A few years ago, no one had imagined cryptocurrencies becoming as indispensable as they are right now. Although the utility of these virtual currencies exceeds all the business borders, the use cases of these currencies were limited only to a few sectors before the recent crypto boom. Among these use cases, iGaming is probably at the top for its long-standing use of cryptos as an alternative mode of payment.
The synergy between the two sectors continues to grow as the number of players opting for crypto payment is nearing 50% against fiat money. So let us see what makes these virtual currencies special in online casinos and how they can be used in classic games like poker in this article.
What is Crypto Poker?
Before going any further, let us briefly see what one means by crypto poker. Like a traditional game of poker, crypto poker also involves card decks and dealers. However, the main change comes with how the player makes his bet.
Instead of processing their bets through a centralized intermediary, crypto poker allows users to validate their payments through what is known as the blockchain. These blockchains are decentralized public ledgers where the transaction data is stored irreversibly and immutably. These public ledgers do not ask for your personal information as they are secured through robust cryptographic algorithms.
And what’s more, they also bring other benefits to the poker table, such as speed, reliability, and extra bonuses to make your time at the casino worthwhile. If you still wnat to know more about crypto poker then, you must check out CryptoNewsZ’s gambling section.
How Does Crypto Poker work?
There are several nuances to using cryptocurrencies, and one can as they go since that is not one learned from a single blog. However, you might need extensive knowledge to start crypto poker.
The first requirement for crypto poker is a crypto wallet. Users can find it in a crypto exchange or use a separate self-custody wallet. The wallet is similar to a bank account and helps players transfer their crypto holdings.
Next, the players need to find the right poker casino to open their gambling accounts. Players may need to change their mode of payment to their preferred cryptocurrency if the platform supports multiple payment options.
Players need to select the amount and generate what is variously known as a public key or request link. This link needs to be entered into the wallet to initiate the transaction.
The transaction time depends on the currency you are using. For example, BTC takes around 10 minutes to create a block, whereas the latest cryptos can do it in a matter of seconds.
Now, as the money is in the account, all that is left to do is explore the different poker tables in the casino.
Pros of Crypto Poker
Now that we have familiarized ourselves with the area, let us know what makes it stand out in this section.
- Privacy – Blockchain and decentralization come in handy when users need to protect their privacy. Despite being a public ledger, blockchain stores your data with near-anonymity.
- Security – Decentralization means no one is involved in a transaction except the concerned parties. Moreover, every crypto transaction is protected by a combination of private and public keys for increased security.
- Global Availability – Cryptos allow players to access casinos from anywhere. As these digital currencies are borderless, one does not have to worry about money exchanges.
- Instant Payments – Payments to and from a poker platform may take days to process with fiat money. On the other hand, the blockchain offers cryptocurrencies that can process your payments faster than finance giants like Visa.
- Lower Fees – Like banking fees, users have to pay a fraction of the amount as mining costs. These, however, are fractional and often are close to the hundredth of a percent.
- Increased Bonus – Cryptos help poker sites cut costs normally associated with a traditional casino. The money saved is often given back as attractive bonuses for promotional purposes.
Cons of Crypto Poker
As we have seen the advantages of crypto poker, here is a list of the catches to help you weigh the prospects yourself.
- Volatility – Cryptocurrencies are not as stable as fiat money. So there is an equal chance for the value to go down for it to skyrocket.
- Regulation – The lack of licenses and regulatory entities for crypto poker makes it harder to find a trustworthy site. In this case, users can find an alternative in the Probably Fair algorithm.
Is Crypto Poker legal?
The legality of crypto usage still, for the larger part, remains in a gray area. So what it means for crypto poker in one area may not be the same in a different region. Even the leading economies like the USA, the UK, the EU, and India have just started drawing their policies regarding cryptos, and it might take a few more years for crypto laws to reach other parts of the world. Despite the complicated legal standings, offshore poker platforms have been on the rise lately. Keeping the catches aside, if your question is whether you can play crypto poker legally. The answer is ‘yes.’
Still, crypto is not the only thing that hinders your involvement, as there are chances of poker itself being prohibited in your region. It depends on various reasons like politics, culture, and religion. So the players should look into the local crypto and gambling laws before the game to be safer.
Related Article: Best Crypto Gambling Site
Future of Crypto Poker
Not only poker but the larger part of the gambling industry is rapidly becoming more and more crypto-friendly. A survey from Softswiss confirmed that the number of users in crypto gambling had grown closer to 50%. The stats also proved that in a few years, the number ever overtook that of fiat money. As cryptos primarily emphasize aspects like privacy and security, big money involved in classic games like poker can be the potential push for such growth in the years to come.
Crypto poker is not as complicated as it may seem as the games, for the most part, remain identical to the tables found in a traditional casino. The games can be approached with crypto payments as a high-risk, high-return investment. However, your returns will depend as much on how responsible you are while approaching it as on the game or the token.