These are pre-existing online poker rooms that have added bitcoin as a deposit and withdrawal method. The bitcoins you send to these rooms are converted into dollars for you to play with, and then converted back when you withdraw them. Some of the poker sites that will accept your Bitcoin deposits are Ignition, BetOnline and Intertops, but these are just a few examples. The way it works is that any bitcoin you deposit into your account will automatically convert into USD (fiat).
You can then play your dollar-denominated games as normal. When it comes time to request a payout in BTC, the USD amount of your withdrawal will be calculated in terms of bitcoins, and that amount of bitcoins will be sent to the Bitcoin address you specify. 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. Some sites, such as Black Chip Poker, Intertops and SportsBettingAG will provide this address in their cashier and convert your incoming bitcoins into USD, while others, such as Nitrogen Poker and SwC Poker, will hold your balance in bitcoins for you to play with.
In fact, at all poker sites that accept Bitcoin you will find many fixed limit and no limit poker games, so you will never be restricted as to the number and types of poker games you can play. 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 system where you get that many poker credits for every Bitcoin you deposit. Since Bitcoin is unregulated and is legally considered a commodity rather than a currency, the laws against depositing and playing online poker with US dollars do not apply on US bitcoin poker sites. To spare you the agony of scouring the web for hours in search of a Bitcoin-friendly poker platform, I've compiled a list of the best bitcoin poker sites.
Here's a closer look at Bitcoin poker online, a brief history of the world's most famous digital cryptocurrency, and the future of bitcoin poker sites in the United States and beyond. Therefore, all of our poker sites that accept Bitcoin have a full and valid gaming license, and as such, you have the added protection of that gaming commission and will always get a fair result in any poker game you choose to play when using Bitcoin to make your deposits. According to The PokerBank's Bitcoin Poker Guide, withdrawal times vary between 1 and 48 hours at the different bitcoin poker sites that accept cryptocurrency deposits. Bitcoin has long been touted as the "killer app" for online poker, but it is only recently that major online poker sites have taken a gamble on the cryptocurrency.
Internet poker using Bitcoin is also on the rise, and has found its way into a small number of online poker rooms. So you have a poker balance in Bitcoin after you have cashed out in the poker room and you want it in the cold, hard local currency. Most (if not all) Bitcoin poker rooms will offer bonuses and incentives to players just like any other online poker room would.