Best Bitcoin Poker Sites of 2020
Bitcoin is a digital currency and if you’ve been playing online poker for any decent amount of time, chances are you’ve heard about bitcoin poker sites before and you’ve probably wondered to yourself what Bitcoin means for online poker and gambling. Well, this guide will get you up to speed on what is undoubtedly the payment of the future.
Check out our highly recommended Bitcoin poker sites below!
What is Bitcoin?
Bitcoin was created in 2009 and it is a digital online payment system that can be used to send and receive money, just like you would do with any other form of online payments. The major difference between Bitcoins and traditional currency is that it is decentralized.
“What does decentralized mean?”, you might ask. Good question. In short, it means that no one entity, such as bank or government, has control over Bitcoins. This, being Bitcoins biggest differentiating factor, is also the very reason why Bitcoin is getting more and more popular by the day, and this is true for Bitcoin poker sites that allow players to use Bitcoin for online gambling on poker.
Another obvious difference is that Bitcoin is purely digital. It is not physical and cannot be printed. Unlike printed money, there is a limit to how many Bitcoins can be created – That limit has been decided to be only 21 million Bitcoins.
Every Bitcoin transactions are stored in what is known as a “block chain”, which ultimately acts like a giant ledger. The blockchain stores all the information regarding the transaction, such as how much, from which account to which account etc. So, anyone with a bitcoin address can check your bitcoin account and know how much bitcoin you have, though they’ll never know that account actually belongs to you, because Bitcoin accounts are simply attached to a Bitcoin address, not your personal information.
Now that we’ve briefly discussed the background of Bitcoin and what it is in a nutshell, let’s take a deeper look at why and how you can use Bitcoin for online poker gambling at Bitcoin poker sites.
What are the Advantages of Using Bitcoin?
Getting started with Bitcoin for poker sites is easy and all it takes is a quick installation onto your PC or mobile device and the Bitcoin software will create your first Bitcoin address to be shared with friends and family for easy payments to your Bitcoin wallet. From there, you will be ready to start creating accounts on Bitcoin poker sites and start playing online Bitcoin poker in no time.
There are many advantages for using Bitcoin for online poker gambling, below we’ve listed some of the most popular ones:
- Privacy – Remaining anonymous is a big point for some players because they don’t want to share their personal details with Bitcoin poker sites and want to feel free to enjoy online Bitcoin poker without having everyone know what they are doing. The entire design of Bitcoin is being able to remain unknown and play Bitcoin online poker in complete privacy which makes players feel at ease.
- Security – Bitcoin currency is one of the most secure forms of currency available on the market today providing that you store the Bitcoins properly. As long as you keep your Bitcoins away from online wallets, protect your private keys with strong passwords, and keep the bulk of your coins in cold storage, you won’t have to worry about someone stealing your coins and you can use Bitcoins for your online gambling needs without any worries whatsoever.
- The speed of payment – Compared with the sometimes-sluggish payment of bank transfers which can take days in some cases, Bitcoin payments are made in mere minutes. Not having to wait for your winnings is a great thing especially when you have put together some big wins playing Bitcoin online poker and need to collect your winnings quickly.
- Cost effective – The fees charged by Bitcoin are a fraction of those charged by other e-wallet service providers and the fees are much lower than those charged by banks for domestic currency conversions. Both Bitcoin poker players and Bitcoin poker sites benefit from this set-up because players get to keep a far greater portion of their Bitcoin poker winnings and the Bitcoin poker site’s operators pay a lot less in transaction fees or service charges to process your money.
- Bitcoin is perfect for online gambling – Bitcoin was designed and created for the internet and is set to replace the sometimes inconvenient and cumbersome methods of making deposits such as credit cards and bank transfers. With the development of the internet, old ways of depositing funds like using credit cards are becoming obsolete and Bitcoin poker delivers a fantastic gaming experience without the drawbacks of costly processing fees, provides amazing security and is easy to use.
Why Use Bitcoin for Making Deposits at Online Poker Sites?
When you combine the above points, a strong case is made for using Bitcoin when it comes to a safe and reliable deposit/withdrawal method at online poker rooms. The internet age has given players gifts that will be enjoyed for years to come and the Bitcoin method has been tested and proven to be a suitable replacement for other similar e-wallet solutions due to the ease of use, the cost-effectiveness of the transactions and overall security of the encryption technology.
Bitcoin takes a little bit of time to get used to but once you understand how the process works, you won’t go back to bulky deposit methods and higher fees involved with bank transfers and wire transfers. The speed of payment, ease of use, enhanced security and global acceptance are all great reasons why Bitcoin poker players should embrace this brave new system. Look into getting started today and have complete confidence in using Bitcoin for your online gambling needs.
Frequently Asked Questions
Yes! Although not all poker sites accept this payment, all the top ones certainly do. As Bitcoin continue to increase its popularity as an online poker payment method, more and more poker sites will follow suit and accept Bitcoin as a form of deposit method.
Absolutely! In fact, it’s actually even harder for someone to try and steal your Bitcoins than it is to steal your banking information because not only do they need your login details, but they’ll also have to get their hands on your physical Bitcoin device.
Hands down the biggest advantage for using Bitcoins for making online poker deposits or withdrawals is speed. Unlike with traditional payment methods such as PayPal, bank wires etc, Bitcoin transactions are instantaneous. Who wouldn’t want to get their money into their own account as soon as possible, right?