If you are an online poker enthusiast, then you probably already know that you don’t have to deposit real money and that there is an alternative.
Bitcoin is a digital currency that can be traded anywhere in the world and can also be used to make deposits on online poker sites.
Where Does Bitcoin Come From?
You are able to get Bitcoins in a number of ways. They are often bought from certain sites, received as a form of payment or they can be mined.
Mining Bitcoins involves the use of an application that is installed on computers, which then mines Bitcoins. Miners are connected over a network, which will then adjust the amount of Bitcoins that are being created so that they are predictable and also don’t end up flooding the market.
Once the Bitcoins have been mined an electronic signature is added and the currency is in the network and can be exchanged and distributed.
Why Use Bitcoins to Make a Deposit?
There are not that many online poker sites that accept Bitcoins, but if you do find one there are distinct advantages of using this as your deposit method.
- The first advantage of using Bitcoin as a deposit method is that the transactions are very quick. Bitcoins is a peer to peer system where the funds are sent directly to your recipient.
- Another advantage is that you will not have to give any personal information to the poker site that accepts Bitcoins. This then makes it a safe option for those that don’t like to share their information.
- The last benefit is that third parties are not able to stop your Bitcoin wealth or tax your Bitcoins. The amount of Bitcoins you have is private and you will be the only one who knows how much you have.
How to Use Bitcoins for Online Poker?
Bitcoin is a digital currency that is independent of banks and other financial institutions, which means that there are no credit card fees or interference from third parties.
Bitcoins are stored in a virtual wallet on your computer and can be used to make a deposit at an online casino. There are more and more online poker sites that are starting to accept this form of payment and it is a great choice for those that do not want to share their credit card details.
If you want to use Bitcoin, then you should take a look at the guides on their website. Once you understand Bitcoin and how it works, choose a wallet where you are able to store your Bitcoins.
Once you have your wallet, you need Bitcoins that you buy from someone or from an exchange.
Once you have Bitcoins, find an online poker site that accepts the currency. Go to the cashier to make the deposit, you will need the Bitcoin recipient address to make the deposit. The transaction is complete once you have been redirected to your wallet and paid.
Frequently Asked Bitcoin Questions
There are more and more online poker sites popping up that accept Bitcoin as well as special tournaments and bonuses. They are slowly becoming popular, but are not yet as widely accepted. Keep in mind that when you withdraw your Bitcoins they might be worth less or more than what you deposited them for.
Bitcoin is independent of banks and there is no middleman involved, which means that a Bitcoin deposit will reflect instantly.
You are able to make withdrawals with Bitcoin and this process instant. You will also not need to verify your identification for the withdrawal.
There is a danger of Bitcoin being hacked because it is a peer to peer network that is open. However, as the currency grows, security will also grow and improve.
Yes, you are able to transfer Bitcoin on your mobile to online poker rooms as well as sell, buy and convert the currency.