Cryptocurrency for online poker
Bitcoin has gained a lot of media traction during the last few years, and for a good reason: Besides being a revolutionary form of money, crypto is the fastest vehicle for funding your online gaming account and start playing right away. With bitcoin and crypto poker, there is simply no need to deal with common frustrations & limitations that credit cards and bank deposits can bring you. Although some countries can be quite restrictive than others in crypto usage, the scenario of more and more online poker sites, casinos and bookmakers adopting crypto as a payment gateway in the near future seems very likely. Cryptocurrency poker is here to stay!
Crypto was initially built to overcome the weaknesses of the so called fiat monetary system that is used all over the world. Cryptocurrencies are based on a technology called blockchain, which is basically a decentralized system that enables total transparency with incorruptible digital ledger for recording transfers and balances. In most cases, cryptocurrencies are built on a distributed ledger and traded on multiple exchanges and decentralized platforms. Bitcoin is the most famous of cryptocurrencies, while there are thousands of different digital tokens, coins and virtual assets that can be classified as crypto money.
In case you’re relatively new to Bitcoin poker and are a bit unsure how to get started with using cryptocurrencies for playing in a poker game, you’ve come to the right place. We have put together this guide to help you go through the process of acquiring bitcoin and depositing it for playing online poker. One extra perk for using crypto to fund poker accounts is the added privacy and anonymous transfers, which can be highly preferred by poker players in some countries. By following these steps, you’re well on your way to fund your gambling accounts with minimal transfer fees and no banks involved. Let’s get started right away!
Step-by-step guide to start playing crypto poker
Step 1: Register an account on an exchange
Unless you already have bitcoin available in your btc wallet or an exchange account, you need to get some bitcoin first. This is done through registering an account on an exchange, and either topping it up by any deposit methods available on the exchange. Alternatively, you can have a friend send you some bitcoin by giving them your BTC address.
An exchange can operate as a store for your BTC, and also as a marketplace where you can trade USD or EUR against bitcoin or other cryptos. Most of the reputable exchanges require you to provide some form of proof of identification, so be prepared to send them a copy of your Driver’s license or passport.
We recommend using only major exchanges that are legal in most countries, as using a non-reputable exchange can be quite risky. Therefore, we wrote reviews of the best major exchanges that you can use:
Coinbase is a popular exchange around the world and provides a sleek user interface with easy to use functions. Coinbase is a VC backed company that gathered over $100 million in funding. You can purchase bitcoin and other major cryptocurrencies on their platform through a bank account, credit card and debit card, or alternatively send your BTC address on Coinbase to friend so that he can send you some bitcoins.
Coinbase offers 2-factor authentication for their users, which means an extra layer of security is added to your account. When signing up, choose your account type, verify your phone number, setup your preferred payment method and you’re ready to roll.
Binance is the current leading crypto exchange, offering over 100 coins for trading, depositing and withdrawal. They have very competitive fees and are based in Hong Kong. The trading fee is at a flat rate of 0.1%, and all crypto deposits are free. The basic view for trading has a nice design with all the necessary info visible in the layout. You can buy many currencies such as Bitcoin and Binance Coin through a credit card on their platform. Withdrawals in crypto have a small fee that correlates with blockchain transaction fee. Moving large sums of crypto is easy with Binance as soon as you have verified your account, which allows you to withdraw up to 100 bitcoins every 24 hours. Binance now offer cool new VISA card which comes completely free. Just sign up in your account and order it. You withdraw your cryptocurrencies or fiat directly to it. There are no taxes and hidden fees. You can use this card at any ATM around the world, free of charge.
Bitstamp is a cryptocurrency exchanges that is headquartered in Luxemburg. Although the platform originally focused on E.U. clients, it now offers its services on a global basis.
The Bitstamp exchange allows you to buy and sell five different cryptocurrencies, and you can deposit and withdraw funds using everyday payment methods such as a debit/credit card or bank account.
As the platform has been in operation since 2011, it is one of the most long-standing exchanges in the Bitcoin trading scene. At the time of writing, Bitstamp averages a trading volume of around $40 million per day. Bitstamp is offering fast verification process and extremely low transaction fees. Your crypto transactions will be charged as low as 0.5%. Withdraws on the other hand charge you fixed fee of 3 euro. This is all the tax you need to pay for receiving crypto, selling it for euro/usd or another currency and withdrawing to your debit card or bank account.
The site features a variety of staking options that allow customers to unlock features like cashback, rebates, and interest rewards.
Strongly geared towards everyday individuals, the company provides many ways for customers to take full advantage of their digital asset holdings. At Crypto.com, you’ll deal with their native token CRO. and CRO. Let’s explore the different role each token plays in the company’s broader ecosystem a bit further.
The first token created by the project was MCO, which gets used as a staking mechanism to upgrade credit cards with high feature sets and unlock tiered benefits.
While Crypto.com Coin (CRO) is the native token of their Crypto.com Chain which is the blockchain technology behind their crypto payments solution After the MCO Swap announced on August 3, 2020, by Crypto.com, CRO will become the sole token to power all of their products included but not limited to MCO visa cards, Exchange, Pay, etc CRO is also listed on a wide range of well-known exchanges like Bithumb, Binance, Bittrex, and OKEx. Crypto.com offers completely free to order and receive Bitcoin Visa Debit Card , which you can use to spend, send and receive cryptocurrency. You can use this card at local ATM’s and withdraw euro, usd and other currencies free of charge for the first 250 usd each month. Every other transaction is above that is charged 2% flat with no exchange rate fees, if you use other fiat currencies.
Step 2: Buy cryptocurrency
After your exchange account is verified, you can start purchasing crypto like bitcoin, ethereum or litecoin. Topping up your exchange account with INR, USD or EUR can be done in most cases through a wire transfer, credit card or debit card deposit. Credit and debit card transactions are usually processed within minutes, and bank transfers take 1-4 business days to show up on your account.
Buying crypto on an exchange is quick and easy after you have INR, USD or EUR loaded to your account.
Step 3: Start sending and receiving crypto
You are all ready to play in amazing poker rooms with a lot of amateur players. Playing poker with bitcoin and other cryptocurrencies, gives you access to the easiest games on the planet. When you wish to join some poker room or club we offer, you just send crypto instead of fiat. Sending crypto is easy, you click send/transfer in your wallet and enter valid bitcoin/etherium adress of the poker room you wish to play in. You can contact us, we are partners with more than 40 soft poker rooms, in which we can assist you to join in no time. Withdrawing your winnings is even simpler. Just give valid crypto adress in which you can receive BTC or other coins. Then you will receive coins which can be sold immediately for cash. Done ! Fast, simple and effective.
Doing these simple steps will give you access to the most profitable poker rooms on the planet.