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Is Bitcoin the Future Of Online Poker?

Bitcoin is exploding in value, presently worth over $10,000 per BTC. Smart online poker players already know about Bitcoin and cryptocurrency and the number of sites that accept Bitcoin is constantly growing. A number of Bitcoin poker sites are beginning to emerge with many wondering if Bitcoin poker will become the next big thing in online poker.

Understanding-Bitcoin-for-Poker

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History of Bitcoin

The mysterious Satoshi Nakamoto started developing the concept of Bitcoin back in 2007. It took him about two years to launch the world’s leading cryptocurrency. Since that time, Bitcoin has has a storied history and reached values that many couldn’t imagine in 2017. Here is a quick timeline of Bitcoin’s history.

  • January 3, 2009 – Block 0, aka the Genesis Block, is mined.
  • January 9, 2009 – The first version of Bitcoin, Version 0.1 is released.
  • October 5, 2009 – An exchange rate for Bitcoin was established. At that time 1309.03 BTC = $1 USD.
  • May 22, 2010 – The first physical purchase was made with Bitcoin. Two Papa John’s pizzas were purchased for 10,000 BTC. In today valuation of Bitcoin, those pizzas cost $10 million.
  • 2011 – Other cryptocurrencies start to emerge based on Bitcoin’s open source code.
  • April 2013 – Bitcoin surges pass $100 per BTC.
  • May 2013 – The first Bitcoin ATM debuts in San Diego, CA
  • Nov 2013 – Bitcoin surges past $1,200 per BTC
  • Jan 2015 – Coinbase bitcoin exchange service launches in 25 states, the first regulated exchange.
  • 2016 – Bitcoin doubled global ATM reach worldwide with over 700 Bitcoin ATMs worldwide.
  • May 2017 – New record high recorded prior to surging past $2,000 per BTC
  • Sept 2017 – Bitcoin surges past $5,000 per BTC.
  • August 2017 – Bitcoin splits into two derivative digital currencies, classic bitcoin and Bitcoin Cash.
  • November 28, 2017 – Bitcoin moves past $10,000 for first time.
  • December 8, 2017 – Bitcoin moves past $18,000 before dropping.

Check out CoinCentral to stay informed about the latest news about Bitcoin.

Bitcoin and Gambling

The list of Poker rooms and other online gambling sites that accept Bitcoin is constantly expanding as the demand for it grows.

No Banks or Payment Processors Needed – With Bitcoin, you can move money directly from your bitcoin wallet to a poker site. No need to worry about banking regulations or third party payment processors. 

Faster Transactions – Bitcoin is faster than every other form of cash transfer. Funds can be transferred to you poker account instantly and in most cases you can also cash out instantly. At worst, it takes up to 24 hours to cash out.

Your Winnings Can Continue to Grow After Cashing Out – One advantage to using Bitcoin is that your winnings can continue to grow even after you’ve cashed out. Imagine if you had won the equivalent of 1 BTC back in March when it was worth around $1,000. If you cashed out, that same win would be worth around $15,000.

Moving Money With Bitcoin

Bitcoin may sound complicated, but it is quite simple to buy and move Bitcoin around. Here’s the best way to buy and move around your Bitcoin.

Download a Bitcoin Wallet – This is where you store your Bitcoin. Think of it as a checking account but without having to deal with incompetent bank tellers.

Select an Exchange – After getting a wallet, sign up at a Bitcoin exchange such as coinbase and purchase as much Bitcoin as you can afford. 

Moving Bitcoin – After purchasing your Bitcoin, move it to your Bitcoin wallet. You can then use the Bitcoin in your wallet to fund your online poker account or to make purchases anywhere that accepts Bitcoin.

Bitcoin is the fastest way to move money on and off of online poker sites. It’s added value makes it an attractive option for smart players. In the future, Bitcoin could become the predominate payment processor for online poker and gambling.

 

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