With Bitcoin slowly becoming more normalized in society, its advantages are being seen across all industries. With its reputation for being safe, anonymous, and easy to track, It was only a matter of time before Bitcoin started taking a hold of the online poker rooms.
It was not the investment opportunity and the rapidly growing crypto industry that hooked players, but the security it added.
The online Poker world had a turbulent history with legal occurrences surrounding transactions and the regulations that painstakingly changed across geographic locations. With Bitcoin Poker, players can transfer money anonymously and without regulatory monitoring.
While the investment potential may have not brought the majority of players, it is certainly the reason some have stayed. Just by holding their winnings in Bitcoin, players have made a lot of money.
There have been several bitcoin spikes within the last few years, and if you were holding your Poker winnings in 2017, you would have at least doubled your money.
The online Poker world is vast and Global. Bitcoin gave a level playing field for cross currency playing. From Thailand to Vegas, Players are now able to play for an even currency with less fees.
Players from countries that have grey areas around their poker regulations can enjoy the game they love with Bitcoin.
Once a poker player wants to deposit or cash out, Bitcoin allows you to avoid expensive withdrawal and deposit fees that come with Banks or credit accounts. Often there are a lot less restrictions around withdrawals and deposits with traditional currency, limiting your transactional capabilities over certain amounts of time.
Not only that, but you don’t have to wait for any funds to clear. Once you transfer your Bitcoin, it is converted instantly into chips. Its transfer time, as well as economic perks, make Bitcoin a clear choice.
The number one reason people refrain from using Bitcoin is risk perception. Simply put, poker players are used to the highs and lows which has enabled them to not only embrace Bitcoin but take advantage of it. They know the juice is often worth the squeeze, and we all know that the greater the risk, the greater the reward.
With all that said, it’s hard to see why a Poker player would not use Bitcoin to fund their playing. The fact that it is a decentralized currency and banking institutions and governments have no control over it, gives it the ultimate gambler’s edge.
The cryptocurrency world has been around a relatively short time (only 12 years), yet has proved its potential in its quick growth in value. While the rest of the world may not recognize all of Bitcoin’s advantages, it gives Poker players a chance to get ahead of the crypto pack.