The landscape of online poker is constantly shifting, and the industry as a whole has historically done quite well at adapting to new technological developments and staying on top of emerging fashions.
In recent years, the use of cryptocurrencies, particularly Bitcoin, has seen a meteoric rise in popularity. Bitcoin, which was previously unknown, has recently emerged as a significant form of payment that is widely accepted worldwide.
When you combine the two, you get Bitcoin poker, a relatively new trend in an industry that has seen highs and lows throughout its history. But the main question is whether online poker using bitcoin will ever become a thing. Is there a chance it will grow to the size of established online poker sites? There are arguments for and against this course of action, and I will attempt to evaluate some of them in order to answer your question.
Poker Foundations Accepting Bitcoin in the United States
The online poker gaming industry was one of the first to embrace bitcoin. Following Black Friday, players in the United States were unable to access any of the major gaming operators, leaving them with very few options.
Even those who were able to keep their operations running faced a slew of difficulties, particularly in the realm of monetary transactions.
There was no reliable way to transfer funds to or from any type of gambling website using financial institutions based in the United States or cards issued in the United States. Because of the frequent blocking or delaying of transfer requests, the overall game experience was quite irritating.
Poker with bitcoins has emerged as an important component of the solution to this problem
Websites that use blockchain technology have made it possible to make deposits and withdrawals without going through traditional financial institutions. This was exactly what American gamers looking to play needed to satisfy their gaming itch.
However, Bitcoin was not as well-known or as significant at the time. Because the majority of consumers were still skeptical of cryptocurrency, early Bitcoin sites did not achieve the level of success that they had hoped for.
Players were not flocking to the new Bitcoin sites, despite the fact that they had very few options in terms of online poker sites. However, these early traders laid the groundwork for Bitcoin poker and served as a proof of concept for the game.
Poker with bitcoins was one option, and it was feasible. The concept’s success was determined by the players’ ability to grasp and embrace it.
The Benefits and Drawbacks of Playing Poker Online with Bitcoin
The US market was in an extremely unique position, resulting in the birth of Bitcoin sites out of sheer necessity. However, for Bitcoin poker to truly take off, there must be a number of significant advantages over more traditional options. I’ll go over the main advantages and disadvantages briefly below.
The good news is that blockchain technology allows for maximum transparency and confidentiality. In the vast majority of countries around the world, players do not have to go through any hoops or loopholes when making a deposit with an online poker room. They can transfer money to the site from their card or electronic wallet in a matter of seconds and without any problems. With this information, why would anyone care about Bitcoin?
The concept has a number of advantages that should be considered
The first and most obvious advantage is that sending and receiving money is much more discrete. When players use Bitcoin, they can conceal their gambling activities, which alleviates a potential concern that may arise for a variety of reasons.
However, given that a significant portion of the player pool is made up of individuals who make sporadic payments here and there, this is acceptable. And, in order for Bitcoin poker to become a thing, it must first achieve this critical mass, which brings us to our second point.
When we talk about Bitcoin poker, we don’t just mean online poker rooms that accept Bitcoin as a payment method. It’s possible that’s how it started, but there have been significant shifts in that direction over time.
There are now a number of large-scale Bitcoin poker sites that fully utilize the underlying blockchain technology. The blockchain debate is highly technical and difficult to comprehend. However, in layman’s terms, the implementation of this technology addresses one of the most significant issues that players face when playing online poker.
It’s likely that I don’t need to explain this issue to you, but in case you’re curious, it has to do with whether or not online poker is fixed. Regardless of how many licenses and Seals of Approval a casino or card room has, players will never be completely confident that everything is safe.
There’s always the possibility that the games were rigged in some way, whether to favor certain players, people from specific regions, or simply to generate the most action so that the room could charge the most rake. This is due to the fact that the games could have been tampered with in some way.
I won’t go into detail about that in this piece, but I will argue that blockchain technology and bitcoin poker have the potential to alleviate those concerns. The blockchain, which is used for every hand of poker dealt, keeps a complete record of everything that happened. When there is complete transparency, the players benefit.
They no longer have any reason to speculate on whether this terrible loss was simply the result of unlucky circumstances or if something else, far more sinister, was at work here.
Why should someone who does not trust independent testing agencies believe the information presented here?
The concept of Bitcoin poker is intriguing, but it has yet to gain popularity among players of average skill. To someone who is unfamiliar with the technology, all they will see are the carrier’s claims that it is completely risk-free.
