A Brief Overview of the Bitcoin Movement in the Online Poker Industry

A Brief Overview of the Bitcoin Movement in the Online Poker Industry

Bitcoin is rapidly becoming a common form of payment at different online Poker websites. One of the most important reasons behind this phenomenon is that Bitcoin is a form of cryptocurrency that can be used by anyone around the globe.

Additionally, players prefer to pay with Bitcoin as it allows deposits to be processed immediately and also ensures the withdrawals are processed within 1-3 days. Due to its convenience of use, BItcin has become immensely popular among the online poker players who would otherwise have had to survive the ordeal of extremely lengthy banking alternatives. 

What Exactly Is Bitcoin?

In simple terms, Bitcoin can be defined as a substitute for the traditional form of money, which can be sent from a person X to a person Y without the interference of the government or bank. 

Our existing banking systems make it mandatory for our money to move through our banks, the Fed, or a government agency until it winds up where we want it to be. Bitcoin helps users to avoid this practice by letting the coins go straight from one location to another without any third-party scrutiny. 

As the Bitcoins can be transferred to any location without interference from a central party, it can be said to be a decentralized currency that exists only in the form of digital signatures. 

This is the main reason why most of the premium online Poker websites are now all-in on cryptocurrency. 

It offers the gamblers and online Poker players much more anonymity and gives them the freedom to withdraw and deposit without involving banks in the process.

Why Is Bitcoin Important in the Online Poker Industry?

Wondering what exactly makes Bitcoin so popular in the online Poker websites and casinos? 

We have no qualms saying that online Poker sites have played a pivotal role in helping Bitcoin reach the position it occupies in the world today. 

One thing that is appreciable about the online gaming industry is that it always adopts new technology and keeps looking for opportunities to bring them to good use. Also, given all the restrictions and prohibitions that came after Black Friday, it is the online Poker industry, which hopped on the Bitcoin wagon, leveraging this unique opportunity to continue catering to American players.

Bitcoin was the solution to many key challenges online Poker players had to face to move their money around. Banks are also sometimes hesitant to conduct these transactions except in countries where rules do not apply or are vague. Crypto solves all of these problems and offers you an easy way to use your money as you want. 

As the restrictions on gambling-related activities levied on financial institutions does not extend to Bitcoin wallets, players are now able to withdraw their deposits without any hassle. So, it can be said without a doubt that decentralization is one of the big bonuses of crypto banking. Here’s a quick glimpse of some other notable ways in which BItcoin has aided the online poker industry.

Contributions of Bitcoin in Online Poker Industry

Let’s know how Bitcoin plays an integral part in the online poker industry below.

Bitcoin Is Free From Bank or Governmental Control

Around the time Bitcoin was invented by Satoshi Nakamoto, the gambling industry was in dire need of an alternative payment system and a backdoor around administrative scrutiny. As it was the time when the black market had already crippled the online poker industry. On top of that came the UIGEA, which prohibited online casinos from offering their services in states where gambling is illegal. 

Also, the banks started working with the US government and complied with the law, making it difficult for players to withdraw their transactions. For example, banks started rejecting a significant amount of transactions associated with offshore casinos. But, thankfully, banks are unable to block Bitcoin transactions as they have no authority or control over it, making them a favourite amongst online gamblers. 

It Does Not Need Processing Fees

One concern with conventional banking approaches that gaming sites, casinos, and poker sites face, is the processing charges. Most often than not, the website owners themselves pay the players’ initial deposit payments, while the players are generally responsible for charges relating to removal. 

Bitcoin does away with all payment costs on behalf of the casino. Gamblers only need to pay miners fees after making a deposit or withdrawal.

Endnote

 All in all, it can be said that the gaming sites that operate under the umbrella of cryptocurrencies are capable of generating buzz much more quickly. Crypto is, after all, still a hot-button topic worldwide. 

And as far as gaming goes, Bitcoin doesn’t seem like a flash in the pan at all. Instead, it comes packed with everything needed to stay in power for as long as gamblers need a transparent banking alternative for withdrawing and depositing money in online casinos.

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Summary

Name: A Brief Overview of the Bitcoin Movement in the Online Poker Industry

Posted On: 10/04/2020

Author: Darren Henley