Poker has managed to carve its way from the dimmed past to the latest modern inventions of the century.
As it often stands as a symbol of easy wealth, it’s no wonder that it has managed to retain its appeal throughout time. Nowadays, there are hundreds of online poker rooms waiting to provide you with the most high-tech achievements in this field.
In this regard, we come to the topic of Bitcoin. It was first founded as just another crypto currency whose unique network and payment processing capabilities quickly brought about its popularity.
Hence, they soon found its way to some of the most reputable online poker rooms available to players all over the world. That enabled the network to spread and increase its ‘intrinsic’ value.
About Bitcoin Poker Sites
This combination of an age-old gambler’s game and a digital-era currency provides the ultimate gambling experience. On the one hand, players are able to enjoy all the usual features of a poker game, especially since the online poker experience has been optimized. On the other, these players will be able to use all the benefits Bitcoin has to offer.
For one, using bitcoins as a payment method instead of regular, fiat currencies allows players to retain greater anonymity. Namely, bitcoin poker sites would only require a username and password (sometimes an email address), allowing you to protect all private information. Furthermore, bitcoin poker players are able to focus all their attention on the game, as the actual deposit and withdrawal processes take a couple of minutes to a few hours at the most.
As for those poker players residing in countries whose governments have imposed a tax on poker winnings, this crypto currency is the best news ever. Since it still isn’t legally regulated by any government, bitcoin poker winnings are not subject to any type of government taxation policy.
How to Find the Best Bitcoin Poker Sites
Gambling sites generally have a couple of recognizable characteristics which help players distinguish the good ones from the scammers. Still, when it comes to bitcoin poker rooms in particular, there are a few specific criteria that can aid your search for the best sites.
In this age of accessible information, you should have no problem finding reports and reviews of players’ past experiences. As it seems, the site’s reputation still plays a remarkable role in their overall rating. Nonetheless, practical elements should also be taken into consideration. As such, the site’s range of game types and tournaments is another decisive criterion.
As previously mentioned, Bitcoin is quite a secure payment method, but you should also pay attention to the site’s security precautions. The best bitcoin poker rooms have readily available ‘provably fair’ options, certification and licensed software. The final two factors which can account for the site’s reliability are the player pool and the bonus selection they can use. In regards to the former, you should try to find bitcoin poker sites with reasonable player traffic that keep them operating at peak times. As for the latter point, nearly every gambling site aims to offer the most attractive bonuses and promotions in order to retain current players and draw new ones. Still, you should stick to those sites whose bonuses have reasonable terms and conditions that can be met.
Pros vs. Cons about Bitcoin Poker Sites
Bitcoin poker sites provide numerous benefits to their players, but just like anything else, there is always room for greater improvement. Yet, there are specific features of Bitcoin which make people hesitant about these sites.
Most experts agree that the advantages far outweigh the disadvantages of this payment method. After all, there is no other method which enables the same degree of speed and security. The same goes for its availability, as poker players simply need to have an Internet connection. More importantly, the system’s decentralized character helps people avoid any kind of fees per transaction, as is the case with any other payment system. A final pro-oriented point for Bitcoin is the fact that it can be used all over the world. That enables you to buy and sell bitcoins or play poker with it, free of any geographical restrictions.
The main characteristics of Bitcoin used to contradict its advantages mainly revolve around its legal status. So far, many major countries have taken a friendly-oriented position regarding the currency. However, there hasn’t been any real progress towards making it an authorized exchange tender for a country’s fiat currency. In relation to this, anti-Bitcoin experts claim that the system cannot construct a wide-spread network due to such obstacles, which is why it remains a grey area. In any case, that hasn’t stopped off-shore sites from allowing their poker players to experience all the benefits it can offer.
What Else Is There About Bitcoin Poker Sites?
Bitcoin poker sites are known for their top-notch service and software, as well as an easily understandable interface that fits everyone’s taste. Apart from all the aspects mentioned so far, you should also be aware of the rakeback conditions on these poker sites.
Primarily, you should know that the term ‘rake’ denotes the percentage which poker rooms (both online and brick-and-mortar) take from each pot. For bitcoin poker rooms specifically, the rake is usually around 2-5% of each pot. However, the important thing which concerns all players at these bitcoin poker rooms is the fact that the rakeback here is much higher than the one at regular poker sites. Namely, it can range from 20-50% or the total rake collected by the poker site, and it is paid out on a monthly basis.
Freerolls are another interesting characteristic of bitcoin poker sites. Although they can be found in other online poker rooms, the difference is mainly in their prize. The poker sites in question offer valuable prizes to the tournament participants, starting from generous cash prizes to fully paid entry fees at some of the greatest poker tournaments in the world.
Bitcoin poker sites tend to offer multiple platform solutions to their players so that they can enjoy their favorite games anywhere they go. The best providers offer both a downloadable and an online version, properly suited for desktop use. As for mobile phones and tablets, most sites offer a corresponding app for iOS and Android operating systems.
The bonuses and promotions at bitcoin poker rooms are no different than those at sites which work with standard payment methods. Among the most frequent types, you could find No Deposit bonus, First Deposit bonus and Reload bonus offers. Although they are mostly aimed at novice players, regular players are also privileged, as they tend to receive loyalty points.
There are several ways you can acquire bitcoins for your online poker experience. You can exchange them for any of the major fiat currencies or simply purchase them from another bitcoin owner. A third way of acquiring bitcoins is through a bitcoin mining process. Unlike traditional mining, this process includes a network of computers trying to solve a mathematical problem in exchange for a certain amount of bitcoins.
Bitcoins are not actual physical objects, which is why they are not normally kept in your purse. However, there are specific e-wallets which allow you to keep your bitcoins – or at least their digital keys – and perform deposits and withdrawals. These e-wallets have online, offline or USB storage options you can choose from.
Just like anything else in the world, bitcoins also have a certain value. However, unlike regular currencies which tend to maintain their exchange rate, bitcoins are rather volatile. Their value increases when new sites or merchants accept it as a standard payment method. In the same manner, bitcoin’s value decreases whenever a government proclaims it as an illegal currency.
All in all, one can conclude that these online poker sites which provide bitcoin as the only payment method or have it among other options (PayPal, credit cards, bank wiring etc.) are quite player-friendly. With the help of Bitcoin’s unique network properties, they provide some of the best security features without obstructing the system’s performance. Still, bitcoin poker sites manage to supply all the regular poker games and tournament types, as well as bonus offers and promotions. Ultimately, there is still something to be done about the legal aspect, although this is also bound to reach a resolution in due time.