The Complete Guide to Using Bitcoin at Online Poker Sites
Bitcoin is steadily becoming one of the most preferred means of payment for online services. Many businesses are now accepting payment by cryptocurrencies due to their fast-paced growth. However, Bitcoin has been the most preferred due to its quick growth and amazing predictions.
Bitcoin has hit online gambling sites like a storm this past few years, with many bookies switching to playing with BTC. However, most operators affected by this wave have been the online poker sites, with nearly all poker sites now working with cryptocurrencies.
Meanwhile, with the much information available about BTC, there is little or none when it comes to using it on online poker sites. However, if you have been thinking of switching to Bitcoin poker or just starting, do not be worried. This complete guide to using bitcoin at online poker sites is just the right guide.
Access to Bitcoin
Firstly, gaining access to BTC is the most important thing when looking to join the cryptocurrency poker pool. There are two ways of gaining access to BTC: either getting a bitcoin wallet or simply using any of the different platforms like Google pay or Paypal that convert traditional fiat currencies to cryptocurrencies.
However, if you choose to open and maintain a bitcoin wallet, simply go to the official Bitcoin wallet site and register or download the bitcoin wallet app that is made available to you on your smartphone. After installing the app and following their steps, you will be given your wallet address which enables you to send and receive coins.
Furthermore, you can receive BTC to your wallet address by simply using any crypto exchange platform, and the coin is sent directly to your wallet. In addition, person to personal sale is also another way of funding your BTC wallet.
Benefits of Using Bitcoin Poker Sites
The main benefit of using bitcoin in online betting has been its anonymity. However, here are some other benefits.
● Fast and secure transactions.
● Low transaction fees.
● No third parties are involved due to its decentralised nature.
Understanding BTC Poker
Gamblers launched the first bitcoin poker site in 2011, but the clamour for betting with poker started around 2014, with many poker businesses launching their BTC poker sites. However, the main difference between a bitcoin poker site and a regular online poker site is just the use of cryptocurrencies.
Bitcoin poker is practically betting on a poker site with BTC. The growth of online BTC sites has been attributed to the fact that most countries are now accepting all types of currencies for payment. Therefore, gambling with cryptocurrency is now legal in many countries, although each has various restrictions. Although most sites accept other cryptocurrencies, it is wise to just stick with BTC as there is less hassle.
Choosing a Bitcoin Poker Site
Certain factors must be considered when selecting a BTC site since there are many bitcoin poker sites. Of course, you can choose to go with the most popular or established sites if you are just starting. However, there are many other new bitcoin poker sites out there, and if you decide to choose for yourself, the following factors are essential before deciding.
● Welcome Bonus Offered
The welcome bonuses offered by each site vary, with some being higher than the others. So therefore, it is advisable to go for the areas with the better welcome bonus.
It is essential to know if a site is licensed before joining. For example, a licensed bitcoin poker is ranked higher than other sites. Also, you can know if a site is licensed by looking at the bar at the bottom of the site’s homepage.
● Games Offered
Various sites have different categories of games offered. Therefore, it is vital to go for the sites with your favourite game or the ones with lots of choices.
Signing Up On a Bitcoin Poker Site
Signing up for a BTC poker site is very easy. All that is needed is your full name, contact number, email address, and then your residential address. However, some other operators may require proof of identification, mainly to prevent underage gambling. After signing up, a confirmation mail is sent to your email address.
BTC Deposit to Your Poker Account
Funding your account is easy. It usually takes between 15 minutes to an hour. Of course, some sites take longer than others. Below is a sample of the process of funding your account.
- Go to your profile or Cashier.
- Click on deposits.
- Select the cryptocurrency(bitcoin) of your choice.
- Select the amount you wish to deposit. (The site’s transaction limit is usually stated here).
- Copy the Bitcoin address or scan the QR code made available to you.
- Go to your Bitcoin Wallet and click ‘send”.
- Paste the poker address copied in the box
- Type amount to send the hit send.
- Transaction Done.
How to Withdraw Your Funds after Earning
Withdrawing your funds is very easy. Just click on withdraw. Input your Bitcoin wallet address, then click send. Withdrawals are usually 24 hours or longer.
How to Convert Currencies from Bitcoin Poker Sites
Suppose you need your hard currency after receiving your bitcoin from the poker sites in your wallet. So, therefore, you would want to send the amount you intend to withdraw from your wallet to your exchange wallet, or if your wallet already has an exchange platform, you can just quickly sell them.
An example of an exchange wallet is Binance or ledger; you can then head to the sell icon in the exchange wallet after transferring from your bitcoin wallet and input the amount you sell. Lastly, confirm the transaction and then wait for a while for the funds to be deposited in your wallet; then, you can transfer them to your bank account.