Bitcoin Poker Websites - Online Poker Sites accepting Bitcoins
One of the latest emerging trends amongst online poker players is playing online poker at Bitcoin online poker sites.
Perhaps the main reason why these types of online poker rooms are becoming increasingly popular is the fact that cryptocurrencies, such as Bitcoin, are making it easier for online poker players to deposit and withdraw their funds.
Looking for a Bitcoin online poker room? If so, you have come to the right place. We spent hours looking for the best real money online poker rooms that accept Bitcoin as a payment method and provided a list of the top choices in the online poker community.
We also included a guide to Bitcoin, how you can deposit using Bitcoin, and listed the advantages of this unique payment method.
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- Top American Bitcoin Poker Rooms
- What is Bitcoin?
- Where Does Bitcoin Come From?
- How to Use Bitcoin as a Payment Method
- Advantages of Bitcoin
- Disadvantages of Bitcoin
- Bitcoin as a medium of exchange vs in-game currency
- Frequently Asked Bitcoin Questions
With the growing popularity of Bitcoin in the online gaming industry, several leading online poker sites have opted in to provide Bitcoin as a payment method. If you are keen on the idea of using Bitcoin as your preferred payment method and want to find the top online poker sites that accept Bitcoin, you’re in luck as we at Top10pokerwebsites have narrowed down the list to a handful of fully reviewed online poker sites that support Bitcoin as a payment method.
What is Bitcoin?
Although Bitcoin was established in 2009, it was only in 2011 when this new modern currency managed to hit the mainstream market as the first decentralised currency of the world. Bitcoin, as a cryptocurrency, differs from traditional currencies such as the Euro, Pound Sterling, and US dollar as it doesn’t use a third party.
Unlike traditional currencies, it has no central bank and essentially functions through a peer-to-peer marketplace. Although Bitcoin initially suffered through a turbulent period due to the contemporary nature of this new currency, over the years its reputation along with its popularity has grown strength to strength. By 2014, thousands of online corporations started offering Bitcoin as an alternative payment method. It wasn’t long until the online gaming industry saw the potential in Bitcoin, and now you’ll be able to find several online poker sites that will allow you to deposit and withdrawal through Bitcoin.
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.
How to Use Bitcoin as a Payment Method
Create a Bitcoin Wallet
To use Bitcoin as a deposit method at any online poker room that accepts Bitcoin, you will first need to obtain a Bitcoin wallet before a deposit can be made. This can be achieved by visiting the Bitcoin website. Fundamentally, you will have two types of Bitcoin wallets to choose from, including a desktop wallet and a web-based wallet service.
For your convenience, our experts at Top10pokerwebsites recommend that you choose a web-based wallet service instead of a desktop wallet, as a desktop wallet will require you to download additional software onto your computer. However, if you don’t mind the additional download and installation process of additional software, you are more than welcome to choose the desktop wallet. While registering for a Bitcoin wallet, you’ll be required to provide your email address and a Bitcoin password. Unlike an e-wallet where you’ll be required to provide your home address, Bitcoin does not ask for your place of residence at all.
Load Your New Wallet with Bitcoins
Once you selected the type of Bitcoin wallet you want, and managed to successfully register a Bitcoin wallet, you can go ahead and purchase Bitcoins to add to your Bitcoin wallet. You can buy Bitcoins in several different ways, and the most popular ways include purchasing bitcoins directly through your Bitcoin wallet, or use Bitcoin exchange services such as Bitstamp or BTC China that will allow you to trade several currencies for Bitcoins. In addition, you can exchange your Bitcoins for another currency if you feel like it. Furthermore, you can purchase Bitcoins from other Bitcoin users for a price that’s pre-agreed upon, or mine your own Bitcoins by using special software to solve mathematical problems.
Register with a Bitcoin Online Poker Room
Once you obtained a Bitcoin wallet and loaded a couple of Bitcoins into your wallet, you’ll be ready to register with one of our recommended online poker rooms that accept Bitcoin as a deposit method. Once you completed the registration process, make your way to the Cashier section and select Bitcoin as your deposit method.
