Advantages of Crypto for Online Poker Players
Blockchain and cryptocurrency is currently on the rise around the world, and hitting the headlines too.
CNBC.com reports that Elon Musk’s invested heavily in bitcoin in February, and that saw it experience a sharp jump in value. That alone helped raise further awareness around the world to the potential of not only bitcoin but blockchain in general. When a public figure such as Musk puts his name and reputation to something, it has an impact.
The effect was instantaneous, with bitcoin soaring to around $40,000 in the spring. The prediction was that by the end of 2021, that could have risen to as much as $300,000, although deep into November it sat at a rather more modest $47,000. It may well be an uncertain investment, but the recent rise is certainly creating much more interest in blockchain and crypto in general.
Another current boom market is online gaming, and whilst the two may feel removed from each other, they are both being positively affected in early 2021. Whilst the world ground to a halt last year, with many industries suffering closures, job losses and financial hardship, some were able to thrive. One of those was online gaming, especially here in the US where some states have begun to accept such endeavors and legalized providers and sportsbooks. Whilst restricted to their homes, people turned to mobile devices for entertainment and thus drove the online gaming sector forward.
The two are able to work together to the benefit of players, mainly because bitcoin is becoming a popular way for players to fund playing online. There are methods to play for free online, as Poker.org explains, but many challenge themselves by playing for real money. Since the Black Friday online poker crash and the questions raised around the safety of the industry, there has been much focus on protecting players against rogue providers, and bitcoin plays nicely into that drive for a better and safer online experience. Blockchain is powered by encryption and that makes it difficult for any data to be altered, which means players using it as a method of payment can feel more secure than under usual conditions with less risk of Cyber Crime. Also, blockchain ensures your funds are safe without a central provider being responsible for it. Keep your key safe, and your funds are safe.
That protection applies to anyone who pays for goods or services using blockchain, but what other advantages does an online poker player get? One huge positive is lower fees for both providers and the players. One advantage of crypto according to Frontierin.org is that you do not need a middleman, a conduit if you like, to make payments. That results in far lower fees being paid out. Perhaps that is the provider’s benefit, allowing them to offer better rakeback and lower-cost games. In turn, the player can deposit and withdraw safely and without financial penalty.
Finally, poker is a game of chance in which those playing serious games are looking to accrue financial recompense for their efforts. By paying in bitcoin, and winning in bitcoin, a player is adding an additional level of potential reward to the pot. Let us say that you win a figure in bitcoin, and transfer it to your wallet: the volatility of the market could make it worth 50% more in a month’s time, or if analysts are to be believed, maybe even 100% more. That is a great additional benefit for a poker player who is naturally comfortable with taking risks for possible gains.
Blockchain and crypto are here to stay; they are penetrating common culture and offering benefits to people from all walks of life and in several industries. It just so happens that two growth industries can complement each other perfectly as we stride boldly into the post-pandemic era.