Cryptocurrencies are digital currencies that are based on blockchain technology and are used worldwide, except a few countries. These crypto coins can be exchanged online for goods and services. Bitcoins, Ethereum, Ripple, Coinye, etc. are types of crypto coins. The world of online betting has just discovered the wonders of blockchain technology and the pivotal role it plays in online transactions.
Bitcoin is one of the crypto coins that has more acceptance globally. This particular crypto coin has been in demand since the time it was created in 2009 by an anonymous entity called Satoshi Nakomoto. Online poker is one of the earliest forms of games to join the world of blockchain technology. Bitcoins and blockchain have become the newest form of currency to join the online poker ecosystem.
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Payments using bitcoins are favoured by several players from the US, despite the fact that many American states prohibit online real money gaming.
Online payment methods are mainly preferred because transactions take place instantly, from anywhere in the world. Crypto coins are just similar to that, as one can carry out effortless payments.
Another contributing factor why crypto coins are preferred is the high level of anonymity that it assures. One need not worry about banks, governments, or any other intermediaries while using cryptocurrencies. Several online poker rooms from around the world accept crypto coins, namely, Ignition Casino, Americas Cardroom, Poker Host, Intertops, Island Casino, etc.
According to statistics by The Business Research Co., the shut down of land-based casinos has contributed to crypto coins being used. At this point, it is difficult to imagine only cryptocurrencies as the accepted form of currencies used for online poker as this would eventually replace real currencies that are currently used. On the other hand, there’ll be uniformity across all poker platforms in the respective countries.
Manthra Koliyer is a writer at Gutshot Magazine. She has an affinity for seeing the world through people’s eyes. With a bubbly fun personality, you can always catch her chatting with anyone she comes across. Holding an English Literature degree from Wilson College, Mumbai, this pop culture fanatic is ready to take on the world with a pen, paper, and microphone. She also actively works on her personal blog called namasteyconvict.blogspot.com, where for a moment she lets you into her drama-filled world.
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