What You Need to Know About Playing Online Poker with Bitcoin

No doubt, poker is the world’s most famous card game, with over 100 million players. This game was only available in casinos, backrooms, and lounges. However, tech advancements brought it to the digital world. 

The rise of cryptocurrencies has made playing online poker with Bitcoin possible. You can find several online gambling sites that offer Bitcoin poker and slots. So, you can deport with cryptocurrencies instead of traditional money.

Advantages of Playing Online Poker with Bitcoin 

Several things encourage online casinos and players to use Bitcoin. Below are some of the advantages:

Anonymous Betting 

Bitcoin lets you bet anonymously. If you wish to protect your privacy, you can bet with Bitcoin, as it provides pseudonymity. While it is not 100 percent anonymous, the Bitcoins you have deposited are non-trackable. So, you will stay somewhat unknown.

Earn More Bitcoins 

Some investors have entered the online gambling world to grow their investment portfolios. Not only that, but investors can also multiply their returns if they bet with Bitcoin due to the asset’s volatility.

No Charges or Fees 

PayPal and other payment platforms require players to pay service fees when withdrawing funds. Instead of paying them, you can opt to use Bitcoin and other cryptos for savings.

If you transfer cryptocurrencies from casinos to your digital wallet, you will not pay any fee. This makes cryptocurrencies so attractive among poker players nowadays.

Instant Withdrawals

Bitcoin and other cryptos allow instant withdrawals of winnings. You do not need to deal with delays or wait for several days. 

Big Bonuses 

Many poker sites give new players big bonuses from their first deposits if they make transactions in cryptocurrency.

Bitcoin’s Extreme Volatility 

Bitcoin and other cryptocurrencies are 100 percent decentralized and unregulated. In short, there are no restrictions associated with trading with cryptocurrencies. Since a central governing body does not issue Bitcoin, the governments do not back it.

Cryptocurrencies are traded 24 hours per day throughout the year. So, they are extremely volatile. This means prices may suddenly shift downwards or upwards without any warning.

As a growing asset class, cryptocurrencies like Bitcoin make huge returns for skilled traders and long-term holders. If you wish to play poker with Bitcoin, you have to keep track of daily prices. You also need to monitor news reports constantly.

When the price is high, it is advisable to sell some. Then, when the price is low, it is best to buy more.

Bitcoin the Most Acceptable Cryptocurrency

Aside from being the very first cryptocurrency introduced to the market, Bitcoin is also the most famous. Different institutional investors, including banks, trade this cryptocurrency. It is even categorized as legal tender by several countries.

Many online casinos currently accept deposits and bets in Bitcoin. Litecoin, Ethereum, and other cryptos are generally accepted, but it is a lot easier to find online casino sites that take Bitcoin. 

Safe Online Poker Play with Bitcoin, But Scams are Everywhere 

Playing online poker with Bitcoin and other cryptos is generally safe. However, you still need to be extra careful since crypto scams are becoming very common, including fraudulent exchanges and fake websites.

Victims of crypto scams usually have a few or even no recourse when they fall victim. That is because the crypto market is unregulated. Once the funds have been stolen, it is almost impossible to track them down.

Being extra careful when betting with Bitcoins will help you avoid those scenarios. You can check out customer reviews on poker forums, third-party review platforms, and sites that provide a deeper insight about betting with cryptos. 

Signing Up for a Cryptocurrency Wallet 

To store your Bitcoins, you have to sign up for a crypto wallet, also referred to as the hot wallet. You can choose from several online platforms to store Bitcoins and cryptocurrency keys offline. They also give you easy access to your funds.

On the other hand, storing in a hot wallet can be a huge third-party risk. So, it is better to use a cold wallet instead to protect your assets more effectively.

Make More Money from Your Winnings 

Bitcoin can help you make more money even after you win an online poker tournament or a bad beat jackpot. 

Remember that Bitcoin itself is an investment and appreciates in value over time due to its high volatility. Some investors even hold onto their Bitcoins for a long time to get more returns.

Conclusion 

Playing online poker with Bitcoins can be both profitable and risky. That is why you have to know your limits. You should also only choose trusted online poker rooms and casinos.

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