Bitcoin value swings have been in mainstream headlines. Nevertheless, you can see that the swings are between 2% to rarely over 5%. Bitcoins have even made their space at online poker rooms. So, what is bitcoin? Bitcoin is digital currency without any support from silver, gold or other valuable metals. There is no real physical coins or notes. It is lengthy computer-generated codes, which are sent or received. Bitcoin value is defined by the concept of demand and supply in the market.
Advantages to play on bitcoin poker sites
- No financial authorities can view the bitcoin transactions, no one can block them and no one can question or know they are occurring.
- Small amount transactions in bitcoin are instant, while for big amounts just wait for one hour.
- You don’t need to pay any fees, when bitcoins get transferred from or to your account. Just pay a small charge at the exchange, when your bank wire is swapped for bitcoin.
- No Learning curve – Setting wallet, adding cash and using it for deposit and withdrawal is not technical.
- Money is sent using Bitcoin to a specific poker site account using wallet’s specifically created code which becomes worthless after the funds get deposited.
Disadvantages to play with bitcoins on poker sites
Exchange rate volatility
Bitcoin value in dollars will fluctuate, which affects users who store cash in their bitcoin wallet. Many poker-players exchange cash for BTC and transfer it instantly to their poker site. It means they never hold bitcoins for a long time. Even make sure that you cash out right away and not let money lay stagnant in the bitcoin wallet.
If you keep Bitcoin wallet log in details confidential there is no worries about hacking. Unlike credit cards, fund sent using bitcoin are not reversible and gone forever. There is also no way for tracking the other party.
Steps for making deposits on bitcoin poker sites
Get bitcoin wallet
You can choose from online account or downloadable version [software]. Online bitcoin wallet is a good option for high roller players. You will just need an email address to open a bitcoin wallet. Make sure to note down your wallet ID, security information and password.
Put fund in the bitcoin wallet
A second account needs to be opened with bitcoin exchange. There are many of them but go with reliable and experienced one. You will need to offer currency to the exchange and your wallet information. Soon, your wallet will be funded with bitcoins.
Transferring deposit to bitcoin poker site
You will need to provide the pokersites receiving bitcoin address and amount to be deposited on your wallet. The poker site will instantly convert the BTC into fiat currency, which will be used to play poker.
You can withdraw using reverse method. Go to wallet and generate your personal receiver ID and give it to your poker site for withdrawal. The dollars get converted into bitcoins at existing exchange rate and gets transferred.
Bitcoin is great for playing online poker. You can get list of top bitcoin poker sites on www.cryptocompare.com/spend/guides/top-5-bitcoin-poker-rooms/. There is no need to provide sensitive information to the poker room. Security issues lie on your end, it means if you send 2 bitcoins in the transaction, you just risk 2 bitcoins. Hackers cannot access bitcoin wallet even if they hack the poker room because the gambling site also does not have any details.