The Epic Story of How Bitcoin Saved the Online Poker Industry

Cryptocurrency trading is at an all-time high. Since 2017, digital currencies have spread like wildfire through the online gambling community

The Epic Story of How Bitcoin Saved the Online Poker Industry

Cryptocurrency trading is at an all-time high. Since 2017, digital currencies have spread like wildfire through the online gambling community. Several online casino games offer crypto gamblers extra incentives, but table games are incredibly lucrative. With smart bets and a well-managed bankroll, table game players can walk away from online casinos with pockets full of profits. Professional poker players prefer Bitcoin above other digital currencies, mainly thanks to the currency’s popularity. Performance history means very little when choosing a cryptocurrency because of the unstable market’s fluidity.

Several professional gamblers have kicked themselves for missing out on the crypto mania that started in 2013. Mainstream markets hadn’t yet embraced digital currencies, but online gamblers were making the most out of digital currency’s assets. Poker players opt for cryptocurrencies for optimal security and widespread acceptance other platforms lacked. While the digital currency had a slow start, Bitcoin is widely accepted at many virtual poker establishments and platforms. Bitcoin is a solid option for crypto betting. However, there are plenty of viable options.

Top Reasons Why Poker Players Prefer Playing with Bitcoin

Poker players are obsessed with Bitcoin for multiple reasons, starting with blockchain’s superior security. Cryptocurrencies rely on blockchain’s smart contracts for closed transactions. Simply put, blockchain technology is a hacker’s worst nightmare. The smart contracts add another security layer, in addition to the poker platform’s encryption capabilities. Poker players who invested in Bitcoin before the COVID-19 pandemic live an upscale life, following Bitcoin’s historic market activities. Investing in cryptocurrencies when prices are low draws higher profits with fewer transaction fees.

After converting crypto into fiat currency, poker players make out like bandits in terms of profit. Crypto transactions are untraceable and anonymous. Therefore, even verified transactions avoid using third-party platforms. The blockchain and cryptocurrency relationship creates an ideal environment for online gaming and sports betting. Poker players also like Bitcoin’s adaptability and flexible infrastructure.

Vital Information for Bitcoin Poker Rooms

Bitcoin tokens are broken down into units in a system somewhat resembling fiat structure. The following is a simplified compilation of how most Bitcoin poker rooms break down Bitcoin units:

·       Bitcoin (BTC) = A Bitcoin is worth one unit.

·       DeciBitcoin (dBTC) = A deciBitcoin is 0.1 of a unit.

·       CentiBitcoin (cBTC) = A centiBitcoin is 0.01 of a unit.

·       MilliBitcoin (mBTC) = A milliBitcoin is 0.001 of a unit.

·       MicroBitcoin (uBTC) = A microBitcoin is worth 0.000001 of a unit.

·       Finney = A Finney is worth 0.0000001.

·       Satoshi= A Satoshi is 0.00000001 of a unit.

While most poker rooms rely on mBTC tokens, the rules vary per establishment. With Bitcoin’s value at historic highs, poker rooms make adjustments to avoid pushing players into high-dollar bets. Poker platforms are breaking down wagers into varying decimals to balance the playing field. Crypto wagers also require established risk and reward assessments for the best results. Entering the Bitcoin poker community can feel overwhelming, but players quickly adapt.

How Bitcoin Contributed to Poker’s History

American President Bush signed an act prohibiting financial institutions from approving gambling transactions in 2006. Online professional poker players located in the United States could no longer access digital poker tournaments, sparking the need for alternative methods. A few poker platforms took extra steps to hide unlawful transactions, but the loopholes didn’t last long. Bitcoin’s inventor stepped up to the plate and created a new currency type that blurred previous financial boundaries.

In the aftermath of 2008’s financial crisis, Bitcoin’s creator intended to offer a decentralized system with digital currencies. The goal was to achieve financial protection from sudden drops. Bitcoin’s developer couldn’t have predicted the success to come or Bitcoin impact within the online poker community. CryptoCasinos provides honest reviews for legitimate online casinos, poker platforms, and Sportsbooks to assist players.

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