There are no banks involved and it is possible to transfer bitcoins in seconds instead of the weeks it sometimes takes to process cheques or bank transfers. In addition, there are virtually no transfer fees. Bitcoin has the opportunity to fundamentally change the way online poker sites are run, now and in the future. Here's a closer look at bitcoin online poker, a brief history of the world's most popular digital cryptocurrency, and the future of bitcoin poker sites in the United States and beyond.
Since online poker began in 1998 with industry pioneer Planet Poker, the ease with which sites can facilitate deposits and process payments has been important to businesses and ordinary players alike. Bitcoin and other digital cryptocurrencies now play an important and growing role in the movement of money to and from poker rooms and consumers. BTC offers several distinct advantages compared to old-school payment processors. Some payment methods are virtually instantaneous, such as credit cards and PayPal, but there are many players for whom these solutions are not an option.
Credit card purchases for online gambling are sometimes declined, and PayPal only allows poker transactions in a few countries. Bitcoin allows fast and almost effortless payments from users all over the world, especially from the United States. When it comes time to withdraw money from a site, winning players appreciate the fact that they can get their funds in hours rather than the days or even weeks it takes for cheques and cash transfer services. It has also made many inroads into online poker, with a few Bitcoin-only poker sites in operation and more and more mainstream poker sites accepting Bitcoin as a deposit option.
In fact, you'll find just as many fixed-limit poker games as no-limit poker games on all Bitcoin-accepting poker sites, so you'll never be restricted in the number and types of poker games you can play. If Blockchain Poker can overcome the traffic challenge that all online poker novices face, they have an extremely lightweight client for anonymous Bitcoin poker games. Not only does Bitcoin provide anonymity at the poker table, but it also allows players to transfer winnings to a bank account without having to explain where they came from. To save you the agony of scouring the web for hours looking for a Bitcoin-friendly poker platform, I've compiled a list of the best bitcoin poker sites.
So you have a Bitcoin poker balance after cashing out at the poker room and you want it in the cold, hard local currency. A Bitcoin wallet is what you will use to deposit at online poker sites and where you will receive withdrawals from poker sites. Bitcoin is slowly gaining momentum in the poker industry, but has not yet been adopted by all major poker sites. Many poker sites will allow you to play for a fraction of a Bitcoin or some sites will convert a Bitcoin into their own unique credit type system where you will get so many poker playing credits for every Bitcoin you deposit.
With this in mind, always check how poker sites that accept Bitcoin convert your deposits into poker chips, as the way they do this can vary from site to site.