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Bitcoin Poker Deposit
The birth of the world wide web allowed many games to transition into the virtual world. Games that were once played in casinos can now be played through computers, laptops, and mobile devices. When poker moved online, it wasn’t just a change in setting. The best professional poker players had to develop new kinds of playing styles to make them successful on virtual tables – something a bit different from the techniques needed in live tournaments.
The internet also allowed for the creation of a new type of currency, that is, digital currency. If you are looking for a way to buy virtual chips, then check out Bitcoin.
What is Bitcoin?
Bitcoin is defined as “decentralised peer-to-peer cryptocurrency”. The word “decentralised” refers to the fact that there is no central authority that regulates Bitcoins. This means that Bitcoins work a bit differently than real-world currencies that are regulated by banks and governments. You won’t find a specific conversion rate between a Bitcoin and a US Dollar or British Sterling Pound. This is why Bitcoins are also defined as “peer-to-peer”, because the value of this digital currency depends on the entire Bitcoin network that has a couple million users.
The word “cryptocurrency” refers to the idea that Bitcoins are encrypted with a powerful algorithm known as SHA-256. This algorithm is the same that is used by credit cards for online transactions.
There are only a fixed number of Bitcoins in the entire world. In order to acquire some, you have to go to Bitcoin exchanges. You can think of a Bitcoin exchange as a combination of a store, a bank, and a stock exchange market. These exchanges are where you can buy Bitcoins for certain amounts, but note that the amounts will change every now and then.
Pros and Cons of Poker Bitcoin
Being a “peer-to-peer” digital currency, Bitcoins are a bit more unpredictable than common online poker deposit options. Here are some pros and cons to consider:
1) Bitcoins have Lower Fees but are Harder to Purchase
When you use Bitcoins for poker deposits, you do not go through a “middleman” or a third party payment processor. This means that there are lesser fees involved when you deposit or withdraw Bitcoins, unlike real-world currencies that have currency conversion rates.
The Bitcoin is also a fast deposit option. Unlike wire transfer poker deposits that may take a couple of days to go through, Bitcoin transactions are instantly accepted by poker sites.
Having said that, Bitcoins are harder to get a hold of than real-world money. Because there are only a limited number of Bitcoins in the entire world, you might end up looking through many Bitcoin exchanges before finding some you can afford. Furthermore, the price of the Bitcoin fluctuates wildly. The price of Bitcoins has gone through many cycles of appreciation and depreciation in the past years. This means that you can never really know how much money you need to set aside to purchase Bitcoins. The prices can change today, next week, next month, and so on.
2) Security Problems with Bitcoin
There are some security and anonymity problems when you choose to play poker with Bitcoin. This has something to do with Bitcoin exchanges. As mentioned earlier, you have to be really careful with finding a legitimate exchange. Exchanges often require you to provide several pieces of identity verification before allowing you to buy Bitcoins. This means you have to disclose personal details, and this puts you at risk for identity theft.
3) Spending Less or More with Bitcoin
An advantage to using Bitcoin deposits is that a single Bitcoin can be divided up to eight decimal places. Bitcoins don’t comply with the usual minimum requirement that regular currencies have. This means you can stretch your bankroll as little or as much as you like.
But because Bitcoins don’t really have a set conversion rate, a single Bitcoin can cost a lot of real-world money. This means that when you use Bitcoins, you may not be fully aware of how much you are spending. You could easily end up spending more than what you originally intended to.
4) Fewer Poker Sites Accept Bitcoin
If you were planning to play at the most popular poker sites, then you could have trouble looking for one that accepts Bitcoin. As mentioned earlier, Bitcoin has no exact real-world conversion rate, so there are fewer poker sites that offer it as a payment method.
If you are looking for a payment method that is widely accepted at online sites, then you could check out Visa card poker deposits.
How to Use Bitcoin Poker Deposit
To use Bitcoins for online poker, you have to first create a Bitcoin wallet. A Bitcoin wallet works like electronic wallets where you keep real-world currency. A Bitcoin wallet will store your Bitcoins while you are not using them.
Next, find a Bitcoin exchange. There is a database of Bitcoin exchanges online where you can type in your country and you will be presented a list of available exchanges.
Different exchanges may have different Bitcoin rates. Take your time searching for an exchange you like. Remember to check if the site you are looking at is a legitimate Bitcoin exchange. There are Bitcoin exchange reviews online, so you can check those out for reference.
Once you have your Bitcoins, you can find online poker sites that accept Bitcoin and start dominating the virtual tables!
If you love to play poker on mobile apps, you can also download the Bitcoin wallet app for faster and easier transactions.