The Future of Bitcoin and Poker
Bitcoin is changing our world in so many ways. It is already possible to buy practically anything with Bitcoin because the currency is so powerful and so simple at the same time. Sure, there is plenty of technical stuff in the background for certain people, but Bitcoin can be amazingly easy to use as well. All one has to do to reap the benefits of cryptocurrency is open up a wallet and send funds as desired. This can even be done entirely online, making it almost as easy as Facebook.
These benefits apply to Bitcoin poker as well. At the moment, old-fashioned online poker websites are forced to deal with government currency transfers and are subject to massive regulation. The use of fiat currency can lead to all kinds of issues like fraud and payment reversals. Also, the rules regarding gambling can significantly vary from location to location. Some countries outlaw the practice entirely while others impose heavy taxes on casinos. All of this makes life very difficult for the average online poker website.
Bitcoin, however, is not average. The cryptocurrency is highly anonymous and completely unregulated. A skilled developer can virtually effortlessly create an online Bitcoin poker service that will benefit players from around the world. Many sites like this already exist, and while some are much better than others, we have seen the global gambling community improve significantly because of Bitcoin.
Furthermore, while governments might try to continue regulating Bitcoin gambling, it will be tough for them to succeed. To protect itself, a casino could operate anonymously from behind a service like Tor or openly from within a legal country. None of that, however, will stop players from joining in illegally from regulated countries and it will be almost entirely impossible for officials to track and prevent this activity. Ultimately, Bitcoin enables and encourages true freedom.
This freedom is precious, but Bitcoin has even more to offer. Transactions with Bitcoin are rapid and very secure. Often a deal can be trusted as soon as it is broadcast to the network, but it becomes even more legitimate with every block that is mined. This means that Bitcoin poker sites do not need to worry about payment reversals or deal with third-party payment processors. They can accept money from anywhere in the world, right away. Players can be gambling and enjoying themselves in seconds.
All of this will lead to even more growth in the Bitcoin gambling arena. We have already seen the appearance of many casinos that depend on cryptocurrency, and this trend is bound to continue. There are so many opportunities wrapped up in the Bitcoin package that the world cannot afford not to adopt it. Bitcoin will infiltrate all of our society, in the right way, but one of the first places it will take root is in the online poker industry. It has already established most of these roots, and we will soon see significantly more development. Things will only get better as time goes by.
Bitcoin History and Why Use Them to Play Poker
Bitcoin Poker is becoming more and more popular these days. This kind of Poker game makes use of Bitcoins, also known as BTC. This coin is a decentralised digital currency which can now be used to make payments online to anywhere all over the world. But unlike other currencies, the Bitcoins are not regulated by the government or by the Central Bank. Instead, this currency is controlled by a peer-to-peer network which verifies and records all the transactions involved with the use of Bitcoins.
They also oversee the use of Bitcoins in the Bitcoin Poker game. If you are new to this, then read this article to find out more about Bitcoins and why we need to make use of this currency in playing Poker.
How the Bitcoins Started
Satoshi Nakamoto is the brain behind the Bitcoins, and he developed it in the year 2008. It became the first ever open source network that was made available for the public to use in 2009. And as the currency became more and more popular, a lot of sites started to offer products and accepted the Bitcoins as the mode of payment.
In recent years, Bitcoins have become the most widely used currency for Poker games and such game is called the Bitcoin Poker. Bitcoins have also become the most commonly used alternative currency.
How Bitcoins Work
Bitcoins make use of peer-to-peer networking as well as crucial cryptography when processing and verifying payments. All of the transactions that involve the use of Bitcoins are done through a website called the “wallets”.
Each of the users within such network will be given a Bitcoin address, as well as some characters that comprise of 33 letters and numbers and such code is used for tracking and confirming transactions done with the use of the Bitcoins.
As for the case of Bitcoin Poker, the game is played by using the Bitcoins. Remember that all transactions made using the Bitcoins are then broadcasted so to prevent them from being used more than once. This is done during the confirmation process, wherein each transaction is being recorded through a series of six blocks to secure the purchase.
When more and more transactions are made, the network will then build up a block chain of records which can be used for future references. With this process, the Bitcoins will be able to provide a fast and reliable means of paying online.
Why Use Bitcoins
So you might ask why people make use of Bitcoins in paying online and on playing the Bitcoin Poker game. Well, one of the most significant advantages of using Bitcoins is its ability to transfer money quickly and in a natural way. And unlike the traditional currencies, Bitcoins are not tied to the Central Banking authority. Thus, it can be used entirely anonymously by Poker players, keeping the funds secure and far from the sights of overzealous governments that are so keen with their anti-online gambling agendas.
