Bitcoin poker growing it’spopularity. Bitcoin poker has experienced exponential growth over the past year or so due to the opportunities it offers to online players and poker sites. Bitcoin can be confusing to understand for many new to space, but you don’t need to know the technology or how it works in order to use it on poker sites.
In simple terms, Bitcoin poker is the means of playing poker with Bitcoin. There happens to beseveral benefits of making use of Bitcoin for playing poker or other online gambling. Online poker allows users to play with their Bitcoin and use it to buy in games. If a player succeeds in a poker tournament, then they are rewarded in the same currency.
Here, go through a few of the benefits of Bitcoin poker and how these benefits are making it so popular in the gambling community.
Benefits of using Bitcoin in online gambling
Privacy
Bitcoin is built in the blockchain, which means it is decentralized. This decentralization means that no person or entity governs or owns it, very unlike dollars, pounds or euros, which are all currencies controlled by a central government and to some extent by the government agen poker.
Because Bitcoin is a decentralized digital currency, it means that no bank has authority or jurisdiction over the transactions that a user wishes to perform. This brings more freedom for online gambling, which allows players to spend as much as they want on a particular game. This freedom also brings anonymity for a user. Bitcoin is not completely anonymous, since all transactions are recorded and stored in the blockchain.
Faster Transactions
Bitcoin poker offers faster transaction times compared to standard online poker games. This is because, as mentioned earlier, Bitcoin is a decentralized currency, which means that there is no need for a centralized authority to authorize payments, which often leads to slower transaction speeds and delays. Because of this, the transaction speed when using Bitcoin is much faster, and sometimes depending on the company, the transaction can be instantaneous.
Low rates
Bitcoin poker is not only secure and private, but transaction fees can also be very low. This is because there is no need to pay for an intermediary such as a bank and its often high transaction fees. Bitcoin is built in the blockchain, which means there will be a small transaction fee, but this is often so small that it goes unnoticed.
These rates will also vary from site to site and will depend on the types of sites used. But usually, the rates are even less than playing with fiat currencies.
United States Regulations
Online poker and its legality can be a complex problem, with some laws not clear. Each country has different laws on poker and gambling, so it is always important to understand these differences before playing.
Final thoughts
Bitcoin poker has the potential to take over standard poker. Bitcoin as a payment option for online players is also sure to grow and be the future of all online sites. Benefits are been seen and it brings to players and the growth potential offered by poker. Online poker sites will soon begin to fall behind if they are not pleased in the decentralized world of Bitcoin.
