Top 5 Bitcoin US Poker Sites 2020
Online poker is always going to be a popular hobby and profession for a lot of people across the world. It is always on the crest of new shifts in technology and ways of life. It tends to naturally keep up with the curve of development. Now there are some online poker sites that accept bitcoin as a form of payment. Cryptocurrencies such as bitcoin first began to come to prominence in early 2017 when there was massive appreciation in the price of the major cryptocurrencies. This led to many people becoming multi-millionaires in a very short space of time when the likes of bitcoin and ethereum rapidly grew in price level.
People liked the way in which payments could be made in a more secure and cheaper fashion than traditional methods. Naturally, it did not take long for online gambling platforms to get in on the action. A lot of progressive online sites began accepting the likes of bitcoin as a payment method. There were even gambling platforms set up that were solely accepting cryptocurrencies as a payment method. This article looks at the growing popularity of using the likes of bitcoin in online poker and what the future may hold for the sector.
- Bitcoin surged to mainstream popularity in 2017
- Some online poker platforms solely accept bitcoin as a payment method
- It allows for more privacy, cheaper costs and faster processing times
Growing popularity of cryptocurrencies
As mentioned, 2017 was the real breakout year for cryptocurrencies. While the likes of bitcoin had been around for a number of years, it was in 2017 that it entered into the mainstream consciousness. At the start of the year, it was just under $1,000 in price for a single bitcoin. By the end of the year, its price had almost reached $20,000. There was an obvious bubble in the space, with countless mainstream media reports about the phenomenon leading to everyone trying to get in on the action.
Countless people who knew little to nothing about how the likes of bitcoin worked were putting their life savings into investing in these coins, as well as maxing out credit cards. Since 2018, there was a significant decrease in the value of the majority of cryptocurrencies. There has been resurgence since, with the prices becoming a bit more stable than they were previously. Disregarding the investment side of cryptocurrencies, a lot of people were looking to use these tokens to buy and sell goods and services in a more secure manner. Initially, bitcoin got a lot of flak for being the payment method of choice on the illegal goods and services dark web marketplace, the Silk Road. However, as time went on, legitimate businesses began to conduct transactions in bitcoin and it started to become a lot more normal. There are a lot of aspects to bitcoin which make it an ideal way for some people to add and withdraw funds for online gambling.
What exactly is bitcoin?
Bitcoin is a digital currency that is decentralized. Blockchain technology is at the core of this digital currency. This is a list of records which is constantly updated in real-time. These individual records are put together in blocks, connected through encryption in order to make a chain. Blockchain is now being used for a wide variety of applications. With bitcoin, every transaction is recorded on the blockchain and it cannot be altered. This is why bitcoin is seen as being secure. There is no single body in charge of these coins, there is a fixed supply that are released at predetermined intervals.
What are the benefits of using online poker bitcoin payment methods?
There are a few different reasons why people in online poker use bitcoin as a payment method. These reasons will vary from person to person.
Faster transaction speeds
With a lot of payment methods, funds will be almost instantly deposited into an online poker account. However, when it comes to withdrawing funds, this process can take a number of working days for payments to process and to reach your bank account. On average, online poker sites usually take 3-5 working days for withdrawals to process. You often also need to undergo extensive identity checks when using these payment methods. With bitcoin, you will not be waiting more than 24 hours for funds to be withdrawn. Oftentimes these funds will even be processed instantly.
This is mainly for those online poker sites which exclusively support bitcoin payments. Players are able to play without having to sign up for an account and do not need to enter in their personal details and have their identities verified in order to play and withdraw funds. This is ideal for those people who are concerned about the privacy of their data and what to play online poker in an anonymous manner.
Potentially lower costs
While most payment methods on traditional poker sites are not charged extra fees by the operator itself, there are often third party fees associated with transactions. Credit card companies for example will be charging a certain percentage on each deposit you make These costs can be eliminated when using bitcoin as it only costs a few cents at most to make a transaction. Some poker sites also allow you to pay a lower rake rate if you are using the likes of bitcoin instead of traditional forms of currency.
Using online poker bitcoin as a deposit method
If you are interested in obtaining bitcoin (presuming you do not already have any) in order to play poker online, then there are going to be a few different steps you are going to have to follow.
Get a bitcoin wallet
Your first step is to obtain some form of bitcoin wallet. You can download basic forms of these wallets online, but the safest ones are physical hardware wallets which are not connected to the internet. However, for ease of use a lot of people will use digital wallets. A bitcoin wallet is effectively like a bank account for your bitcoin. There are many different resources that show you which are the best wallets for your needs.
Purchase some bitcoin
As soon as you have downloaded the bitcoin wallet, you will be ready to purchase some bitcoin. There are many exchanges out there today which allows you to buy bitcoin. If you are not very familiar with trading and exchanges, your best bet will be to use a platform such as Coinbase. This is a fiat to cryptocurrency exchange which is very intuitive and easy to use. All you need to do is deposit money using a debit card or bank transfer and then use these funds to buy a certain amount of bitcoin. You can then send these funds to your already selected bitcoin wallet once they have been purchased.
Finding an online poker bitcoin site
Your next step is going to be selecting an online poker bitcoin site. It is important that you do your homework and ensure that they are a reputable platform that takes your security seriously and that has a decent selection of poker games for you to choose from. After doing all of your research into the matter and when you have found a platform to use, you can then deposit your bitcoin into it. This is simply done by obtaining the bitcoin address for your online poker bitcoin account and then sending your funds from your bitcoin wallet to this address. This process will not take long at all. When it comes time to withdraw your funds from your online poker bitcoin account, you do a similar process. It cannot be any more straightforward!
What is the next step?
As this is a field that is still in its relative infancy, you need to familiarize yourself with what makes up the space. A lot of times these poker sites might carry a bit more risk than the reputable poker options. You can check out unbiased and objective reviews for these poker operators through the AmericaGambles platform.
Conclusion:The way of the future?
Many people believe that in years to come, digital currencies will replace fiat currencies. Already some countries don’t really accept cash anymore, they prefer all transactions to be done through credit cards and the likes. As time goes on, the online poker bitcoin field is definitely something worth your while keeping your eye on.