Cryptocurrency and bitcoin poker guide – Cryptopolitan
The world of online poker has undergone significant changes in recent years and Bitcoin (BTC) and cryptocurrency have revolutionized the way people play. The poker industries have introduced a new way of handling transactions that are more secure, transparent and efficient.
Bitcoin was the first and most popular cryptocurrency and still has the largest market capitalization. Developed by an anonymous person or group of people under the pseudonym “Satoshi Nakamoto”, Bitcoin has come a long way since its inception in 2009. In bitcoin, transactions are verified by network nodes through encryption and recorded in a book dispersed public master called a blockchain.
Poker, in particular, is one of the most popular card games in the world that uses Bitcoin as its currency. Players can deposit and withdraw bitcoins quickly and easily. There are no transaction fees and the games are probably fair.
What is Blockchain Poker?
Blockchain poker is the same as regular poker. However, it uses a decentralized digital ledger called a blockchain and cryptocurrency, such as Bitcoin, to store game data, run a poker room, and register players.
When playing blockchain poker online, there is no need for an intermediary or a third party. All of your data, including account details and game achievements, is stored in a shared public ledger that all players have access to, adding a layer of security to the game. The use of the blockchain also ensures fast deposits and withdrawals.
Main benefits of using Bitcoin
Bitcoin is one of the oldest, most popular and most valuable cryptocurrencies in the world. So, it’s no wonder that more and more people are using it to play poker online. There are several key benefits to using Bitcoin for online poker, and these are:
- Peer-to-peer: No third parties needed
- Anonymous transactions
- Secure payments
- Variable Value: Holdings may increase in value
- Low transaction fees
- Minimal risk of counterfeiting/fraud
Setting up your Bitcoin wallet
Before taking advantage of cryptocurrencies and bitcoin poker, the next step is to set up your wallet. The Bitcoin wallet is the digital equivalent of your traditional bank account, where your cryptocurrencies can be stored.
Here are some steps to take when setting up a wallet:
- Select a software wallet app you want to use
- Download the wallet app
- Create an account
- Transfer assets
- Backup password
How to deposit Bitcoins?
Now that you know the basics, it’s time to learn how to make a deposit and play some poker. Paying with cryptocurrencies is pretty simple.
Making a deposit is a quick and easy process that takes just a few minutes. Here are some things you need to take into consideration:
- Log in to your poker site account
- Click the Checkout button
- Select Bitcoin as your deposit method
- Copy the displayed Bitcoin address
- Confirm the details
- Enter the desired amount to deposit
- Click on Deposit Funds
How to cash out Bitcoins?
Now, withdrawing your winnings is where it gets a little tricky. As with any online transaction, be sure to take these necessary steps to protect your money and assets:
- Log in to your trading account
- Find the exchange wallet address
- Send the desired amount to withdraw to your exchange wallet
- Go to the “sell” section of the exchange
- Confirm the transaction and wait for the funds to appear in your trading account
How do Bitcoin bonuses work?
Unlike players who use a credit card, cryptocurrency players can receive significantly larger bonuses when joining a poker site. New players often receive a welcome bonus after opening an account and making their first deposit. These bonuses come in the form of bonus money or tournament tickets which they can use to play the poker of their choice.
To ensure you get the most out of your bonus, check any wagering requirements or restrictions before accepting it. These bonuses will have an expiration date, so make sure you use them within that time frame to maximize their value.
Also, remember that these bonuses are an added incentive to get people to play, which means they should never be your primary motivation when choosing a poker site. Always research and consider all other factors before deciding where to play.
Learn about Blockchain Poker and how it works today!
Sure, online poker can be a lot of fun. While there are some risks associated with it, there are also potentially great rewards to be had. With the right approach, you can get ahead. So, if you’re interested in trying out this innovative form of online poker, now’s your time!