Why Play Bitcoin Poker?
Bitcoin has changed online poker. If you like me, I became frustrated with the continuing payment processing issues that have plagued the online poker industry over the years. I hated having to wait days, weeks or even months to cash out my winnings. Bitcoin has changed all of this frustration for thousands of other online poker players and me. Transactions on Bitcoin sites are easier than ever.
How does Bitcoin work? Bitcoin is a peer-to-peer decentralized currency. Satoshi Nakamoto created the digital currency Bitcoin in 2009. Run on a network of user software; bitcoin is both a payment processor and currency. New coins are ‘mined’ (created) through software and a mutually agreed upon set of rules.
I have Bitcoin; where can I use it to play online poker? Currently, a few online poker sites offer bitcoin depositing options with others plan to soon. In 2017, new poker sites, including FortuneJack and Betcoin, now accept Bitcoin. You can find links and reviews of current bitcoin poker sites below and on our review page.
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There are two ways to play poker with Bitcoin. Crypto-currencies may soon become one of the most widely used payment processing methods in online poker, although it is little known at present. Over the last few years, the number of players who have started playing online poker with Bitcoin has increased. Bitcoin is rapidly replacing fiat currencies in the online gambling world, chiefly because they are safe, anonymous, and instantaneous. Since Bitcoin is an unregulated currency, it presents an excellent way to play in gray markets. Online gambling operators have realized its potential, as the number of Bitcoin poker sites are increasing.
Today, there are two primary ways to play online poker with Bitcoin: Bitcoin-only poker sitesand sites accepting Bitcoin as a payment option.
Bitcoin-only poker sites are one option. Bitcoin-only poker sites are ideal for poker players who want to play exclusively in crypto-currency, as they do not accept any other form of currency.
If you want to begin playing at a Bitcoin-only site, you need to start a wallet and buy Bitcoin from an exchange, such as Coinbase.com or BitStamp.net. Once players have set up their wallets and purchased Bitcoin, they can register at any Bitcoin-only poker site, such as Betcoin or SWC Poker, which will give them a unique deposit address. Players can now use this address to move the Bitcoin from their wallets to their player accounts. This process makes them ready to start playing with Bitcoin.
Poker sites with Bitcoin payment options. Many online rooms offer Bitcoin as a payment option although they aren’t Bitcoin-only sites. Examples of such online poker rooms are BetOnline, Black Chip Poker, and Americas Cardroom. At these rooms, Bitcoin is just a payment method like credit/debit cards or eWallets, such as Neteller and PayPal.
To play with crypto-currency at a site that accepts bitcoin deposits, players should first get a wallet and some Bitcoin. The next step is to log into their account, visit the cashier, click on the deposit options, and select Bitcoin as their payment option. They will then have to enter the amount they wish to deposit in US dollars. The system will then convert the dollars into Bitcoin and inform players exactly how many Bitcoin they will have to deposit. The system will also provide them a unique address. Players can now visit their wallets and send the specified number of Bitcoin to this unique address.
If their wallet charges miner’s fees, players should be careful to add this amount to their deposits. If they fail to do this, the transaction will not be accepted. Once the Bitcoin is deposited into a player’s account, it will be converted into chips. Players are now ready to start playing for real money.