Playing poker with cryptocurrencies such as Bitcoin is a relatively recent trend that hasn’t gained complete and widespread acceptance in the gaming world. Although there is popular Bitcoin poker available online, not every player is aware of the potential these games hold.
Such games combine the excitement of conventional online poker games with the security and safety offered by blockchain tech.
However, the mere fact that you can do so doesn’t mean you should immediately go ahead and play poker with Bitcoin. It is important to first understand the merits and drawbacks of doing so before diving headfirst into it. Only after assessing the risk-to-reward ratio can you decide if it’s for you or not.
To this effect, let’s take a closer look at some of the pros and cons that come with playing Bitcoin poker.
How Does Playing Poker with Bitcoin Work?
Crypto poker works via secure transactions supported and facilitated by the blockchain tech of cryptocurrencies. Its operation is quite straightforward — players first of all make Bitcoin deposits into a digital wallet provided by the online gaming platform. Once the deposit is confirmed, the player can then go on to have a field day while playing poker.
The Advantages of Playing Poker with Bitcoin
Promoting Anonymity
For players who prefer to keep their personal information private, crypto poker is the way. This is because it promotes anonymity, allowing players to participate in online poker without giving out personal details. Such anonymity helps maintain player privacy and security while also keeping their outside lives separate from their gaming habits.
This anonymity also helps reduce the chances of the occurrence of data breaches or privacy violation issues.
Swift and Secure Deposits and Payouts
When playing poker games, every player wants the assurance that their money is safe and every transaction they make is executed immediately. This is what Bitcoin poker promises, thanks to blockchain technology. With this tech, gamers can make deposits and initiate payouts without the need for intermediaries.
Within seconds, funds get transferred from the sender’s wallet to the destination account seamlessly. And with the security of the blockchain network, users never have to worry about their banking information falling into the wrong hands. As such, there’s only very minimal to no risk of cyber fraud.
Decentralized and Transparent Transactions
Like all other cryptocurrency games, Bitcoin poker functions on a decentralized and transparent blockchain network. This means that every game played and every transaction executed can be verified, ensuring a provably fair gaming environment for players.
Playing poker with Bitcoin uses a decentralized system that employs algorithms to control games without human interference. This eliminates the possibility of cheating, manipulation, or even rigging.
Global Accessibility and Lack of Commission
Bitcoin poker enjoys global recognition, which makes it easily accessible regardless of location or region. It eliminates any restrictions that geographical location may enforce, allowing for diversity in the virtual poker realm. Also, considering transactions have no commission or fees attached when playing poker with Bitcoin, players enjoy 100% access to their earnings.
The Cons of Crypto Poker
As with everything with an advantage, playing poker with Bitcoin has its disadvantages. These include:
Licensing and Regulation
Although gaming establishments offering crypto poker have seen an increase in popularity and demand, not all regulatory bodies share this sentiment. As a result, not a lot of them give licenses to crypto gaming establishments. Consequently, this poses a problem of finding a trustworthy Bitcoin gaming establishment offering provable poker games.
Furthermore, this lack or limit of licensing implies that players may not enjoy the full protection they would otherwise receive from conventional gaming establishments. Players may thus encounter risks like a lack of transparency, certain unfair practices, or even potential security concerns.
Volatility
The crypto world thrives on the volatility of digital currencies. But while this volatility may work out for the good of players, in most cases, the reverse is the case. The fluctuations in the market value of Bitcoin can affect gamers’ winnings, which, in turn, may impact the overall gaming experience.
This inability to predict market trends of digital assets thus desists people from engaging in crypto poker.
Limited Traffic and Limited Game Selection
A lot of fallacies surround the use of crypto when playing poker and other games. These fallacies, further fueled by the unpredictability of assets, thus discourage crypto poker from being accepted by the masses. As a result, the traffic numbers for online crypto poker games can be low.
Also, considering the fact that Bitcoin is not a widely accepted concept, poker game variations accepting digital currencies are also limited. This means fewer gaming options for those interested in playing cryptocurrency poker.
Last Words
Playing poker with Bitcoin and other digital assets will soon be the rave but the disadvantages have to be tackled first for this to happen.
Once those are dealt with, poker players and the online gaming community at large will surely welcome this opportunity with open arms. It will then result in a more secure and trustworthy environment for crypto poker to thrive.