The transactions using the Bitcoin currency is done digitally, and therefore, the transactions can be done quickly and anonymously in between players. As for using it as online payment, the Bitcoins are generally less expensive as compared to other methods of online payment.
As of the year 2012, all transactions using Bitcoins, including those that are used for playing the Bitcoin Poker, do not require the need to pay for any transaction fees. They are true, cost-effective. Furthermore, Bitcoins are entirely regulated by software and can never be tampered by the government or any bank.
With all these advantages, using Bitcoins is undoubtedly a good option for those who are looking for an independent form of currency to use in paying online and when playing online Poker games. The Bitcoins give users more freedom to spend without the need to pay for unnecessary transaction fees.
How to Get Bitcoins
Now that you know quite a handful of information regarding the use of Bitcoins, your next question is probably on how to get the Bitcoins. The first step to getting the Bitcoins is to get a Bitcoin wallet. Such wallet is a program that allows you to send and receive Bitcoins throughout the World Wide Web.
There are lots of websites that offer the Bitcoin wallets to various users, and all you need to do is to sign up with your username and password. Blockchain.info. Remember that Bitcoin wallets are also necessary to those who will need to use the Bitcoins in playing the Bitcoin Poker. Once you have the wallet, you will then receive the 33-character Bitcoin address, which is what you will need to track the transactions that you have made using your Bitcoins.
Where to Buy Bitcoins
Remember that the Bitcoins must be sent to you immediately right after you sign up for the Bitcoin wallet. And the moment you have a Bitcoin address, you can start to buy Bitcoins online using any cash exchange method.
You can make use of your debit card or credit card and even PayPal. But before you decide to purchase Bitcoins online, whether it’s for online payment or when playing the Bitcoin Poker, make sure that you research thoroughly and find out if such website is genuine. Read reviews and feedback about the website or read some forums online for advice on where is the best site to purchase the Bitcoins. This is to prevent you from buying from illegitimate sites that are taking advantage of Bitcoin users worldwide. This is very common among new users, so make sure that you read and research thoroughly.
Using Bitcoins for your online shopping is indeed a faster and cheaper alternative. Using it to play the Bitcoin Poker is also a safer option since you can pretty much use it anonymously. But then again, always research before you decide to make use of Bitcoins. Because of its popularity, you will find lots of websites and blogs that talk about the Bitcoins as well as the Bitcoin Poker game. So read these articles to find out the benefits of using such currency and to understand better how these things work.
Why It’s Better to Use Bitcoin to Play Poker
If you’re getting into Bitcoin gambling, you may be wondering why it’s better to use Bitcoin to play online poker. After all, if there are other ways of making deposits, what is it that makes Bitcoin so unique? There are a few things that make it worth using:
- You can send any amount of Bitcoins in a nearly instant fashion, without being forced to account for the transfer or do any paperwork prior.
- Fees are pretty much non-existent, so the poker sites can focus more on service instead of minimising the effects of taxes.
- It opens the doors for smaller transactions than you would otherwise be able to do.
- It allows you to play anonymously, as the deposits are linked only to your Bitcoin address.
Each of these things adds up to make Bitcoin the perfect asset for funding poker games. There is one minor problem, though, which is that the value of each Bitcoin is volatile. This often leads to questions as to how they are handled in the gaming world. After all, if the price of each coin doubles, what happens to the value brought to the tables?
- The sites convert your Bitcoins into their form of tokens, usually at a ratio of around 1:1000 (meaning one Bitcoin is 1000 of their tokens).
- If the price of Bitcoin becomes too large to allow even a single symbol to be viable (think of what would happen if Bitcoin reached $10k each, for example), the sites could use fractions of a token instead of a full one.
- If the price were to lower significantly, the different games could use more tokens.
This ensures that each site can keep their costs at about the same levels, without the need for altering their ratio of tokens to Bitcoins. This also makes it easier for players, as you are easily able to calculate your holdings, how much you are risking, etc. You do, however, still need to keep up with what Bitcoins are worth from time to time if you plan to convert from and to fiat.
At this point, you may be wondering how you can withdraw your funds. Poker sites are notorious for taking upwards of a couple of months to process a payment, and they usually have a maximum amount that can be withdrawn monthly. In the case of Bitcoin poker sites, this is another non-issue. Some websites offer up instant withdrawals and some process them the same day (with most being within a couple of hours). There are also no maximums, and the minimums are pretty low. This means you can go to a table, deposit some funds, play some poker and withdraw the winnings (or what you have left) all in the same day. Compare that to the standard system of waiting a few days for a transfer, playing and then waiting a few months (if you even have the minimum to withdraw) to be paid. Plus you can skip out on the fees you would typically experience.