Established in 2008 as the first ever decentralised digital country, the use of bitcoin has surged in recent years which has seen numerous e-commerce sites–most notably Microsoft and Amazon–as well as various shops, bars, restaurants and hotels accepting bitcoin as a legitimate method of payment. With this growth in the number of uses for the cryptocurrency, it is no wonder that bitcoin poker is now readily available online for both computer users and mobile/tablet users alike. But why play at bitcoin poker sites?. What are the advantages of using bitcoin over other governmentally regulated currencies? Below is a list of some of the reasons why playing at bitcoin poker sites can be beneficial to you.
- Instant Deposits/Fast Withdrawals:
A frequent complaint from poker players using non-bitcoin sites is that the processing of payments can be delayed due to the indirect nature of transactions between the player and the poker client. As bitcoin is a decentralised currency which is exchanged through a peer-to-peer network, transactions are instantaneous as they occur directly between the depositor and the recipient.
- No Account Verification Process:
Where the majority of conventional poker sites require an account verification process (usually requesting some form of ID) which can be laborious and slow you from playing at the tables, very few bitcoin poker sites demand this information. This means that you can easily register at a variety of sites and be playing poker in a matter of moments.
- No Transaction Fees:
It is common for a regular poker site to charge a fee (around 2.5%) for the conversion of a foreign currency into that which is accepted by its tables–for example, if you are a UK player who is required to convert GBP into USD in order to play. If you are using bitcoin to play online poker, no such fee is charged as there is no need for the conversion of currency, so you can get better value for your money at bitcoin poker sites. Given the speed at which bitcoin exchanges take place, a user of a bitcoin poker site may deposit money and withdraw it on the same day without being subjected to any additional charges, meaning that you can easily avoid having an uncomfortable amount of money stored in your poker bankroll.
- Lower Rake:
Normally, an online poker room will have a rake charge of around 5% in order to fund its operation and create profit for the company. A benefit of playing at bitcoin poker sites is that this charge is usually much lower, averaging at around 2.5% which is half the fee that conventional sites charge. The significance of this is that it is easier to be a winning player at a bitcoin poker site as you are subjected to a lower rake charge.
- Play Anonymously:
As the vast majority of bitcoin poker sites do not require personal details in order for you to play, your presence in the poker room is anonymous. The advantage of this is that it provides a raw focus on the poker itself; as players cannot be identified, information regarding their tendencies cannot be held which allows you to focus on the hand in front of you and the way it develops rather than on the opponent you face.
- U.S. Friendly:
Following the events of Black Friday in 2011 which has led to the illegalisation of online poker in the majority of states, players have found themselves unable to enjoy online poker in the US. Fortunately, the decentralised and anonymous nature of bitcoin has led to a revival of the online poker scene in the country as most bitcoin poker sites allow players from the U.S. to access their tables.
- Softer Competition:
As a number of bitcoin poker tables are provided by companies that are primarily used for their casino features (mBitcasino.com, for example), the ability of opponents is often lower than at regular poker sites. This is because a significant amount of the player pool is comprised of users who are new to poker or are playing it recreationally for fun, meaning that if you are a good player you might be able to cast your line and catch some fish!
- Reduced Tax On Winnings:
Unless you are fortunate enough to live in a country where poker winnings are not taxed, it is common for a player to pay tax on their winnings made from online poker. However, as bitcoin is viewed by the IRS and many other revenue services as a property rather than a currency, winnings from bitcoin poker are subjected to a lower tax than those made from conventional poker sites. For this reason, you can earn a greater amount of money if you make the decision to use bitcoin to play poker.