Blockchain is currently taking the world by storm, with multiple industries already adopting the technology, including the online poker industry. What makes blockchain so popular and relevant these days is its decentralized nature, which offers utmost security and privacy to the users, and provides a strong layer of protection from system intruders and cheats.
Below, we’ve compiled the key benefits of using blockchain and cryptocurrencies in online poker. You might want to consider these when choosing which online poker sites to join.
#1: Enhanced Privacy and Security
Blockchain is powered by encryption and complex mathematical numbers that make it difficult for data to be altered. This means players can be sure that their personal data are protected from falsification and hacks.
Since blockchain is decentralized, users have full control over their transactions. They can choose to not give away personal information, and they don’t have to rely on a central authority to process things.
Additionally, blockchain ensures that your funds are safe even without a central authority taking care of it. You just have to adopt basic safeguard measures to protect your account, such as not sharing your private key to anyone.
#2: Lower Fees
Another advantage of transacting via blockchain/cryptocurrencies is avoiding high fees. Since you don’t need middlemen and other intermediary agents when making transactions, expect to pay relatively lower fees compared to using traditional financial services.
Some online poker sites even allow players to deposit or withdraw their funds without paying any fee.
Similarly, online platforms can also charge lower rakes as there are no intermediaries involved, plus you can get a rakeback incentive on selected sites.
#3: Price Volatility Could Boost Winnings
The volatility of cryptocurrencies makes it possible for you to grow your winnings. Bitcoin (BTC), for example, is currently on a bull run, with its value being on the rise since the COVID-19 lockdown. It reached a 12-month high of more than $19,000 in December 2020, and look where it is right now.
BTC has recently successfully breached the $60,000 mark. So imagine if you collected your winnings in BTC in early 2020 and simply held on to it for about a year, your funds could have grown by more than 1000% now!
A lot of online poker players are already aware how that works, that is why some of them are now choosing to withdraw their winnings in BTC. Online poker sites accepting BTCs, such as Americas Cardroom, are now seeing a surge in demand for this cryptocurrency.
Of course, price drops are also inevitable and that’s what makes the crypto journey a challenging one. But with the right knowledge and strategy, you can always bounce back, stay in the game, and boost your career.