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Everything You Need to Know About Bitcoin Poker Deposits

Cryptocurrency is all the rage. People around the world are buying cryptocurrency, specifically bitcoin. And due to its value volatility and potential for growth, many poker players are getting in on the action as well. They’re not only buying bitcoin but also wanting to play poker with it.

Bitcoin is no fad. It has been around for years and increasing in popularity all along. It is the most well-known form of cryptocurrency and the one that most newcomers to the cryptocurrency world buy first. And for years, poker players have been urging their favorite online poker sites to allow deposits and withdrawals via bitcoin. It took some time, but some sites have decided to accept bitcoin funds. Even further, there are several online poker sites in the development stages that plan to operate solely on various forms of cryptocurrencies.

Some poker operators have been slow to add bitcoin to their payment processing options because of its price volatility. The value of bitcoin is known to increase and decrease significantly throughout a given month, and that makes it difficult to exchange for dollars to be used on the internet poker tables. But the demand continued to grow through the years, so poker sites had to rise up to meet the demand. Some are still working on it, but there are options out there for today’s bitcoin users.

Does My Favorite Poker Site Accept Bitcoin?

Most online poker sites do not yet accept bitcoin or any cryptocurrency. There are a few sites that have begun to do so, and there are several sites being developed that run completely on cryptocurrencies, which are scheduled to launch in 2018 or 2019. Meanwhile, sites like Bodog and Bovada are leading the way by offering bitcoin deposits and withdrawals.

Advantages of Using Bitcoin

  • Anonymous transactions prevent a paper trail.
  • Cryptocurrency is one of the safest methods of payment for online purchases.
  • Deposits and withdrawals are processed immediately.
  • Transactions can be beneficial if they coincide with proper exchange rates.
  • Provides access to some new sites set to launch in 2018 that only accept cryptocurrency.

There are a few sites that currently accept bitcoin for deposits and withdrawals. As more open up to the new form of payment processing, we will add to this list. These Bitcoin poker sites accept US players.

Online Poker Sites Accepting Bitcoin Deposits in 2018

Rank help Poker Room help Mobhelp Mac help Bonus help Match help Code help Room Review help
1Pacific Poker Bovada Poker      mac-icon $600 100% N/A Bovada Poker
2Pacific Poker Ignition Poker      mac-icon $2000 100% N/A Ignition Poker
3Pacific Poker Intertops Poker      mac-icon $600 100% N/A Intertops Poker
4BetOnline Poker BetOnline Poker      mac-icon $2500 100% N/A BetOnline Poker
5Bet365 Poker Sportsbetting Poker      mac-icon $2500 100% N/A Sportsbetting Poker

What Exactly is Bitcoin?

Bitcoin is a form of cryptocurrency, which is a digital form of currency secured by cryptography. The electronic money is formed through a blockchain and is decentralized, which means there is no one central bank or authority that regulates it. Bitcoin was the first one to emerge in 2009, with many others that followed. But most people who purchase any form of cryptocurrency have bitcoin as well.

The payments are recognized worldwide, but it is taking many years for companies – both online and land-based – to accept bitcoin as a form of payment. By 2015, there were more than 100,000 companies accepting bitcoin, but that pales in comparison to the number of users, which was estimated to exceed five million at the start of 2017.

How Secure Is Bitcoin? Are Bitcoin Poker Site Deposits Safe?

Cryptocurrencies are thought to be the most secure form of currency in the world, as they are by their very nature encrypted for safety. The cryptography used for bitcoin has managed to keep its founders a mystery for nearly a decade. In addition, anyone who owns bitcoin does so through a bitcoin address, which is encrypted and not able to be identified. While bitcoin transactions are public, the links to the people behind the transactions remain anonymous.

The anonymity behind bitcoin is what appeals to many poker players because they can win or lose at online poker without everyone knowing about it. In addition, they can play on online poker sites accepting BTC that may not be licensed in particular countries or territories without being identified. This helps maintain their privacy but still allows them to play enough online poker to keep their careers intact. The plethora of regulations in the online poker world forced many players to relocate or leave the game altogether, but Bitcoin opens the door for them to reenter the game from anywhere in the world.

Can Bitcoin Handle Process Poker Deposits and Withdrawals?

Bitcoin does nearly any transaction requested of it, so online poker deposits and withdrawals are very much within its realm of capability. What is necessary, however, is for online poker sites to provide the option for those transactions and convert the bitcoin into poker-playing currency once it lands in the hands of the poker operator. And when the player withdraws money from a poker account via BTC, the operator must then convert it back.

Few online poker sites have been willing to do this to date. Several are making the effort in order to meet the demands of many customers, but the biggest sites in the world – PokerStars, 888poker, and PartyPoker – have yet to set up the technology required to make it happen. While they are likely considering it or even in the process of developing a way to accommodate cryptocurrency customers, it comes with various complications that require attention. For example, bitcoin transactions will have to be approved by regulators in various countries in which those operators are licensed, and governments have yet to develop laws surrounding Bitcoin.

Does Bitcoin Charge Any Extra Fees?

There are no bitcoin fees for any transactions to or from a Bitcoin poker site online. Most online poker sites that accept bitcoin also provide free transactions. The only losses that might occur for the players are ones resulting from the exchange rate, considering the volatility of bitcoin values from one day to another.

How Long Do Deposits and Withdrawals Take?

Bitcoin online poker deposits and withdrawals are instant. Transactions are all done electronically, which means no banks or financial institutions are involved to create unnecessary and time-consuming movement of money from various sources. Bitcoin’s digital makeup allows for immediate deposits and poker room withdrawals.

This is a stark difference from most payment methods used for online poker. While deposits are typically fast, withdrawals can take several business days. Bitcoin eradicates that wait with instant cashouts and immediate access to funds.

Is it Easy to Buy Bitcoin?

The initial setup is the most complicated part of buying bitcoin. A new user must setup a bitcoin wallet, which is fairly quick and can be done via multiple apps and websites. Normal payment methods can be used to buy bitcoin, such as a bank transfer or credit or debit card. The bitcoin then appear in the wallet, and that wallet provides the key for accessing bitcoin for financial transactions.

There are many complicated terms surrounding bitcoin, and new users can be intimidated by the technological language. However, once the concept is clear, transactions are simple and fast, and it becomes easy to buy and sell bitcoin as desired.

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