However, such claims have been made long before the advent of Bitcoin poker. Why is this item different from the others? Will a player who only plays poker on occasion take the time to fully grasp this concept and understand what it all means?
It’s a long shot at best, and if it doesn’t happen, it won’t matter whether or not “provably fair” poker is played with bitcoins. The only thing to consider is whether or not the participants understand and believe the facts.
The disadvantage is that protection and equal opportunity are not guaranteed
At the same time, there are a number of significant issues with the concept of playing poker with bitcoins. The first and most obvious advantage is the ease of use.
Most people have become comfortable with traditional methods of making online payments at this point. Almost everyone has a credit card or a debit card, both of which can be used to make deposits. The process of creating and using a digital wallet is also very straightforward. Such a statement cannot yet be made about Bitcoin.
Buying Bitcoin is still a process, despite the fact that it is now much easier than it was even five years ago. Since it took some time for people to gain trust in electronic payments in general, Bitcoin is the next level of financial innovation.
There are no additional safeguards or assurances available. The absence of banks is advantageous if you have an independent spirit; however, the vast majority of people would prefer to have some form of protection when dealing with money.
While this was not an issue, the price of bitcoin fluctuates significantly on a regular basis. Keeping money in Bitcoin is a risky endeavor in and of itself, and it is not something that everyone should do. The fact that Bitcoin’s value has dropped for unknown reasons should not force players to lose 20% of their bankroll in a single night. You can, of course, earn that 20% as well, but doing so adds another layer of uncertainty to the equation.
Poker with bitcoins has yet to achieve widespread popularity
Greater levels of anonymity bring with them a number of benefits, but they also bring with them a number of challenges. The ability of players to conceal their identities, in particular, opens the door to a wide range of opportunities for card cheating. Although it is possible to demonstrate that games are not fixed in any way, this does not preclude teammates from getting along and playing as a group.
Furthermore, it is becoming more difficult to monitor bots, which creates an entirely new set of issues that must be addressed. Furthermore, there is no place to express concerns or grievances if you are having problems. These are some of the major issues that may prevent Bitcoin poker from becoming mainstream in the near or distant future.
There are a few more items that could be added to this list, but if the most pressing issues were resolved and dealt with appropriately, the remaining issues would be simple to address.
So, do you think Bitcoin Poker will ever gain popularity?
When the benefits and drawbacks of Bitcoin poker are considered, it is clear that the game could go either way.Because it hasn’t gained much traction thus far, significant changes will be required in the near future if it is to become truly successful. People must be educated on the benefits of playing poker with bitcoins and why this may be a good thing. This is most likely the most difficult challenge. On the other hand, it will not happen on its own.
There should be some kind of massive effort that has a wide audience and does a good job of explaining things, but I don’t think that will happen anytime soon. The only way that could happen is if a large corporation entered the Bitcoin poker market and decided to consolidate it under their brand. When you think about it, the same thing has happened with online poker in general.
Following Moneymaker’s victory, PokerStars launched a massive marketing campaign, which can be attributed to a large extent to the subsequent increase in poker popularity.
Even with such a promotion, it is unclear whether or not people would accept Bitcoin poker. The advantages of using modern online chat rooms do not outweigh the disadvantages of using traditional ones.
You could argue that people who play poker are more willing to take risks, but it will take more than just professional poker players for Bitcoin poker to become a reality.
Players who only participate in the activity for fun are expected to support the idea. If this does not occur, the number of people present at a specific location will not be sufficient to ensure its continued existence.
To get to the point, the vast majority of people who play online poker do not want to go through all of the necessary hoops and loopholes. They want to be able to deposit money, play hands, and then cash out any winnings if given the chance. Bitcoin poker sites add a few mobile components to the mix, but they don’t provide much in the way of benefits to the average player.
Withdrawals made with Bitcoin may be slightly faster on average, but regulated websites are becoming quite adept at what they do these days. Furthermore, the funds will already be in your bank account and ready for use. You will receive your money in Bitcoin; however, in order to fully access it, you must first convert it to a traditional currency, then move it to a bank account or another wallet, and finally spend it.
So, will it be possible to play poker with Bitcoin?
As it stands, I don’t see it becoming massive. It’s possible that things will change with some minor tweaks and the right kind of marketing, but it doesn’t appear that the time is right for a large corporation to get too deeply involved in Bitcoin poker right now.
However, who knows what the future holds for us in the next year or two?