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Top Bitcoin Poker FAQs – The Player’s Complete Guide
Do Bitcoins have any real value?
Indeed, Bitcoins have value but that value is measured in a different way to conventional currencies. Recall that Bitcoin is a virtual currency and you cannot actually possess physical Bitcoins. Rather, they have value because people on the Internet perceive them to have value. In other words, they are a generally accepted medium of exchange among traders, buyers and sellers, investors and individuals. Therefore, they have real value that is denominated in GBP, USD, EUR and other currencies. Presently, Bitcoins do not have widespread acceptance on the Internet but that too is changing.
Why is Bitcoin Poker Popular?
Bitcoin Poker allows players to wager with digital currency, otherwise known as cryptocurrency instead of fiat currency. It is an anonymous, secure and convenient way to play real money poker wherever you are. Bitcoin is increasingly being adopted for money transfers, retail purchases, online poker and trading around the world. Naturally, online poker players are attracted to Bitcoin Poker for all of the above reasons.
What exactly is Bitcoin?
Bitcoin is a digital currency and it is a generally accepted form of payment. Since it is governed by open source software, the network belongs to everyone on the Internet – no central authority controls the supply of Bitcoin. Instead, it is determined by a complex mathematical algorithm which has limited the number of Bitcoins that will ever be produced to just 21 million coins. Many folks are not entirely sure what Bitcoin is really about, and some people classify it as a commodity rather than a currency. Regardless, it is a valuable digital currency that operates outside of central bank authority on a global scale. Read more on what are bitcoins
Where do you store Bitcoins?
Bitcoins cannot physically be stored in a safe or bank account. Since they are a virtual currency, they cannot be kept on your person, at least not in your pocket or in your wallet. They can however be stored in what is known as a Bitcoin Wallet. But you won’t find any coins in this wallet, you will find digital keys that allow you to access a public Bitcoin address. There are multiple Internet wallets available to you, hardware wallets, USB wallets and more. You can also store your Bitcoin in paper wallets, and you won’t need any digital keys. This is a great option if you’re concerned about hardware failure, interception of data, or malware.
What is fair gambling?
All regulated or registered online poker rooms and online casinos are beholden to various watchdog authorities. This is evident in things like return to player percentages (RTPs), eCOGRA Safe and Fair testing, 18+ security, and compliance with responsible gaming conduct. Fair gambling ensures that the outcomes of every game that you play are not manipulated by the house – they are 100% fair.
Can you prove that a Bitcoin Poker Room is provably fair?
It is really easy to determine the proven fairness of an online poker room. You can simply double-check the results that have been calculated to ensure fairness. The provably fair option is available as a button on site and you can click it to authenticate the randomness of every shuffle. Read more on what is the best VPN for bitcoin online poker
Is it possible to buy/sell Bitcoins for other currencies?
There are several ways to buy Bitcoin, either through people who own them directly, or via Bitcoin Exchanges. You will find many ways to purchase Bitcoin (with multiple payment processing options available) via Bitcoin markets. Peer-to-peer transactions also possible on these exchanges. Nowadays, the most popular way to pay for Bitcoin is via credit card. Read more about how and where can you get bitoicns
What negative aspects should be considered when playing online poker with Bitcoin?
In the US, one of the major concerns is US government regulation with respect to online gaming sites. The legality of online poker is a touchy subject in the US, as it is in many other countries. For the most part, players have nothing to worry about since they are not being targeted by the Department of Justice or any other federal agency. The only real concern is for the online poker room itself and the payment processing companies that allow for money transfers back and forth. As yet, the majority of online poker rooms have not accepted Bitcoin as a payment processing method. An argument can be made for Bitcoins being the best payment solution for online poker rooms because they can be deposited with full legitimacy without having to worry about prohibitive banking regulations. Read about the advantages of bitcoins
Is it easy to transfer Bitcoins to online poker sites?
The answer to this question depends upon the online poker room you are looking at. The best way to transfer funds to an online poker room is through your digital wallet. Read more about how do bitcoins work
Can provably fair Bitcoin Poker Rooms deceive players?
Yes, they can but they won’t be in business for long if they do. Since players can authenticate every shuffle, there would be no point deceiving players.
Do I need to provide personal information to Bitcoin Poker rooms?
Not every Bitcoin Poker requires your personal information. For example, your banking details will typically not be required. This is good news, because it guarantees that hackers will not have access to your personal information, including your Bitcoin Wallet.
Is it possible to play Bitcoin Poker from a mobile phone?
You can do this if your Bitcoin Poker room features a Bitcoin poker app for Android or iOS.
What is a rakeback?
Every online poker room that accepts real money wagers also pays Rakeback to players. This is how much you get back from the fees levied.
Can you win Bitcoins at Bitcoin Poker Rooms?
Several Bitcoin Poker rooms will award tournament prizes in the form of Bitcoin. Otherwise, there is no way to get free Bitcoins at online poker rooms. You may be able to collect a generous matching deposit bonus or at least a welcome bonus when making your first deposit at a Bitcoin Poker room. Read more about What Bitcoin Poker Options Are Available to US Poker Players
How can you cash out from a Bitcoin Poker room?
There are several ways that you can withdraw your winnings, or your remaining balance at Bitcoin Poker rooms. Since cashouts are anonymous, all that you will need is your Bitcoin address. There are minimum and maximum withdrawal amounts that you will need to comply with, and these will be determined by the Bitcoin Poker room in question. It can take up to 5 days to process your withdrawal request.
Is it legal to play Bitcoin Poker?
This depends on which country, jurisdiction or state you are playing in. In Europe, the use of Bitcoin for online poker is 100% legal. In the United States, there is debate about the legality of Bitcoin Poker sites and they are generally considered to ‘illegal’ or at best they fall into a ‘gray’ area. It’s important to remember that when you play with Bitcoin you’re not playing with a generally accepted currency. Therefore, the rules that apply to fiat currencies do not apply to Bitcoin. If Bitcoin is perceived as ‘Monopoly Money’, it is perfectly legal to play with it. Read more about Bitcoins legality
Are there differences between Bitcoin Poker games and regular poker games?
The games themselves are identical – the only thing that is different is the buy-in since you’re using fractions of Bitcoins to buy-in and play for ‘real money’. There are also differences in the way money transfers are made into your Bitcoin Poker account. Recall that you have anonymity with Bitcoin Poker – not so with regular online poker.