First of all, let me preface this article by stating Texas Hold’em Questions does not encourage cryptocurrency gambling. This article is an educational resource for those interested in learning more about crypto poker and it’s existence, together with it’s advantages and disadvantages.
A few years ago, crypto currency swept the world by storm. You remember the news right? The gambling industry took notice too and saw another medium to make money. Online poker was not exempt from this. Some saw a loophole and way to bring back poker players who were thrown out of the market or otherwise dissuaded from playing. Legislation in some places in the world heavily regulate online gambling and make playing online poker very difficult. This led to new websites popping up, offering the chance to play poker with cryptocurrency.
What is Cryptocurrency?
Cryptocurrency is digital money or currency that is secured by cryptography. A clever, complex model that makes it practically impossible to fake or counterfeit. Most cryptocurrency is based on blockchain technology. Bitcoin was the first famous cryptocurrency, founded in 2009 by Satoshi Nakamoto. It gained significant jump in share prices in 2013 jumping to $770 by January 2014. At the time of this article, 1 bitcoin is currently valued at $11,272.
How to Buy Cryptocurrency?
In order to gamble on a crypto poker site, you need to have cryptocurrency to gamble with. It’s quite straightforward but there are a few steps. This means registering an account an exchange. There many options here including Binance or Coinbase. After opening an account, you can then open a e-wallet. Most allow you to deposit money with usual methods like Skrill, PayPal or card. Then, you can buy the cryptocurrency and move it from the exchange to your e-wallet. FYI- The most popular cryptocurrencies to buy are Bitcoin, Ethereum or Litecoin. With cryprocurrency in your wallet, you are then ready to gamble. Sign up to the online poker site you want to play on and transfer from your e-wallet and you’re ready to gamble.
Crypto Poker Sites
There are numerous crypto poker websites around. A quick google search will reveal this. Do your due diligence and read the reviews before depositing. It’s always worthwhile checking to ensure they operate safely. Nitrogensports, Ignition, CoinPoker and Fair Poker are some of the major, trusted cryptocurrency poker sites around. They offer flexible options, pay out fast and offer a decent range of games. There are sites dedicated to proving reviews of these sites. Check out Cryptomaniaks for advice on the best crypto poker sites.
Pros and Cons of Cryptocurrency for Online Gambling
Pros of Cryptocurrency Gambling
Pro – Privacy
It’s far easier to be anonymous with cryptocurrency than the normal cash method. This has some advantages for those who like to gamble without big brother watching.
Pro – No legal restrictions
Where some countries banks won’t allow you to deposit on a poker site, they will allow you to process deposits and cashouts via cryptocurrency.
Pro – Low fees
Generally lower than bank fees to process.
Pro – Softer sites
Most professionals are earning on a living on the major poker sites with real money. This means crypto poker sites are filled with weaker players who view poker as a bit of fun or recreational income.
Cons of Cryptocurrency gambling
Con – Volatile value
Unlike real money currency, cryptocurrency value tends to move more. They are more volatile and increase and decrease in value regularly. This may be stressful for some and increases the overall risk of gambling.
Con – Less security
Be wary of scams or fraud with cryptocurrency. It’s well established that cryptocurrency is used for malevolent reasons.
Con – Refund problems
I have not found anywhere where you can claim refunds or chargebacks. I don’t think crypto poker sites have a policy on this.
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