Cryptocurrency and Poker have similar traits. This is the reason there is a crossover of people who engage in both. In recent times, the world has started playing poker with cryptocurrency. Its transaction speed, built-in anonymity, and convenience are the factors that make it a convenient payment solution for gambling on poker. Nevertheless, the online poker community has been a little slow in adapting to these payment methods. With time, new Bitcoin poker sites are being introduced in the market and you will find a list of them on bitcoinbuster.com.
Trading cryptocurrency is just like gambling, except there is a skill element when it comes to trading. Top traders analyze the risk and reward ratio along with the harness techniques which have been practised and learned for increasing their chances of earning profit. So, trading cryptocurrency is just like poker but with an element of luck and skill mix.
People who have made money in cryptocurrency are looking to diversify into other areas with the bear market in crypto drags on. The skillset which they have acquired while trading cryptocurrency doesn’t mean that they are going to walk into a gambling site as an expert. However, they do have the skills which they can cross over.
There are people who have played poker and they have meddled with cryptocurrencies, too. The adrenaline rush in each of these industries is quite prevalent as there is a great amount of money to be won or lost.
Cryptocurrency poker lets gamblers play with cryptocurrency and if you are successful, you will be rewarded with the same crypto. Nevertheless, the present regulatory concerns over crypto coupled with the strict regulations need to be tamed, even if it is a little tricky.
The Impact of Bitcoin on Online Poker
The acceptance of cryptocurrency to the online poker world can be traced back to 2011 Black Friday when the US Department of Justice indicted the 3 prime figureheads in online poker. Major sites had been closed up just after major payment processors like Neteller began leaving the online gambling realm. In the same manner, banks began rejecting deposits. This made it impossible for the gamblers to send or receive payments.
This is when a group of professionals started looking for an alternative, a financial tool that was fluid enough and would enable direct connection between players and the poker sites. The cryptocurrency was the most viable option. So, poker rooms were introduced to those cut-out middlemen like banks and accepted cryptocurrency.
Till then, cryptocurrency was a foreign concept and quite difficult to acquire. People would have to either have to exchange cash for cryptocurrency or would have to mine it. With time, more and more poker sites including online casinos jumped into the mix and took advantage of this smoother mode of payment.
Why Do Poker Sites Love Cryptocurrency?
You might have already noticed that Bitcoin isn’t the only cryptocurrency out there in the market. There are others like Litecoin, Ethereum, etc. Poker sites accepting cryptocurrencies have started accepting various types of cryptocurrencies.
There are many reasons for the popularity of cryptocurrency poker sites. Let’s take a look at a few of them.
Nobody Controls Cryptocurrency
The main reason gambling sites have shifted towards cryptocurrency is because there are little or no restrictions on transactions. After the events of Black Friday, the government had banned all gambling businesses from operating in the state where online gambling had been illegal. As a consequence, banks compiled with the law firm and rejected many transactions associated with offshore gambling. Nevertheless, while the government can influence banks and financial institutions, they can’t exert the same influence on cryptocurrency. All in all, with cryptocurrency, customers can make deposits and withdrawals without any interference.
Another great thing about cryptocurrency is it doesn’t come with a fee on the deposit and withdrawals just like banks. It saves money for poker sites, as well as the players. With cryptocurrency, gamblers will only have to pay a small fee to the miners when they make deposits and withdrawals.
Cryptocurrency Is Trending
There is no denying the fact that cryptocurrencies are in trend. They have sparked interest in people across the globe. Many have started using this new currency. To attract the curious crowd, many newly developed only online poker des are trying to capitalize on the trend by using the cryptocurrency provision.
Future of Cryptocurrency in Online Poker
Cryptocurrency has a robust future in online poker sites. There are many key factors in cryptocurrency’s future that you should consider.
In the case of government regulations is able to pick out the scams in the cryptocurrency world while regulating it. This can make the relationship between crypto and poker productive. It can encourage poker sites to accept cryptocurrency as a method of financing.
Speed and Cost of Transactions
Another factor that influences the future of cryptocurrency with poker sites is the transaction speed and fees associated with cryptocurrency to fund or withdraw from poker sites. Cryptocurrency comes at a cheaper price in comparison to conventional fiat when it comes to sending funds to some other country.
Cryptocurrency isn’t going anywhere. As long as unregulated markets are there, the decentralized currency will be there. Nevertheless, it is less popular in areas where gambling online has already been legalized. This is because most of the people in these countries will be able to gamble freely using other financial instruments.