Bitcoin Poker Popularity in the USA
It is no mean feat playing online poker for real money in the United States. Various regulations across the states and at federal level make it difficult if not impossible to play poker online for real money. Nevada allows real money online poker games to residents of Nevada, and other states in New Jersey and Delaware have limited options available to players too. However, for the vast majority of US online poker players, the options are rather limited. Enter Bitcoin Poker.
The issue is not so much about playing online poker in the United States, it is playing online poker for real money in the United States. Players are not obstructed from picking an online poker room, but existing regulations prevent banks and financial institutions from processing payments to online poker rooms. If it were as easy as punching in a few credit card numbers and transferring funds to your online poker account, everybody would be playing.
Nowadays, players have had to find inventive ways and means of transferring money from their banks to their online poker accounts, and this is where Bitcoin Poker has obliged. The explosive growth in popularity of Bitcoin naturally lends itself to multiple innovative options. Foremost among these is Bitcoin Poker. There are many benefits to this version of poker, including the relative anonymity offered to US-based players and the quick and easy deposits and withdrawals.
Dramatic Changes in the US Online Poker Industry
The poker industry is undergoing many changes. Regulation is imminent in several states, but opposition remains strong. In the interim, online poker rooms in the US have turned to an alternative option to serve their players and their own interests. Bitcoin is not a currency that is regulated by any central bank, government or authority. It is 100% decentralised, and this automatically places it into a grey area. That means that it is not legal in the true sense of the word, but equally important it is not illegal.
One such poker room that made the switch to Bitcoin is SwC Poker. It has embraced the cryptocurrency technology and now US players can readily deposit funds into their SwC Poker accounts via Bitcoin. It should be noted that deposits via this digital currency are instantly available, but withdrawals may take several hours to process. The good news is that Bitcoin Poker sites process deposits and withdrawals quicker than any other poker sites accepting fiat currency.
US poker players using Bitcoin to play online poker may be few in number, but it is a loyal and growing group of players. What’s more important is that the popularity of Bitcoin Poker in the US continues to grow without much emphasis on marketing it to players. There are several new Bitcoin Poker sites now available to US players. These include BetCoin Poker and FortuneJack Poker. The former was launched in 2013 December initially as a casino and sports book. When it launched the poker room, it was an instant hit. Players can expect instant deposits, rapid withdrawals and a user-friendly interface. The latter, FortuneJack Poker is one of the most popular online poker rooms. It offers players ring games, Sit & Go’s, Texas Hold’em, Omaha and others in pot limit, fixed limit and no limit games.
Enigmatic Payments Processing Option
Bitcoin remains an enigmatic concept to many people, but it is a viable and fully functional virtual currency that is accepted at a small, but growing number of US online poker rooms. For now, there are but a handful of Bitcoin Poker rooms. In time, we are likely to see the emergence of several major competitors to BetCoin Poker and FortuneJack Poker. The world’s biggest online poker rooms in Full Tilt Poker, Absolute Poker and PokerStars will likely be seriously exploring the Bitcoin Poker option when they prepare to re-enter the lucrative US online poker market. Other poker rooms that will likely explore the Bitcoin option include Lock Poker, Carbon Poker and Bovada Poker. This may well be a necessary addition to their payment processing options if they wish to gain a foothold in the world’s most lucrative online poker market.
What Are the Benefits of Playing Bitcoin Poker for US Online Poker Players?
Bitcoin has no intrinsic value, but it remains a viable virtual currency. You can’t see this currency, but you know how much it costs and so do other people. Therein lies its value. It is valuable and it does not operate according to the constraints of the traditional banking system along with all the fees, commissions and delays that go with it. It is fully decentralised meaning that it does not have to be reported to the IRS or the monetary authorities. It is also not an accepted legal currency, so by definition you may as well be playing poker with Monopoly money. The appeal lies in the anonymity, and that’s why Bitcoin Poker is popular with US online poker players.
The other benefits include the low rake charges that the US online poker rooms levy on transactions. There is also greater flexibility with Bitcoin transactions. As you can break up a single Bitcoin into multiple components, it is important to have a Chip/Bitcoin ratio to understand how to play with buy ins at poker games. To this end, US poker rooms typically use the following conversion: 1000 poker chips is equivalent of 1 Bitcoin. So you may well see a game of Texas hold them with a buy in of 25 poker chips. This amounts to 25÷1,000 bitcoin. When you’re ready to deposit your currency at a US Bitcoin poker room, you simply choose the recommended poker room and then you must specify the address for the transfer. US online poker rooms will typically feature this address in the ‘my account’ section of the poker room.
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