Bitcoin is becoming increasingly popular, both in the poker world and in the rest of the market. We can increasingly find machines that allow us to extract bitcoins and businesses that accept this currency as a method of payment. Since China joined the list of countries that support bitcoin transactions, its value has increased exponentially. The speculation that exists around this cryptocurrency is one of the main advantages that we can find in bitcoin, and is that this currency has a great potential that makes its value increase over time, which means a significant return on investment (ROI) for poker players.
In this article we explain the advantages of using bitcoin as a payment method in a poker room. We analyse which are the poker sites that accept bitcoin -those that allow you to pay with it and that offer the possibility of withdrawing your money quickly- and the reasons and advantages why playing poker with cryptocurrencies -or play poker with bitcoin- is a good option.
As we explained in the introduction, the value of bitcoin fluctuates in the same way as a stock or a commodity. For that reason, it can vary depending on the current value of the exchange, which would increase players' ROI - although it could also mean a decrease. Fortunately, the nature of bitcoin and its use - as well as regulation at the transactional level - is steadily increasing its value. You can, for example, earn bitcoins by playing poker and then sell them when the value is higher. Note that bitcoins have recently reached limits of $1,000 for one bitcoin, and in the past they were sold for as little as $70.
Cryptocurrencies, specifically bitcoin, offer poker players the ability to deposit and withdraw money faster than in traditional online poker rooms where they are not accepted. You should know that there are some similar aspects to traditional online rooms, since it is necessary to use an eWallet as an intermediary to move money, however, in some rooms that accept bitcoin, transactions are processed almost immediately. The process is as follows:
1. The account notifies the back office of the withdrawal request. At this point there is a secondary or manual identification of the player as well as their account balance.
2. The team transfers the bitcoins to the player's BTC address directly from the funding accounts.
3. The process usually takes between 15 minutes and 1 hour. In the worst case, the duration could be up to 24 hours - shorter, in general, than in traditional online poker rooms.
Although the use of bitcoin is not so widespread at the moment, there are already several rooms that allow you to play poker with bitcoins and, of course, that offer the possibility of winning bitcoins playing poker. Some of the most popular ones are:
- Satoshi Poker.
- Blockchain Poker.
- Juicy Stakes.
- Ignition Poker.
- Infiniti Poker.
There are some rooms that only allow players who use dollars as a payment method to compete, while the poker sites that accept bitcoin allow all players who use this virtual cryptocurrency to compete against each other. With bitcoin, any player can compete against each other with bitcoins, regardless of country or state.
Some poker sites that accept bitcoin allow players to participate in the games without having to enter their personal details. Examples of such rooms are Sealswithclubs.eu and Satoshi Poker. They allow players to enjoy games completely anonymously and to deposit and withdraw money without any hassle - which allows them to remain unnoticed, but also enhances their security. This is an advantage for players who prefer the concept of anonymity without having to log in to an online poker room. However, there are also many other poker rooms that operate like traditional poker rooms where personal information is required.
As bitcoins are a high-value currency, bookmakers and poker rooms tend to reduce the rakeback so that players are encouraged to participate. For example, we can find poker rooms like Satoshi Poker offering a 20% rakeback to their players. In other rooms, such as Infiniti Poker, players have a choice of three incentives at the time of registration, one of which is a 50% rakeback for life. Rakeback is the percentage commission charged by the casino for every hand played that makes it to at least the flop and is returned to the player.
Because it is a form of poker yet to be explored and does not have the acceptance of other traditional online poker rooms, the poker sites that accept bitcoin tend to have a larger number of fishes or amateur players. Another advantage is that tracking programmes - those that analyse and record user behaviour on the internet - have not yet been implemented in these online poker rooms. This means that the information available to those who are professional poker players is minimised, so they can go unnoticed. However, this is not always the case, as in all cases you can also find expert players and other advanced amateur players who opt for the advantages offered by these online poker rooms.
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