Today’s gambling world is moving closer to decentralized finance. What does this mean? It signifies that most players are no longer playing in physical casinos. They enjoy the flexibility that online, live, and app-based games offer, and there is no exception with poker.
Poker gambling is one of the most popular forms of casino gaming, and betting platforms allow users to pay through crypto. Playing on Bitcoin poker sites has many benefits since players trust the payment methods on these sites more than bank transfers, credit or debit cards, or e-wallets like PayPal and Skrill transaction methods.
The gambling industry is getting interlocked with the finance industry through payment methods. This connection is linked to the fact that most gamblers are analytical with how they bet and play online. This is why many wonder if there is ever a downside to using cryptocurrency for online poker gambling. This article will assess online gambling through crypto, and the pros and cons that come with paying through digital currency.
Pros of Cryptocurrency for Online Poker Gambling
If you’re still wondering why you should use a crypto wallet for your casino gaming transactions, here are some reasons to consider the payment method:
1. The Privacy
Every player admires privacy, even if they reveal their details while registering their account. Privacy in this context is in two ways:
First, the privacy that comes with giving little to no details while creating your crypto wallet. You don’t need to reveal your social security number, address, or phone number while creating one. All that is required is your email (for official purposes) which is not visible to hackers or recipients.
The only details your recipients would see when you deposit to their account is your wallet address, a mix of words, figures, and symbols. This means that nobody has access to your private data, and even if you’re hacked (there is a slim chance if you have a safe wallet), the hackers won’t gain access to your private details.
The second form of privacy is when you deposit money at the casino. The site will only know you made the deposit because you’re the only account with the unique wallet details. Your private data won’t be shared, which keeps you safe from hackers sniffing around those portals.
2. It’s Accessible to Everyone
Anybody can use crypto, and there is no monopoly of the decentralized network by either government authorities, banks, or a country. You can deposit and withdraw to a poker site through Bitcoin or any other coin from anywhere in the world.
You can also make online payments through these digital coins, which means you won’t be creating a wallet to gamble alone. You’d also be creating the wallet to buy from online stores or trade in Bitcoin.
3. The Transactions are Swift
Traditional payment methods like bank accounts, credit or debit cards, wire transfers, or PayPal and Skrill may take more than 10 minutes. Not that the likes of PayPal and Skrill are not efficient, but crypto is just more efficient, and that’s because there are no middlemen.
Eliminating the third party makes transactions faster since nobody double-checks or registers your transaction for safekeeping. The average transfer takes 2 to 5 minutes.
4. Bonus Offers
Cryptocurrency is like a new currency, and casinos want their players to use it too. It’s one of the reasons they offer specialized promotions for those who use the method to pay and withdraw. You can be lucky to enjoy more deposits bonus if you use crypto than someone who uses credit cards.
You can also enjoy a customized transaction fee for every dollar you send or receive. These bonuses may seem intangible, but when you don’t have enough to play poker, the bonuses you get for using Bitcoin or Ethereum can be put to good use and improve your chances of winning a game.
Cons of Cryptocurrency for Online Poker Gambling
Gambling through crypto is excellent, but there are also a few downsides. These include:
1. It’s Volatile
Crypto is a volatile currency, meaning they’re not as stable as the Dollar, Japanese yen, or Russian ruble. Not that these currencies are stable too (as they can decline in value during inflation), but crypto is more volatile.
This means that you can still lose money if you lock all you have in your wallet and the value of the coin declines. However, you can also make money if the value of the coin in your wallet increases.
2. Trap of Unlicensed Casinos
Some Bitcoin poker sites are unlicensed, but you may not know. You’d see the symbol of the Malta Gaming Authority or any of the regulatory bodies, but in reality, they’re fakes.
The only way to find out is to click that logo. If it leads you to the official Malta Gaming Authority website, it’s licensed. Another way to know is if people online have something good to say about the poker site. If you can’t find anything positive about the portal, don’t deposit your money through crypto into their account. It’s a scam.
Online poker gambling is always fun, which is why many people consider it one of their favorite table games. It also has a reasonable house edge, but you can enjoy more security through cryptocurrency.
Some pros of online gambling through crypto include privacy and security, accessibility to gambling sites regardless of location, fast transactions, and customized bonuses. The cons are essentially the volatility of the currency and the trap of cryptocurrency (but fake) casinos.