When signing up or simply trying to deposit more funds into your online poker account you might have seen an option to pay in a cryptocurrency. It’s all over the web these days, but what is it exactly and why is it being adopted by the online poker and gambling community? We’ve got the answers for you.
So what even if cryptocurrency?
For context, let’s quickly review what cryptocurrency is. Often referred to simply as crypto, it’s an online-based currency that works outside the norms of other types of money which are regulated by governments and centralized organizations. Crypto is an alternative to the mediums used and promoted by bankers which led the world to financial ruin in the late 2000s.
There are lots of different cryptocurrencies out there in 2023, however, the most well-known is BitCoin. Depending on whom you ask, some believe that this is the totality of the crypto world while others champion other digital coins. There are a number of benefits that BitCoin and others have over traditional currencies which have led it to be readily available on gambling sites, as well as a few crypto-exclusive casinos starting to emerge.
Anonymity, security, and privacy
If you’ve set up a bank account recently then you’ll understand the amount of paperwork you’ll need to simply have a place to hold your funds. Providing multiple forms of identification, proof of residency, etc. There’s no way that when you spend your money your identity wouldn’t be plastered all over the transaction. Crypto prides itself on being a lot more anonymous. Almost anyone can set up these digital wallets with a device and internet connection without handing over too many personal details. This makes it a lot easier to keep your gambling activity on the down low if you want to do so.
Without going into the technical details crypto transactions are a lot more secure than traditional means. This is achieved by robust blockchain technologies which essentially shuffles the data of payments into so many pieces that unauthorized parties would find it extremely difficult and time-consuming to compromise the information. Furthermore, crypto is not subject to third-party interference i.e. banks reserve the right to freeze your funds for almost whatever reason, this is not operated or condoned by the crypto community.
Speed and efficiency of transaction
When you complete a transaction online through your credit or debit card there’s often a delay between the money leaving one account and going to the destination account. There are quite possibly a few parties along the way who will probably take a slice of it too if you’re paying a business. In the case of online gambling, this can mean that when you take out funds it can take a day or longer for the funds to leave the company account, be regulated, and then enter your bank.
Crypto eliminates that. There’s almost no regulation compared to traditional means. You can take out your winnings immediately and have them in your digital wallet within minutes if not seconds. Also, because crypto isn’t regulated by a central body it means that a lot of businesses want you to use it as it’s more profitable for them. As such, there are usually much lower transaction fees for these banking options with online casinos.
Crypto unlocks global markets
There are some countries/areas and presiding governments that run more restrictive regimes. This means that the state can essentially dictate what you spend your money on. This can be achieved by outlawing specific pastimes or the purchase of specific goods. Crypto with its anonymity offers a lifeline to consumers who want to live a different lifestyle as it means that they don’t have to spend government-regulated funds on activities, products, or services which may be outlawed in their locality.
Adoption from the poker community
Poker and gambling have always sat on the outside of conventional norms. Typically people have to graft cards in jobs to reap riches. Card and casino games provide a shortcut to that without the hard work. Always trying to get an edge over the world by reading the room while assessing their situation, it’s a mentality that shares a lot of synergy with cryptocurrency, as crypto wants to circumvent the traditional banking means as the originators felt too much distrust with the global banking institutions.
In 2023 online poker and gambling companies incentivize crypto signups and deposits with exclusive offers and deals like ‘X amount of free plays’ or additional chips to play with when using crypto. The biggest expansion came with the most popular version of poker, so start playing real money Texas hold’em online with these top rated poker rooms where you can use crypto as your sole payment option.
