What Is Bitcoin Poker and How Is it Different from Real-Money Poker?
Bitcoin has gained enough popularity in the last few years. Apart from being a revolutionary form of money, cryptocurrency like Bitcoin is the fastest mode of funding an online gambling account. If you are a poker fan, bitcoin poker makes sure that you don’t have to deal with the common limitations and frustrations that bank deposits and credit cards can bring you. Even though some countries can be pretty restrictive in comparison to others when it comes to cryptocurrency usage, it is more likely that in the future more and more will adopt crypto as a payment gateway.
The cryptocurrency had initially been developed to overcome shortcomings of the monetary system, used across the globe. It is based on blockchain technology, the decentralized system. This ensures total transparency with a digital ledger to record balances and transfers. Bitcoin is one of the most popular cryptocurrencies.
What Is Bitcoin Poker?
In case you are not accustomed to the technical term and don’t have an idea about the cryptocurrency market, playing Bitcoin poker might sound a little overwhelming. Nevertheless, Bitcoin poker is just like regular poker with just one difference. To play Bitcoin poker, you have to use Bitcoins and not fiat currency.
Sure, it isn’t the only difference between the two gambling experiences but the gameplay and rules are similar to regular poker. In simple words, if you have ever played poker and have tested your skills, playing it for Bitcoin is not going to make any difference.
An additional benefit of playing poker using Bitcoin is making the transaction private and anonymous.
Guide to Playing Crypto Poker
In case you are new to Bitcoin poker and not sure how to get started with using crypto for a poker game, don’t worry. Here is a guide that is going to help you through the process to acquire Bitcoin and deposit for playing poker.
Register an Account on a Cryptocurrency Exchange
Unless you already have a Bitcoin wallet or an exchange account, you have to register a wallet where you can put your crypto. After you register an account on the cryptocurrency exchange, top it up using any deposit methods available. However, you can also ask your friend to send you some Bitcoin. For this, you will have to provide him or her with the Bitcoin address.
An exchange is like a store for Bitcoin. It also serves as a marketplace where EUR or USD is traded against Bitcoin or other cryptos. A majority of the popular exchanges need you to provide some kind of identity proof. Hence, you have to be prepared to send them a copy of your passport or driver’s license.
But make sure that you only use major exchanges that are legal in most countries. Using a non-reputable exchange might be quite risky.
After you have verified the exchange account, start to purchase crypto such as Bitcoin. Usually, you can top up your account with USD, INR, and EUR through debit or credit card or wire transfer. Debit or credit card transactions are generally processed within minutes and bank transfers might take 1-4 business days to reflect on your account.
Purchasing crypto on the exchange is an easy and quick process after you have USD, INR, or EUR loaded to your account. Keep in mind, once you have the crypto, the coin value might increase or decrease.
Open the Crypto Wallet
A few exchanges have their own wallet which you can use to make deposits to play Bitcoin poker. However, it is better to create a separate wallet. This offers additional security to the crypto assets. Cryptocurrency wallets are of 5 types,
To fund an online poker account with crypto, an online wallet is the best way to go about it.
Transfer Bitcoin to Wallet
Choose the right amount you would like to send from the exchange and copy-paste it to the wallet address on the exchange transfer form. Now, confirm the transaction using 2-factor authentication.
Register into an Online Poker Site
Unless you have already registered at a Bitcoin poker site, you can do this by filling in the details on the online poker sites accepting Bitcoin.
Transfer Bitcoin to the Online Poker Account
Go to the poker or cashier account and choose Bitcoin deposit. Enter the amount you would like to deposit, copy the Bitcoin address of the poker site, and paste the address in the send form of the crypto wallet. Enter the amount you would like to send and click on send. You will not even have to wait 15 minutes for the payment to be updated. Once the balance is upgraded, you can start playing Bitcoin poker.
The Difference between Bitcoin Poker and Real Money Poker
There is no basic difference between Bitcoin and Real Money Poker when it comes to the rules. The game uses one card deck and the strongest possible hand wins. Once you place the bet, you are going to receive 5 cards. Now, you have to decide whether to keep the whole hand or only a few cards. The discarded cards are replaced with a new one.
The only difference is with Bitcoin Poker, you bet Bitcoin and in Real Money, you bet regular currency. The primary benefit of Bitcoin poker rooms is it offers anonymity and improved privacy.