With more than 100 million players, poker is undoubtedly the most popular card game globally. Where poker was once primarily played in casinos, lounges, and backrooms, it’s now found its way into the digital realm of online casinos.
Now with cryptocurrencies, poker betting with Bitcoin has become quite popular with punters worldwide. For example, Bovada offers Bitcoin slots and poker, so you can make a deposit with cryptocurrency instead of normal currency.
So, what is it that’s encouraging players and online casinos alike to use this digital currency? Let’s take a look at the a few perks:
- Bitcoins let players bet anonymously. Given the stigma of gambling, some responsible punters prefer to protect their privacy, so they choose to bet with Bitcoin for the pseudonymity it provides. While not 100% anonymous, Bitcoin deposits are not trackable and allow a punter to remain somewhat anonymous.
- Some players bet with Bitcoin to earn more Bitcoin. As Bitcoin and other cryptocurrencies have exploded in popularity, some investors have taken to gambling with Bitcoin to grow their portfolio of investments. Plus, betting with Bitcoin allows investors to potentially multiply their returns by several times, given the asset’s volatility. It’s sort of double the action compared to fiat currencies.
- Zero fees or charges. Payment platforms such as PayPal impose service fees and other charges on those looking to withdraw their funds. So, rather than accepting this, some punters choose to use Bitcoin and other cryptocurrencies. Transferring cryptos from a casino to your wallet does not impose any fees, which makes Bitcoins so attractive.
- Bitcoin allows instant withdrawals. Another reason Bitcoin and other cryptocurrencies are so popular is that they allow punters to withdraw their winnings instantly. There are no wait times or delays, just immediate access to their winnings.
- Big bonuses for depositing with Bitcoin. Many sites give their players a first deposit bonus when making the transactions in crypto.
While there are plenty of benefits to playing poker with Bitcoin, you should also keep in mind a few other points. Read further to be informed on all the necessary facts before gambling with Bitcoin:
Bitcoin and Other Cryptocurrencies Are Extremely Volatile
Like all cryptocurrencies, Bitcoin is 100% unregulated and decentralized. Well, regulation is on the way in many countries, but still there’s not going to be a central party to control it. This means that there are no restrictions related to the trading of Bitcoin and other cryptocurrencies. Additionally, Bitcoin is not issued by a central governing body which means that any government does not back it.
All of this, coupled with the fact that cryptos are traded 24 hours a day, all-year-round means that Bitcoin and other cryptos are incredibly volatile. This means that prices can suddenly shift upwards or downwards with zero warning. A currency worth something today could be 10 times more valuable tomorrow or worthless. Because of this, many speculators have equated investing in cryptos with gambling which couldn’t be further from the truth – crypto is a growing asset class that can make tremendous returns for long-term holders and skilled traders.
Anyways, the point is that you should need to be on the ball if you intend to play online poker with Bitcoin. This includes keeping track of prices daily and constantly monitoring news reports. A good strategy would include selling some when the price is high and buying more when the price is low. This is not financial advice though – we recommend doing your own due diligence.
Bitcoin is Currently The Most Accepted Form of Cryptocurrency
Not only is Bitcoin the oldest cryptocurrency on the market, but it’s also the most popular. It’s traded by institutional investors like banks and even accepted as legal tender by some countries. Almost all online casinos accept bets and deposits in Bitcoin, which is great for those looking to gamble with cryptos. While other cryptocurrencies such as Ethereum and Litecoin are generally accepted, it’s much easier to find online casinos that take Bitcoin.
Online Poker With Bitcoin is Generally Safe, BUT Scams Are Aplenty
From fake websites to fraudulent exchanges, crypto scams are extremely common, so you need to be extra careful when betting with Bitcoin. Due to the unregulated nature of the crypto market, victims of scams often have little to no legal recourse once they fall, victim. That’s because it’s almost impossible to track down missing funds once they’ve been stolen. You need to be extra careful whenever you’re betting with Bitcoins! See different customer reviews on 3rd party review platforms and read reviews on poker forums and sites like ours to gain deeper insight before depositing your hard-earned money onto a site.
You Need a Crypto Wallet to Hold Bitcoins
To store your Bitcoins, you must first sign up for a cryptocurrency wallet known as a hot wallet. Several online platforms can store your Bitcoin and crypto keys for you offsite and gives the wallet holder easy access to their funds. However, storing your funds in a hot wallet exclusively can be pretty big 3rd party risk. Thus, we recommend utilizing a cold wallet to safeguard your assets properly – especially if you hold large amounts of crypto.
Your Winnings Can Make You Even More Money
Did you know that Bitcoin can continue making you money even after winning a bad beat jackpot in poker or a huge online poker tournament?
That’s right, Bitcoins are an investment on their own and, due to their high volatility, can appreciate in value over time. Hence, some experienced investors believe in holding onto their Bitcoins for as long as possible to reap the returns in the long term.
This, of course, works both ways, and you could very well end up losing everything should the market bottom out. So, it’s best to do your own research and not rely on hearsay only.
To conclude, betting on sports and playing online poker with Bitcoin can be profitable as well as risky. And this is why you should always know your limits and visit only reputable online casinos and poker rooms – see our list of online poker sites here.
