If you’re anything like me, Bitcoins were just this thing that your tech-minded mates started talking about around three years ago, something that left you bewildered whenever it was being discussed. However, since its invention Bitcoin has become a widely used currency for various things, from illegal purchases in the deep web all the way to being used in online poker. We’ve thrown together a small guide on the latter to get you gambling to your heart’s content.
The History Of Bitcoin
It’s still unknown who exactly invented the concept of Bitcoin, but we do know that it could have been numerous people all working under the pseudonym “Satoshi Nakamoto.” Since that moment in 2008, Bitcoin has seen both highs and lows, the first two years especially highlighting how useless the currency was without a big following. Before it took off and reached the public eye, it was really only those with an interest in tech that both knew about it or invested in it. Now, it’s more of an accepted currency, meaning that it could be something you can look into if you’re a regular gambler.
Bitcoin Money vs. “Real” Money
Ever since online gambling blew up, those playing poker realised the biggest issue in their way was the laborious effort it takes to get your money transferred online. With Bitcoin, you can send your money straight to a website without having to include the banking middle man. This means you don’t have to worry about transfer times at all, with bank transfers often taking up to a certain number of weeks and Bitcoins transferrals only take seconds.
The safety of Bitcoin is up for debate really. Not only is the value of the currency highly volatile with no promise of a shelf life, but the level of risk involved increases the more you invest. That being said, there are many that argue Bitcoin is safer than traditional money as it’s tied to no gold or government, meaning it’s essentially free of any outside forces turning your money useless.
What Bitcoin Can Do For Poker
The possibilities mainly come down to expediency, as is discussed above in an earlier section. However, because Bitcoin is not an actual currency in many places, there are not many governments who struggle with the idea of their citizens using it to gamble. This means that the state has no say in whether or not you take part in online poker, which is only an issue in countries where gambling has restricted laws. As well as the currency being at your fingertips, allowing for quick input and withdrawal, the online poker sites can also handle it with speed. When you choose to cash out your Bitcoin, you’ll no longer have to wait for the online poker website to process your choice before moving onto the laborious process of a cheque clearing or wire transfer.
Hopefully this little guide we’ve put together has helped you see exactly how digital currency is the way forward for online gambling. With the plethora of issues out there when it comes to getting your money online to play poker, you need as much help as you can to get that digital currency to the websites that need it and get playing poker. Hopefully with our help you’ll come out of some poker sessions with a bit more Bitcoin than you went in with!