When it comes to online poker, cryptocurrencies have really emerged as a viable alternative to fiat currencies today. More and more online poker sites are adopting them as a feasible substitute of popular payment methods like eWallets and credit cards. This reality is all the more pleasant because not too long ago funding one’s online poker account with bitcoin used to sound like a distant dream!
However, nowadays, with immense competition amongst online poker platforms, they are doing everything possible within their means to gain an edge over others, including offering bitcoin poker facility to their patrons. Some of the top-rated poker platforms that allow players to deposit and withdraw funds through bitcoin include GGPoker, Natural8, BetOnline, Ignition Poker and Tiger Gaming Poker. Let’s understand what makes it so advantageous to play with bitcoins at these online poker platforms.
Bitcoin poker portals are secure, safe and anonymous
Bitcoin poker websites offer assurance that no sensitive data can ever get leaked to unauthorised individuals. First of all, processing a bitcoin transaction in itself doesn’t require sharing of any personal information between the receiver and the sender. The poker website will receive only bitcoin, and no other details. Hence, you stay completely anonymous in the entire deal. Compare that to conventional payment modes like credit card, your personal details as well as your real name is shared with more than one entity (poker site operator and the banking establishment). Such information sharing is one of the many reasons behind data breaches.
Bitcoin transactions are decentralised and quick
Executing a bitcoin transaction takes no more than a few seconds, and the funds transfer can be confirmed in as less as two minutes. As the process happens through computers situated in different parts of the world, your physical location doesn’t matter. That’s the reason why even players from the US, where online gambling is still allowed in only limited number of states, are able to bypass that restriction and play online poker at bitcoin accepting platforms. What’s even more convenient is that you can use bitcoin for both deposits as well as withdrawals. And because the entire system is decentralised, no one will ever be able to freeze your account or take away your bitcoins, something that might be a possibility with PayPal, credit card and bank transactions.
Bitcoin poker platforms are more economical
Apart from providing convenience in terms of easy deposits and withdrawals, bitcoin poker websites have considerably lower overheads compared to other portals. The conventional poker websites have to bear huge costs in terms of charges associated with deposits, withdrawals and other transactions. Other than that, players also have to pay all kinds of duties and taxes if they choose to play with fiat currencies (something that can significantly dent their winnings). But when it comes to bitcoin poker rooms, majority of the transaction costs are done away with, and are almost zero. Furthermore, the decentralisation aspect ensures that the network isn’t regulated by any payment institution or government body, implying no additional charges or taxes.