Online poker sites have greatly increased in terms of number and players.
This is all due to the many innovations they try to implement in order to keep players interested, as well as to attract new ones.
Once of these tactics was adding bitcoins as a payment method. It helps facilitate payment processes and greatly increases the overall security of the players since there is no need to provide personal information during transactions.
What Are Bitcoins?
The Bitcoin is an open sourced virtual currency which has become largely popular in recent years. It has existed for nearly a decade now, which was enough time to help the currency develop and increase in terms of value. It basically represents a peer-to-peer payment method which does not require any middle institution to process the transaction. Thus, there are no geo-politic limits except for those countries that have legally banned the use of this cryptocurrency. Apart from them, bitcoins are normally regarded as a commodity.
Before you start playing online poker with bitcoins, you will definitely need to procure some. The easiest way to get bitcoins is by purchasing them off the market. Aside from this, there are many online currency exchange platforms where you can exchange some of the major currencies like USD or EUR for a couple of bitcoins. The third option when it comes to acquiring bitcoins is mining. This might require some IT and mathematical knowledge, but it basically allows you to gain bitcoins without spending a dime.
Bitcoin Poker Deposits & Withdrawals
Deposits and withdrawals can be performed with bitcoins just as with any other currency offered by the poker sites. What is specific about these is the fact that you need to have a specific storage space where you keep the bitcoins and transfer them to and from your poker account.
Bitcoin e-wallets are specific storage places where players keep their cryptocurrency under a given bitcoin address. It is comprised of random letters and numbers, but plays a vital role in all transactions.
Depositing bitcoins at a given online poker site is done by inputting your bitcoin address on the site and specifying the amount of bitcoins you’d like to transfer. In order to do this, the chosen poker site would need to accept bitcoin as a payment method. Withdrawals are done the same way, solely using the address of your bitcoin wallet. These transactions are almost momentary, especially when it comes to deposits. Withdrawals are also performed fairly quickly, although it sometimes takes a few hours for the system to process the overall command. Yet, one of the main reasons people turn to this payment method for their online poker games is its promptness and efficiency.
Types of Bitcoin Poker Sites
Poker sites which accept bitcoins can vary depending on the specific payment characteristics they have. All in all, we can distinguish between three types. When choosing the bitcoin poker site that fits your needs, consider the following classification in order to make the best choice.
Bitcoin-exclusive poker sites are those sites which do not allow their players to perform payments with any other payment method. Many players enjoy these sites due to their claims that it’s less confusing and much safer. The other type of poker sites is bitcoin-inclusive.
This means that the online poker rooms allow their players to choose bitcoin out of a list of payment methods including the regular credit and debit cards, wire transfers, cash transfers etc. Even though these poker sites will normally ask you to perform your deposits and withdrawals using the same method, some poker players prefer these sites for their selection.
The third type of bitcoin poker sites includes bitcoin as a payment method only when it is used with the e-wallet Neteller. This e-wallet service is known as one of the best bitcoin storages. Apart from that, it also allows its users to convert the cryptocurrency into any other major fiat currency.
Legal Regulations & Security
The matter of legality is completely separate from the level of safety provided by this payment method. On the one hand, bitcoins are still a grey area in the global economic sphere. However, the number of explicit prohibitions does not greatly surpass the number of legal approvals. Since they aren’t regulated by any formal institution, there are no legal obstacles for players who wish to use bitcoins in their next poker game.
As for security, the encryption of bitcoin’s system is one of the safest locations for anyone’s funds. Players are able to handle their money without providing any personal information except for the e-wallet address. Plus, this currency is completely free of risk when it comes to inflation due to the fact that the number of bitcoins has been limited at 21 million since the cryptocurrency’s creation.
- Is there anyone who regulates the bitcoin transfers?
There is no centralized body which regulates these processes. However, a team of developers constantly work in order to improve the system according to the needs of bitcoin owners.
- Will I be charged a certain fee for bitcoin deposits and withdrawals?
Bitcoin deposits are completely free of charge, while withdrawals may require an insignificant sum for the payment processing. It usually ranges around 1% of the amount.
- Who is the inventor of the bitcoin currency?
There is no hard evidence which would reveal the true inventor. Nevertheless, Satoshi Nakamoto is known as the pseudonym used by the real person who released this currency to the world.
- Could I receive my player bonuses and promotions if I play using bitcoins?
Using bitcoins on poker sites is regarded as any other currency. Therefore, you shouldn’t have any problem claiming all the possible bonus offers available at your poker site.
- What is the greatest disadvantage of this cryptocurrency?
The Bitcoin’s greatest disadvantage is the lack of governments willing to legalize it as a currency. This has an impact on its value, even though the recent period saw it rise over $1200.