The humans are notorious at calculating probability. That’s why many amateur players think online poker is a scam because of unlikely series of hands or a bad run of results. This is a key reason that many poker start-ups are exploiting blockchain technology to create gaming and casino environments with fair game mechanics. The transparent and non-hackable distributed ledger system of blockchain is set to provide intrinsic trust to the poker players.
Today, blockchain is the major leaguer of the technology industry. Many organizations in different industries are revolutionizing the way they do business. And, gaming industry is eyeing blockchain technology to build innovative applications and win the love of a billion players worldwide. It has changed the way players interact with the games and created the possibility to earn for both players and owners.
Blockchain technology has emerged as a technique behind the secure use of cryptocurrencies (even without blockchain technology) in poker industry. In a blockchain network, the transactions are recorded and the records are regularly updated and aggregated in a series of blocks connected through encryption. As cryptocurrency is seen as the money of the future, there is a possibility that it may shuffle off the anti-gambling laws being on the legal side of things.
Cryptocurrency has become the predominant alternative to fiat currencies in the poker world. Many standard free poker sites and emerging crypto pokers sites are accepting crypto transactions. Bitcoin has emerged as the most acceptable cryptocurrency, while other supported currencies are Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR), HEROcoin (HERO) and Dogecoin (DOGE).
Advantages of Using Cryptocurrencies in Online Poker
- Thanks to blockchain technology, cryptocurrency supports super fast withdrawals. In a common scenario, poker sites usually take at least 2-4 days to process the withdrawals of fiat currency. However, cryptocurrencies like bitcoin can be transferred instantly to your cryptocurrency wallet.
- If you give importance to rake in the game of poker, cryptocurrencies offer you an extra benefit to pay less rake or get more rake-back; though this factor may vary from site to site. So, the players can lower the amount of fees paid in the fiat currency via crypto transactions.
- It is attached with anonymity, so you can play anonymously. This factor may also vary site to site, though it wards off online poker sites that also accept fiat currency.
- Apart from Bitcoin, many other cryptocurrencies are being used by gaming sites for faster processing speeds and lower processing fees.
- With plenty of texas poker sites already accepting Bitcoin and new crypto poker sites coming up, you have a choice to choose the best site to reap profits. To name a few, you can try Crypto Poker Club, Coin Poker and Betcoin Poker.
- Last but not the least; you do not need a bank account to get a cryptocurrency account as it is similar to a digital wallet, known better as a wallet. It is easy to transact via crypto wallet through the many cryptocurrency exchanges available.