Bitcoin is popping everywhere in the tech world as well as media. It has made its way in online gambling games. Even if you wish to play using bitcoins as deposit then there are multiple sites approving this payment method. So, why is bitcoin an enticing option for gambling at online casinos? The main reason relates to the deposit and withdrawal of genuine cash from online poker sites.
Overview about bitcoin
Actually, playing poker with real cash is not regulated. In theory bitcoin is the only way for cash transaction to and from online poker sites. It is a virtual currency with no physical structure and not regulated by any ruling body or banks. Therefore bitcoins can be transferred without any delays in minutes. In addition, there are no transaction fees.
Bitcoin is capable to change the way online gambling sites are operated at present as well in future. Basically bitcoins are mathematical open source codes. Each differ from one another. People with powerful computers verify and record transaction on public ledger.
Bitcoin is created using a bitcoin itself. When a computer verifies a block, it gets rewarded with twenty-five bitcoins. This process is called mining. As time passes, bitcoins are becoming hard to mine and more valuable as there is finite amount and algorithms in verifying transactions get more and more complex. Actually, people using bitcoins don’t need to be concerned about the mining technology.
How bitcoin poker works?
As bitcoin is decentralized and in many countries not considered as real currency the law does not care if public gamble with it. In theory, it means your government does not decide if you are allowed to play bitcoin poker or not. Digital currency also makes it easy for deposits and withdrawal process from online gambling sites. The catch here is, if you desire to exchange bitcoin with respective country currency then use bitcoin exchange service, which is totally separate from the poker sites.
What’s bitcoin wallet?
Wallet means a place to store bitcoins but technically it stores information about BitCoin poker transactions. You cannot separate bitcoins from block chin. Therefore when you purchase bitcoins you are buying ownership of blockchain fraction. Bitcoin wallets are categorized into –
- Online bitcoin wallets
- Physical wallets [print the numerical codes on physical things like plastic or wood]
- Software wallets [download specially designed apps]
- Hardware wallets [e.g. Specialized flash drive]
Is it safe to play bitcoin poker?
Certainly there is a little risk involved because bitcoin is incredibly volatile and the chances of it getting devalued someday exist. Alternatively, bitcoin can be regarded as safest currency as it is not regulated by government or even gold. The safest feature is that people want cryptocurrency as it allows to transfer currency in an anonymous manner rapidly without any transaction fees. The chances that demand for cryptocurrency will ultimately outweigh the concerns and its popularity will escalate. Will it be BTC that will dominate online poker? Time will tell!
After purchasing bitcoins, it is time to choose an established bitcoin poker website but do some research before you make a deposit with cryptocurrency.