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Bitcoin Poker Sites
Bitcoin (BTC) is a digital currency (also known as a crypto-currency) that only exists on the Internet. It has been around since 2008, but has grown in leaps and bounds since its inception a few years ago. The currency is not regulated by any central bank or country’s government, and therefore is not susceptible to government seizures or hackers.
Bitcoins were created as an alternative to the traditional fiat currencies, as it provides a cost effective means to send and receive money online. The growing mainstream acceptance of Bitcoin as a valid currency has led to many brick and mortar merchants and other online gambling entities to start accepting Bitcoin.
Most Recommended Bitcoin-Friendly Poker Sites
How The Bitcoin Process Works
Bitcoin operates a decentralized monetary system whereby miners are rewarded for relaying transactions on the network. These miners provide the processing power for the network. Miners validate pending bitcoin transactions and add them to the blockchain.
Once these transactions are confirmed, the owners of these bitcoins then have the ability to spend them. You can think of Bitcoin as being a digital container of data which is stored on thousands of computers around the globe.
From there, you can start to buy or sell bitcoins at popular exchanges like coinbase.com or blockchain.info, which add multiple layers of security just to log in to your account and access your bitcoins. All you need is a blockchain number and you’ll be ready to start accepting or sending out bitcoins.
There are three ways that someone can obtain the bitcoin currency. Either through mining for them, buying them, or trading them for something else (such as selling a service for BTC). But you should be aware that mining for bitcoin is not easy. It is going to be much easier for you to just buy Bitcoins on a Bitcoin exchange and pay for them using a credit card, a bank account, or you can even find a Bitcoin ATM that will turn your cash into bitcoins.
To make deposits and withdrawals into Bitcoin poker sites, you will need a Bitcoin wallet. There are many available on the Internet, and it’s free to create an account at these sites. Signing up normally just involves making a user name and password and then connecting your bank account to your wallet. The process literally takes just a few minutes to complete.
Depositing Bitcoin to an Online Poker Site
Once you have enough bitcoins, you will be ready to make a deposit into your favorite Bitcoin poker site. This step is exactly the same as the common process of depositing into online poker sites using e-wallets like Neteller and Skrill, and most Bitcoin rooms will offer a sign up bonus for new depositors.
You will need to request a unique Bitcoin receiver address from the online poker site (via the Cashier section of the Bitcoin poker room) to deposit with Bitcoin. This is simply a unique sequence of letters and numbers. It will usually only take around 10 minutes or so for the Bitcoin deposit to appear in your online poker account.
Depending on the online poker room, your Bitcoin deposit will be converted into cash based on the current trading value of a Bitcoin at the time of the transaction. However, when depositing into “Bitcoin exclusive” poker sites, there is no conversion to a fiat currency, you’ll be playing with the Bitcoin currency itself (or fractions of a Bitcoin.) While dedicated Bitcoin poker sites exist, many established online poker rooms have started to add Bitcoin as a payment option for players.
Withdrawals from Bitcoin online poker sites will be sent back into your Bitcoin wallet after which you can convert them into real cash. Bitcoin withdrawals take a few hours at most poker sites, which is an extremely good time frame when compared to traditional cashout methods like bank transfers.
Advantages of Using Bitcoin For Online Poker
Depositing into Bitcoin online poker rooms is secure, fast and efficient. The most obvious advantage of Bitcoin as it relates to online poker is the low transaction fees. Since there is no need for a middleman, transactions can be done directly between both parties, allowing users to save on credit card fees, and the like.
Bitcoin also offers anonymity for online poker players; unlike regular online poker rooms, you will not be required to provide personal and financial details to the poker site. Besides being able to side skirt government oversight, this is probably one of the main reasons bitcoins are rising in popularity. The security and anonymity aspect alone makes people trust BTC a lot more than traditional banks and other financial institutions.
Bitcoin Poker FAQ’s
Are there a lot of trusted bitcoin poker rooms I can deposit on to these days?
With the rise of bitcoin as a legitimate currency all over the world, many of the larger and more popular online poker sites are starting to accept BTC for deposits and cashouts.
Exclusive bitcoin sites like BetCoin and Seals With Clubs are smaller but still quite popular today, while bigger sites like Americas Cardroom now accept the cryptocurrency and have deposit and withdrawal limits in the mid 5-figures for their players!
Can I fund other eWallets using bitcoins?
Yes. Neteller is by far the most popular option right now for this type of transaction. For poker sites that don’t yet allow bitcoin deposits you can simply load funds onto your Neteller account and then use Neteller to complete the transaction.