Depositing Funds at a Bitcoin Online Poker Room
Once you completed the steps mentioned above, you’ll be able to deposit funds in your online poker account. With Bitcoin, you won’t be required to provide any card details or personal information to deposit funds at an online poker site. Instead, your funds will be transferred from your Bitcoin wallet to your online poker room through Bitcoin addresses. A Bitcoin address is characterised as a series of numbers and letters that normally range between 27 and 38 characters. Therefore, if you are using Bitcoin as a deposit method, you will only need to provide your Bitcoin address and the online poker room address to make a successful deposit.
Advantages of Bitcoin
Bitcoin provides a fantastic range of advantages for both online poker operators and online poker players, making it an attractive alternative for funding your online poker account. Players that are accustomed to high transaction fees and credit card rejections, like poker players residing in the US in particular, will find Bitcoin extremely helpful. With Bitcoin, there are no credit card intermediaries or banks that take their cut when making an online transaction. In addition, Bitcoin deposits can’t be blocked by anyone, and they are normally free of any additional charges apart from the Bitcoin transaction fee that is usually the equivalent of a couple of cents. One of the greatest benefits for online poker operators, apart from the advantages as mentioned above, is that transactions with Bitcoin are mostly like playing with cash. There’s no likelihood of a ‘chargeback’ taking place as you get on a credit card transaction where a player disputes the charges that were made on their credit card to obtain a refund.
Another great benefit is Bitcoin’s anonymity. Although it is commonly believed that Bitcoin renders a player, as well as their transactions, completely anonymous, it’s better to say that Bitcoin is semi-anonymous. While individual transactions with Bitcoin might be anonymous, that can only be identified by a certain cryptographical generated address for the receiver and sender, the Blockchain maintaining the ledger of all transactions made with Bitcoin can be used to track down the origins of any funds when using Bitcoin. Therefore, someone converting Bitcoins back to cash at any online exchange, for instance, can have their transactions traced back to the point of origin.
The speed of Bitcoin transactions is also one of its biggest assets. Transactions made through Bitcoin are almost instantly received. However, online players that are new to Bitcoin quickly become aware of the confirmations concept that slows down a transaction which greatly depends on a poker room’s policy. To protect against the same Bitcoins being spent again, the receiver can wait for the network to confirm the transaction a couple of times before the funds are credited to your online poker account. This can have a delaying effect on the acceptance of your deposit ranging from 10 minutes up to 1 hour. If you not too sure if the online poker room has a delay, you can simply ask them how many times a confirmation is required before your funds are accepted. Each confirmation roughly takes up to 10 minutes in real-time.
Disadvantages of Bitcoin
Some online poker rooms that offer Bitcoin as a payment method usually don’t hold a gambling license from a specific jurisdiction. It’s widely known that gambling licenses are associated with plenty of application fees, so online poker rooms save large sums of money that would normally be spent on obtaining a gambling license. Therefore, before registering with an online poker room, ensure they have a gambling license from a well-known jurisdiction.
Although the popularity of Bitcoin is increasing, the online poker rooms that accept Bitcoin as a payment method is still somewhat limited. Another disadvantage is that Bitcoin is considered a volatile currency which means the exchange rate can fluctuate very quickly.
Bitcoin as a medium of exchange vs in-game currency
One crucial factor to consider when using Bitcoins at any online poker room is to find out whether the online poker site allows you to use Bitcoin as an in-game currency, or if it will convert your Bitcoins into another currency before you can join a cash table or tournament. If the latter is the case, you shall be subject to Bitcoin’s fluctuating exchange rate from Euro to U.S dollar. It is not uncommon for the exchange rate to vary over 5% on any given day, which is an extraordinary event for any of the world’s fiat currencies. For this reason, it would be wise to avoid any Bitcoin currency exchanges at an online poker room, and rather look for one that will allow you to use Bitcoin as an in-game currency.
Frequently Asked Bitcoin Questions
1. Is Bitcoin a Popular Deposit Method?
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.
2. How Long Does It Take for A Deposit to Show?
Bitcoin is independent of banks and there is no middleman involved, which means that a Bitcoin deposit will reflect instantly.
3. Can I Withdraw with Bitcoin?
You are able to make withdrawals with Bitcoin and this process instant. You will also not need to verify your identification for the withdrawal.
4. Is it Safe to Use Bitcoin?
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.
5. Can I Use Bitcoin on Mobile?
Yes, you are able to transfer Bitcoin on your mobile to online poker rooms as well as sell, buy and convert the currency.