites, you can promptly deposit funds to your account and withdraw your winning in a similar way without need to open another banking method. Besides, with a decentralized system, no one can take your Bitcoins away or freeze your account like it is the case with other solutions such as bank accounts, PayPal, etc.
3. BTC Poker Sites are Cheaper
As well as providing convenience in depositing and withdrawal of funds, sites that adopt BTC payment methods tend to be considerably cheaper than those that don’t. Old-fashioned poker sites are marred by the exuberant costs associated with transactions, deposits, and withdrawals. For example, funds deposited or withdrawn using various payment options such as credit and debit cards incur transactional fees which are paid by the players.
Further, gamblers also have to bear with a range of taxes and duties when using these traditional methods of payment which has a substantial impact on the overall transaction fees. However, with BTC poker rooms, most of the transactional costs are virtually absolved, since most fees are either zero or extremely low. Also, by being decentralized, it means the entire network is non-regulated by any governmental or payment institution meaning no taxes or additional charges of any kind.
4. BTC Poker Sites Have Lower Rake and Greater Bonus Incentives
Bitcoin poker rooms generally have better bonuses and lower rake compared to poker sites that offer other forms of payment solutions. This is thanks to the extra revenues that are generated without all the intermediaries such as visa and MasterCard, lack of taxes, and transaction fees. It is very common to get very impressive welcome bonuses of even up to 5BTC or find extremely low rake percentages.
For instance, top BTC poker sites often have heads-up tables at 1% to 4%, standard tables at 1% to 4%, while the reward program can be between 10% to 40% rakeback. Because this market is still growing, Bitcoin poker sites will keeps on providing other exciting offers to attract more non-crypto punters to their sites. Remember, sometimes one Bitcoin can be equivalent to $7,000, so 5BTC as a bonus can be a really big deal!
5. BTC Poker Sites Offer More Value
The value of cryptocurrencies such as Bitcoin keeps of rising with each passing day. Why is this an advantage for BTC poker players? Well, the answer is quite simple. Say you had just 2BTC at the start of 2017 when the value of 1BTC was about $1000. Say you kept your 2BTC up to today when the value of each is nearly $10000, ten times the value it was just over a year ago. Owing to the other benefits mentioned above, Bitcoin’s demand is soaring high, as more and more people and business enterprises continue to adopt digital currency for their day-to-day-transactions.
This high demand has led to increased value, from just a few dollars back in 2009, to thousands of dollars today. When you transact with BTC in poker, you have an option to withdraw your winnings and exchange with fiat cash which gives you more money. Alternatively, you can decide to keep the coins and observe the market, and only exchange when you feel you can strike top dollar. Moreover, given that most transactional costs are eliminated at BTC poker sites, the pay-outs are sometimes as high as 99% which means better winnings and more value for money.
Succinctly, BTC poker sites are safer, more accessible poker gambling platforms than the counterpart sites that don’t use digital currencies. Aside from the security afforded to you by these poker rooms, there comes the benefits of anonymity, cost-effectiveness, greater welcome bonus, and regular promotions, as well as fast deposits and withdrawals. Besides, without a centralized system, BTC poker payment system is available globally with no country restrictions.
You have an option to cash out your winnings and exchange for fiat currency, or you can keep your coins and exchange when the value is favorable. A win-win situation, right? We hope that by going through these advantages of BTC poker sites, you fully understand why you should join the growing digital currency fan-club and start swelling your bankroll and privacy.