Bitcoin seems to be the future of online poker. For years, online poker players have been distributed with the uncertainty of payment processing, waiting weeks or months for a withdraw even at the best online poker sites. Bitcoin changes the game, allowing instant and direct transactions. Without any 3rd party involved or transaction fees.
how and where can you play bitcoin poker online? What opportunities and risks are when playing poker with Bitcoins? This and more will be answered in the following article.
What the heck is a Bitcoin?
Bitcoin or shortly BTC is the name of a virtual currency. Unlike eg Euro, US dollar bitcoin does not exist in a form of coins or notes, merely as digital infomration. Nevertheless, Bitcoins have real value. Exactly the same as in other virtual currencies and goods, the price of Bitcoins determined by supply and demand. Unlike currencies, Zynga coins, and other virtual coins, where the money supply can be controlled by a central bank, there is a limited number of potential Bitcoins. The total amount of Bitcoins is also limited to 21 million. Increases the popularity of Bitcoins in the next few years, then also assume a price increase, simply because the offer is limited. In addition, can not be replaced lost Bitcoins – the total amount of Bitcoins once all 21 million were calculated is, therefore decrease over time.
For the average person, it is not necessary to provide more powerful computers in the basement and thus to calculate Bitcoins. It can easily acquire a Bitcoin exchange this. Marketplaces which there are many: Bitcoin.De, Bitstamp, and octopus are some examples where a small change fee Euro, US dollar, and other currencies in Bitcoins can be exchanged. Because BTC is a young currency, however, one should check before buying about the trustworthiness of the provider. So the collapse of the hitherto largest Bitcoin marketplace Mt. Gox caused many negative headlines with this cryptocurrency.
Earns you Bitcoins, you will also need a place to store them. These stores are these access it either in a wallet in an online service on the Internet from (eg Coinbase, Hive) and can via PC or app, or you store them locally on their computer (eg (multi, Armory). Online have services to advantage that you can access from anywhere on his credit, however, the risk of theft is greater but also desktop solutions are not completely sure when your own computer is hacked or -. what is happening more often – when his wallet or access it loses So you have in desktop solutions necessarily backups of Wallet files Create (protection against falling off the hard disk, theft, accidental delete) as well as those protected with a secure password (which will of course also kept safe must -. such wallets can not be crack using traditional methods) Ultimately, however, is not a currency safe -. the own wallet can also be a yes stolen – and you have to take the necessary precautions.
Advantages to play with Bitcoin Poker
For poker players, there are a lot of good reasons to play poker with Bitcoins. The main advantages of this are:
Security: Bitcoins are due to the time and resource consuming than encryption technology to prevent forgery. And wallets for Bitcoins can be classified as safe as Skrill or Paypal depending on perspective.
Anonymity: A very big advantage is anonymity. Unlike a bank account, where detailed information on their own identity must be specified, Bitcoin accounts are anonymous. Also, remittances are made anonymously. With Bitcoin poker sites usually also sufficient to specify a mail address to be able to play right away. Even with the usual payouts identity check is omitted. thus, players from countries where online poker or casino games are prohibited or restricted have an additional protection.
Cost: There are no or only minimal transaction fees. At BTC poker rooms deposits and withdrawals are usually free. Only when buying Bitcoins to Euro will be a fee. However, this is usually much lower than if you buy USD for EUR, and no comparison to the high cost if you use a Paysafecard or Paypal.
Speed: transfers complete very quickly. Similar to wallets as Skrill or Paypal payments can be made within seconds. Payments usually also take place very quickly, within an hour
No HUD Software: Depending on the position is also a disadvantage. However, for the casual gamers, it is a big advantage when opponents can not find the Holdem Manager or other tools benefits.
Weak players: The level of play at the tables is much smaller than in the established poker sites. The right Grinder remains at PokerStars because there are simply the most players online, and they can operate most Multitabling there accordingly.
Disadvantages to play with Bitcoin Poker
However, there are also some disadvantages to weigh:
Safety while playing: Bitcoin poker rooms are less than established sites like Stars or FTP. Due to the high security of Bitcoins may not close on you that there are the poker sites themselves also. One should, therefore, have only a limited number Bitcoins in a local player account and cash out winnings quickly back on its own BTC Wallet.
Fraud in online poker: The featured in this article opportunities for fraud exist, of course on Bitcoin sides, but with a different weighting. Because the used BTC Poker software is still young, there should be fewer bots there. On the other hand – due to lower external supervision – must be expected that there could be “super-user account” rather. More problematic, however in our opinion is the multi-accounting, so possessing more than one player account per person. Many BTC poker sites allow this even under the assumption that you can not logs in with multiple accounts. This seems naive because the stimulus is for many players because simultaneously playing on two computers and to have such a big advantage over the other players. Simple protection mechanisms (such that per IP only one player may be online) although there is, and also terms of player points / Rakeback you are at an advantage when reacting the same sum with only one instead of two accounts. Nevertheless, this is a serious problem, against which it will not soon be a remedy. We do not know if Bitcoin poker sites can track with a certain logic Multi-accounting as if always the same two players sit at the same tables. The advantage of anonymity but is a big disadvantage in the fight against unfair play behavior as multi-accounting because before the first disbursement owns identity is not even checked.
Fluctuations: Who is a price chart of Bitcoins look, see how much the rate can fluctuate. Unlike USD to EUR, where the fluctuations within a year are generally below 10%, the courses can at Bitcoins ever vary by 10% up or down – and the day. However, the higher the acceptance of BTC is, the lower the currency will fluctuate – apart from possible significant events as then Mt. Gox or regulatory intervention. Anyone who wants to minimize the fluctuations must be kept low (not only on your account) its entire stock of Bitcoins.
The number of players: Conventional poker sites like PokerStars, Full Tilt, PartyPoker or 888 accept no Bitcoins. So one has to turn to other sites such as Bitcoin Poker. Although this is a fast growing poker room, but the number of players is less than the established sites. For regular players who play at fewer cash games tables, which is not a disadvantage. Those who prefer to play tournaments with big prize money – in particular, Multi Table Tournaments – must abide currency area initially to the market leader outside the BTC.
Conclusion: After weighing the advantages and disadvantages shows that it is worth a try definitely, with Bitcoins to poker.
Recommendation: Where to play with Bitcoin Poker
Here we would recommend primarily a Bitcoin poker room: Bitcoin Poker. After Seals with Clubs with the wayward name (translated: seals with crosses) in February 2015 went offline, now stands out Bitcoin Poker. This site is recognized worldwide already at Poker Scout among the largest poker sites – an advantage if you want to play on higher limits or multiple tables at once. The software Bitcoin is optionally available as a program for the computer (PC, Max, Linus), as Android app or you can also play directly in their browser. Besides cash games with different limits and table sizes, there are also Omaha, Omaha Hi-Lo, Sit and Go’s and MTTs. Various promotions keep the players happy. So there are new players a bonus of up to a BTC. All players will also benefit from daily and weekly freerolls (10 Bitcoin Guaranteed resp. 250 Bitcoin Guaranteed). And who does not like to have bad luck, can hope for the Bad Beat Jackpot to have a blessing in disguise?
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