When Bitcoin gained popularity and boomed in 2017, people could not believe what was going on. Most thought the bubble would burst within a year an it would fizzle out. The concept didn’t resonate with some, with this cryptocurrency confusing to them. Three years later and the doubters are being proven wrong with a share price at the time of writing this article of $10,249. The point I am making is that Bitcoin is not going anywhere and the gambling industry has and is adapting to its usage in a powerful way. The best bitcoin casino and poker sites are easily found now and proudly display their cryptocurrency badges on their site. This article will briefly look at a few reasons why Bitcoin gambling is popular and what the future holds for it.
Bitcoin is Fast
There are many online casinos and poker sites offering Bitcoin as a payment method. It provides users with a fast way to get funds in their online accounts. Where it used to take days to get money out of a site, it is now much less. Some online casinos are able to process withdrawals very quickly, often less than an hour. This service is perfect for the impulsive and impatient gambler wanting to play online.
Gamblers Don’t Want Attention
Gamblers also like the idea of being anonymous. Bitcoin is perfect for these people. It provides a cloak that if removed will only reveal a bunch of numbers. No name, no address and no email tied. This appeals to many people, particularly those who like to keep their gambling affairs private. People have their own reasons for wanting anonymity, it’s not for me to judge, but suffice to say it’s a widely accepted benefit to bitcoin gambling.
Bitcoin is Secure
Despite the scepticism many hold about Bitcoin and cryptocurrencies in general, they are actually very secure. What can a hacker do if they access your information? They can’t take money from you. The only possible thread is if you lose your wallet – the same threat as in real life if you drop it in the street. In short, you are very safe to use the reputable cryptocurrencies.
2021 and Beyond
The modern world is adapting and evolving to digital. This is evident everywhere you go isn’t it? It may be pushed faster than anticipated due to Covid-19, and people spending more time in doors but that is the direction we are moving in. Bitcoin and other cryptocurrencies have a lot of appeal in the gambling industry and will play a big part in the future of online gamble. I predict more gambling sites will begin to accept them as a trustworthy payment method. A quick google search will show you there is over ten million results for the phrase “bitcoin gambling”. There are loads of casino sites and a good few poker sites that encourage cryptocurrency. Clearly there is a demand for it.
It seems it’s a question of when and not if, to when people will move over to this way of gambling. Once a couple of the major sites move to it, their competitors will have to as well. The question in a few years may be will it be the only currency used in online gambling? Time will tell…
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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.
It doesn’t matter whether it’s a real money poker site or a crypto poker site, you need to play well to win. Sign up to our poker training video membership and start improving your game today. You can get 75% off by reading our latest review and registering through us.
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