Cryptocurrencies have seen a huge surge in popularity in recent years. One of the earliest users of bitcoin was the online poker business. Players from the United States were shut off from all major operators after Black Friday, leaving them with limited choices. Crypto poker arose as a much-needed response to this issue.
Sites based on the blockchain allowed users to deposit and withdraw funds without the need for traditional financial institutions. This was just what the doctor ordered for eager US players.
However, crypto was not nearly as popular or as large at the time.
Because the cryptocurrency was still shrouded in mystery for most people, the early crypto poker websites didn’t have the type of success they hoped for.
Players weren’t flocking to new crypto poker sites even when their options for online poker were severely constrained.
Nonetheless, these pioneering operators laid the groundwork for crypto poker and served as a proof of concept.
Crypto poker existed, and it was possible to play. The goal was for the participants to grasp the notion and embrace it.
What Is Crypto Poker?
Crypto Poker is a virtual poker card game played on a gaming website with cryptocurrency as the transaction currency. Just like in a real poker game played in a casino, a player may win a large sum of money that can be taken from the website using bitcoin or any other crypto. Crypto Poker is played by using cryptocurrency on the virtual card table, so you need to have the cryptocurrency beforehand so as to play a crypto poker game.
Pros and Cons of Crypto Poker
Crypto poker is supposed to be the future of gambling. However, the same comes with some pros and cons.
Pros of playing Crypto Poker
- Payments are swiftly handled.
As all the transactions are conducted in cryptocurrencies, the players in Crypto Poker get the chance to cash in quickly or cash out the number of their winnings.
- Easily interchangeable
While gamers in Crypto Poker may conduct transactions in Crypto, the players can anytime convert the cryptocurrencies into any desired money effortlessly without causing any inconvenience.
- Transaction fees are low
Because crypto poker does not use an intermediary, the transaction fees are surprisingly cheap, allowing participants to profit more.
Cons of playing Crypto Poker
- Higher money involved
The growing popularity of cryptocurrencies has raised the market’s net worth. The crypto market’s market capitalization is currently in the billions of dollars. As a result, getting into crypto poker may be more expensive than you anticipated.
Poker is a game of chance that already carries a certain amount of danger. Furthermore, cryptocurrencies are quite volatile. The market rises and falls in seconds, making the game more dangerous.
Which Cryptos Are Accepted by Poker Sites?
Cryptocurrency has garnered major traction from 2017—the reason for the massive hike in Bitcoin and bitcoin poker, followed by the rest of the cryptocurrencies. The popularity of the coins has increased ten folds, and many platforms accept cryptocurrencies instead of fiat currency. Online gambling like bingo and poker have opened their doors for cryptocurrencies to encash stardom.
Presently, crypto poker have enlisted Bitcoin (BTC), Cardano (ADA), Binance Coin (BNB), Ethereum (ETH), and Dogecoin (DOGE).
Are Poker Sites That Accept Cryptos Deposits Legal?
Yes, regulated online poker companies that accept crypto deposits are legal. Cryptocurrency is merely another way for gamblers to pay. You can play on a poker site using cryptocurrency if you can legally play with USD or EUR.
An advantage of playing crypto poker is that if you win, your gains might grow in value, thus making you a winner twice over. One additional benefit of utilizing cryptocurrency to finance poker accounts is the increased privacy and anonymity, which may be quite appealing to poker players in some countries who do not want to reveal their financial information to other parties.