In many ways, cryptocurrency is an unprecedented asset class. It’s well known that bitcoin is the most popular form of digital currency. But other forms like virtual assets, bonds, bullion, etc., are also recognized as digital currencies.
The cryptocurrency market is decentralized, and therefore not under the jurisdiction of corporations with profit-making motives or subject to the whims of an array of central banks. Instead, cryptocurrency runs on shared protocols and the Blockchain-driven distributed ledger system for complete decentralization, transparency, and meticulousness.
That has driven its following among individuals and industries that swear by its ability to overcome the common bottlenecks and hindrances that plague the banking and finance sectors worldwide. Many of the rules and regulations traditionally applied by banks and credit card companies are not applicable to the cryptocurrency transactions.
Owing to the transparency in the cryptocurrency market, it is being used extensively by industries that run on trust and loyalty. The online poker industry is one such. Here an online account on a poker platform can ensure fast and safe transactions of cryptocurrency for gaming.
Some countries have been restrictive in their laws and regulations regarding gambling, and poker often gets unfairly tarred with this brush. However, poker is universally recognized as a game of skill, and not chance. And of course, cryptocurrency has its own benefits for online poker players in countries with extremely restrictive laws as it guarantees privacy and nameless transactions. So, an increase in the number of online poker sites and casinos accepting cryptocurrency is driving in a favorable change.
Let’s consider the relationship between cryptocurrency and online poker. Why Are People Opting for Online Poker Portals that Accept Cryptocurrency? All that is needed to get a game is an internet connection and application portals that work as a gateway to online poker rooms. Owing to the growing popularity of online poker, portals are offering bonuses and offers in digital currency for players who register to play. Many of these portals provide access to e-wallets for the customers. Using an e-wallet lowers per-transaction fees considerably and also offers convenience. In a growing number of cases, customers are looking for e-wallets that can store cryptocurrencies in addition to traditional currencies and digital forms of money. Through these e-wallets, games could be played, winnings and proceeds may be transacted with anyone globally, and also withdrawn.
People are looking for digital currency-based poker platforms as the transactions are seamless and fast, optimally within 10 minutes to 24 hours, whereas bank transactions may take two to three days. Furthermore, with the added privacy that cryptocurrency provides, players feel safe. As the market value of digital currencies is on an upward trend, not withdrawing your sum could also prove to be a good decision for the future.
Digital currency banks on blockchain technology. AS is well known, blockchain is completely decentralized. No government, individual or corporation can exercise control and jurisdiction over it, unlike fiat money that is controlled by profit-making motives of central banks and the government. At the same time, blockchain remains credible by maintaining the mining system and cryptic data. This offers the player the anonymity and freedom to operate securely on online poker platforms, spending and earning with ease.
As opposed to standard forms of poker with fiat money, online poker applications that accept cryptocurrencies are often faster. The peer-to-peer nature of Blockchain makes it faster. Other currencies often depend on the working hours of banks and are inevitably slowed down as a result. The transactions based on cryptocurrencies may take no more than an hour and may even be completed instantly. The currency could also be transferable across portals as an array of online poker portals accepting it. Transactions are complete as soon as the criteria for the winning party are met.
In most countries, including , there is no restriction on playing online poker. Of course, ’s laws find themselves outdated in the modern age. Although the n government does block foreign gambling sites, it is unclear what the grounds are and how consistently they are applied. For instance, the Sikkim government even provides authorization to online applications that provide gambling services.
With the advent of cryptocurrency-based online poker, most of these uncertainties can be bypassed till greater clarity enters the laws. Government laws and regulations are not applicable to crypto transactions, thereby leaving online poker portals to function in a decentralized manner without legal problems.
Crypto is also becoming more mainstream as evidenced by the recent decision of the n Supreme Court to allow the functioning of Crypto Exchanges
Digital currencies, by their nature, have considerably lower fees than their fiat money counterparts in the online poker business. Even the conversion rate for many cryptocurrencies is lower than fiat money in dollars or euros. This lower rate is possible because intermediaries like banks that charge unreasonable transaction costs are not involved.
Given its benefits, it was not surprising to see poker players and well-established poker platforms backing cryptocurrency-based online poker applications. Phil Hellmuth – winner of 14 WSOP (World Series of Poker) accolades and about $21 million from poker competitions– has transformed his support for cryptocurrencies into a side profession as he is a consultant for a firm that helps monitor market values and trading to compile cryptocurrency prices.
2017’s WSOP winner — Doug Polk — established his own cryptocurrency following his numerous investments and earnings in bitcoins. Professional players like Dan Colman and Brian Rast are consulting agents for a poker initiative on Ethereum.
Online poker, powered by digital currencies and their many benefits, could take over standard poker rooms. In a time when both the fiat money system and online poker system needs change, a collaboration between these solutions could be revolutionary. The players will guarantee its success.