Will Online Poker Become Crypto Exclusive?
Cryptocurrency came a long way in the 2010s. From being an afterthought to having a market value in the trillions, crypto is here to stay.
The relationship between crypto and online gambling has always been very relevant. Poker players love to gamble, while new ways to make money excite them.
An increase in the popularity of online poker came at the same time as the rise of cryptocurrency. Many online poker sites now allow players to deposit and withdraw money into their accounts using currencies like Bitcoin. Below is a guide that explains how cryptocurrency could be the future of online poker, and how many sites may soon become crypto exclusive.
The question many people ask is why online poker platforms accept cryptocurrency in the first place. A simple answer is privacy.
Poker players care a lot about privacy when they are playing online. Most poker enthusiasts may not trust a website to handle their credit card, debit card, or bank account details. As these are the three most common ways to pay for goods and services online, poker sites needed an alternative.
Cryptocurrency is safe, anonymous, and untraceable. There is no risk of someone finding out that a specific person added money into their online poker account, should they wish to keep that account free of any personal information.
Perhaps someone has a job where reputation is everything. They may not want anyone in the public to find out they spend a lot of time playing online poker. Crypto ensures they can remain private while enjoying their hobby guilt-free.
A key concern with online casinos and poker sites handling customer payments is whether they can keep that information secure. Using platforms like PayPal is often the preferred way for someone to pay for goods or services online, but these platforms do not always do business with poker websites.
Cryptocurrency ensures that a prospective player does not need to enter any personal banking details on a poker website. All they need to do is buy Bitcoin, and then pay however much Bitcoin they wish, into their poker account.
Withdrawing money using crypto is also very safe and straightforward. Players can then keep that money as a cryptocurrency, or quickly exchange it for U.S. Dollars or the equivalent currency of their choosing.
Casinos Appear Forward Thinking
While there are millions of people who enjoy playing online poker around the world, there are also countless poker websites and apps. Competition is fierce, and no site wants to appear as though they are behind the times.
Accepting cryptocurrency shows that a poker platform is aware of the latest trends and technologies. They are willing to allow players to pay using crypto, which suggests they will also be more likely to incorporate other cutting-edge technologies into their platform.
Poker players can tell in an instant if a site is regularly updated and using the latest tech. They see if the platform accepts Bitcoin and other cryptocurrencies. If it does not, such a poker platform is likely outdated compared to the competition.
Crypto-Exclusive in the Future?
Many experts believe that poker websites will soon discontinue the acceptance of credit cards, debit cards, and bank account transactions for depositing and withdrawing money.
Such transactions often involve paying fees to middlemen, both for the consumer and the business. Money can also take several days to exchange hands, while cryptocurrency transactions are instant.
Platforms that have a worldwide presence may also find it easier to accept crypto, rather than allowing users to pay through various currencies. Going crypto-exclusive would allow a company based anywhere in the world to welcome American players, as an example.
Sign Up On a Reputable Platform
By signing up at a reputable website, preferably one that allows you to use crypto for deposits and withdrawals, you can have fun playing poker and keep your winnings safe.