Due to the extreme popularity of bitcoins, it is not surprising to learn that poker players are also getting interested with the digital currency. In fact, there are some online poker sites which had recently launched the use of bitcoins in their playrooms.
Better Way To Transfer Money To And From Online Poker Sites
To use bitcoins, an online poker player must have an eWallet to be able to transfer money to and from the online poker site. In most cases, online sites can process bitcoin deposits instantaneously while cashouts are processed in less than 12 hours. Some poker articles also say that there are some poker sites which can even process withdrawals in an hour. Poker players can opt for bitcoins because it takes less time to process bitcoin transactions. The bitcoin withdrawal process requires that the poker player initiates the withdrawal request to notify the poker site’s administrative team. The admin group will verify the account and transfer the bitcoins to the bitcoin address of the player.
Traditional poker sites can take 2 days to process a cashout due to the security policy instituted by these companies. These sites also require only one cashout request at any given time. However, with bitcoins, players can make multiple cashout requests. Also, there are traditional poker sites which cap the withdrawal at an amount not more than the player’s original deposit. In cases when the player decides to withdraw more than his initial deposit, he has to wait at least 72 hours. For direct bank transfers, it takes at least 72 hours and at most 5 banking days for the money to be deposited to the player’s bank account.
Players Remain Anonymous
Most traditional online poker sites require personal information, especially when depositing and withdrawing cash. However, for online poker sites accepting bitcoins, there is no need for players to provide personal information. According to poker articles, they can play and transact using bitcoins without the need for documentation. However, there are online poker sites that accept bitcoins and still require players to provide personal information because transparency is important for these sites.
Players Can Play With Other Players Around The World
Most states in the United States of America have their own laws with regards to online poker. A lot of these states restrict players from playing with everyone outside their state. Since bitcoins are not yet regulated in the USA, US poker players can play with other players from different countries.
More Opportunities For Higher Returns On Investment
The value of the bitcoin fluctuates like a commodity or a share of stock. As such, poker players who use bitcoins can benefit from such fluctuations. The value can jump dramatically therefore the poker player not only gains from the play itself but from the fluctuations of the bitcoin’s value as well. Depending on a lot of factors, the value of the bitcoin can also make a dramatic drop anytime. Therefore, for poker players, it is best to buy bitcoins when they are inexpensive.
The Possibility To Earn Huge Amounts For Player Rakebacks
Online poker sites which accept bitcoins offer 20% player rakebacks. Some sites offer 50%. These poker sites allow players to choose from different sign-up incentives. The rakeback is often credited to the player’s account on schedule.
Playing With Different Players With Various Skills
There are poker player pools with players who are less-skilled. Online poker sites which accept bitcoins have smaller pools because the digital currency is relatively new. However, there are also skilled players in these sites but casual players thrive in smaller poker pools.
What Is Bitcoin And How Poker Benefits From It
Bitcoin is a cryptocurrency. It is a digital currency unlike any traditional currency like the pound, euro, or dollar. Aside from being a virtual currency, it is also treated as a financial instrument like a commodity, bond, or share of stock. The bitcoin isn’t regulated by any government or bank. It is created not by a central bank but by a computer program. It doesn’t backup any economic activity of any country. Furthermore, the bitcoin has a cash value so bitcoin owners can exchange it with any traditional currency through the system’s eWallet.
The bitcoin is created through an open-source platform using a peer-to-peer computer network. It can be created by anyone who has the technical understanding of encryption codes. Programmers who create bitcoins are rewarded with bitcoins. For this new digital currency to thrive, the public is encouraged to use it. A block chain is a bitcoin public ledger where all transactions are entered. It makes use of difficult mathematical equations to verify each transaction’s validity. Digital signatures protect every transaction’s authencity. With this system, there is no need for any financial institution or bank to control the bitcoin transactions.
Although the bitcoin isn’t endorsed by central banks, Germany has allowed the use of bitcoins in private transactions so that bitcoin creators and users can be taxed. Texas Judge Amos Mazzant declared bitcoin as a form of money in his landmark decision on the Trendon Shavers case. Bloomberg also provided an experimental ticker for bitcoin. In New York, the Department of Financial Services invited different virtual currency firms and users to shed light on the bitcoin issues in order to create regulations for the users’ protection. In the United Kingdom, bitcoin companies, finance houses, and small banks pushed for the regulation and recognition of the cryptocurrency.
Although bitcoin isn’t regulated and currently not globally accepted, it is being used by different online poker sites outside of the United States of America. This new digital currency allows even US players to play with other players around the world. The use of bitcoins in online poker sites does pose a lot of questions, especially with regards to the safety and security of using the new virtual currency. The public may feel confused because it seems only businesses, speculators, and the tech community understand it. However, the bitcoin may be accepted globally soon because there are a lot of entities pushing for its adoption and recognition.