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 to 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, e.g., Euro, US dollar bitcoin does not exist in coins or notes, merely digital information. Nevertheless, Bitcoins have real value. The same as in other virtual currencies and goods, the price of Bitcoins is determined by supply and demand. Unlike currencies, Zynga coins, and other virtual coins, where a central bank can control the money supply, 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 assumes 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.
The average person doesn’t need to provide more powerful computers in the basement and thus calculate Bitcoins. It can easily acquire a Bitcoin exchange. Marketplaces in 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 provider’s trustworthiness. 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 either in a wallet in an online service on the Internet from (e.g., Coinbase, Hive) and can via PC or app, or you store them locally on their computer (e.g. (multi, Armory). Online has services to advantage that you can access from anywhere on his credit. However, the risk of theft is greater, but desktop solutions are not sure when your computer is hacked or -. what is happening more often lost access to the wallet. Keep necessarily backups of Wallet files as well as those protected with a secure password. Such wallets can not be cracked using traditional methods) Ultimately, it is not a currency safe -. the own wallet can also be stolen. 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 considerable 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 are usually also sufficient to define a mail address 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 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, it is a significant advantage for casual gamers 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 Multi-tabling 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 of 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 – it must be expected that there could be a “super-user account” instead. 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 significant 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 severe 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 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 changes 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, 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 initially abide by currency to the market leader outside the BTC.
Conclusion: After weighing the advantages and disadvantages, it is worth a try definitely, with Bitcoins to poker.
Recommendation: Where to play with Bitcoin Poker
Here we would recommend a Bitcoin poker room primarily: 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. Bitcoin is optionally available as a program for the computer (PC, Mac, Linus), as an 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 with a bonus of up to a BTC. All players will 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?