What poker players can gain and lose from using crypto. Source: pexels.com
The online poker revolution has led to many players now trying an internet-based version of this classic card game, with the option of using cryptocurrencies to play with real money now growing in popularity. Is it a good idea to use cryptocurrencies to place your stakes?
The speed of transactions
One of the biggest benefits of using crypto for online wagering is the speed of funding your account or taking out any winnings. This is good news if you want to play without any delay. For instance, you might want to play poker in a live casino to qualify for a major live tournament such as the World Series of Poker. Big and small tournaments and satellites can be entered in this way.
These transactions are generally carried out almost instantly, while other banking methods like cards or e-Wallets can take up to a few days. If you are short of time, using Bitcoin or another digital token lets you quickly get funds in place. In general, Bitcoin transactions take ten to 20 minutes although it may take longer at busy times or if the operator has a waiting period.
The volatility aspect
This is one issue that could work in your favor or against you, depending upon the exact digital coin you use and the timing of your transactions. The large level of volatility that is typically seen in cryptocurrencies means that it isn’t the same as using your normal national currency to play poker with. These currencies are often viewed as being more suitable as a long-term investment.
Basically, any time that you change money into crypto you are making an investment. Even if you only leave the digital money in your account for a few days before using it, any changes in the market could mean it is worth more or less than you started with before you play poker.
The fees
Generally speaking, cryptocurrencies offer a convenient, low-cost way of moving money around. This is one of the main reasons that users give for choosing this payment method, as it lets them move money around the planet at very little cost.
However, the amount charged as a fee by the poker site can vary widely, so it is important to check the terms and conditions before moving money across to any of these sites. This goes for withdrawals as well as deposits, as you will be hoping to have some funds to take out after playing for a while.
Safety and security
For some players, the high degree of safety and security offered by cryptocurrencies is a powerful reason for using them. Provided that you keep your password safe at all times, this is one of the best ways of keeping your cash completely locked away from harm.
Cryptocurrencies are very secure on their own, so any vulnerability is likely to come from the sites you use them, with the 122 attacks reported in 2020 mainly focusing on exchanges, wallets, and decentralized apps. This makes it important that you check that any poker site you use is professional and properly regulated.
Each online poker player should consider their own needs and priorities before deciding whether to use cryptocurrencies on these sites. It is an option that could make sense for many players but it might not be right for everyone.
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