Online poker has gained immense popularity in Europe and Asia during the last few years and one of the main reasons for that is because online poker companies have been banned from operating in the United States. Due to this, online poker companies have focused their efforts at expanding and promoting the game in other parts of the world.
One of the main reasons the United States decided to ban online poker was because the government felt that it had very little control in monitoring online poker payments and hence it was very hard to ascertain how to calculate taxes. Millions of dollars get spent online and the government stands a lot to lose if there is no systematic process in place to monitor financial transactions.
Bitcoin, a digital currency company recognized these issues and launched a virtual currency program that will allow users from across the globe to play online games and have the option of using virtual currency instead of real currency.
Bitcoin is also known as the “Underground Poker Scene” in poker communities because it allows poker players the freedom to use virtual money instead of real money. In a statement, Steve White, a Bitcoin enthusiast said
The peer to peer virtual exchange currency has gained a following in the online poker world. The magic of a deposit to a withdrawal like a cage in a live casino is basically what you have. This method is deposit within minutes and withdrawals within an hour or two, at most by the next day. Pretty sick to think that you can do that in our online poker world.
During the last year, Bitcoin has focused on the online gambling industry and targeted online poker in particular. There are now thousands of online poker players from across the globe who have opted to use Bitcoin’s virtual currency. Bitcoin currently acts as its own processor and hence eliminates the need for third party processors.
If done right, pokers sites that accept only Bitcoins allow for the player to manage the wallet rather than the poker room. The poker rooms don’t necessarily act as a bank and they can charge very little rake because they don’t have processing fees. The poker room offers the site to play on and the way for managing the bankroll is up to the player- they can deposit, play and withdraw in the same day holding their own rolls in a secure and encrypted manner.