The world of poker seems to be constantly evolving, after all, you might consider the internet as the biggest game changer of all. Whilst technology has helped dramatically change the landscape of poker, there’s a new contender on the block which has also effected how we can play poker. What’s that I hear you ask? Bitcoins.
Whilst many might argue that poker has its own currency, that’s because you play with poker chips, the Bitcoin is a new kind of money which is officially listed as a currency. This new currency is starting to become popular among gamblers and poker fans. You should also check out bitcoincasino.org for additional information surrounding the world of Bitcoins and gambling – where you’ll find reviews, tips, guides and more information.
This article takes a brief look at what the Bitcoin is and why it can be beneficial when using it with poker gambling. Without further ado…
What is the Bitcoin?
Before you consider using this new currency, it’s important to understand exactly what it is. As you might guess, the Bitcoin is a new form of currency which doesn’t involve a bank – it’s a digital currency.
Bitcoin was invented by Satoshi Nakamoto and it went live in 2009. Because there isn’t a bank involved, you can think of it as a way in which to transact without the need for a middle man. You’re probably wondering how it can work without a bank, however, there is a unique methodology to the Bitcoin. It basically uses computing power, which is used to solve mathematical problems, people and companies across the globe mine for Bitcoins, making it an ever-growing currency. Of course, you can also trade between other currencies like the USD, Euro and GBP. Currently, 1 Bitcoin is worth around $225 – making it a very valuable asset to have. More retailers across the globe are accepting it and the same can be said for online casinos.
One of the frustrations of using a credit card is that a transaction fee of around 1-3% is involved, however, the fees associated with the Bitcoin are often much lower – a great advantage to using the Bitcoin when gambling online.
A number of countries including the USA have recognised the Bitcoin as a legitimate currency, suggesting that it could continue to grow without problem. However, some countries have had the opposite approach by making it illegal, these include Russia, Iceland, Vietnam and a number of other smaller nations.
Below are a few advantages to using the Bitcoin…
Why use the Bitcoin when playing Poker?
- It’ safe and secure
- It’s new and exciting
- The fees are minute
- Bitcoin is increasing in popularity
- Governments are starting to notice it as an official currency
- You can remain anonymous
- No bank involved
Remember that you can use Bitcoin for many online gambling games, these include: poker, roulette, slots and dice. Give it a try! Just remember to avoid new and untested casino sites, always use reputable sites which are officially licensed and comply with all of the usual legalities.