Does Online Poker Future Belong to Cryptocurrencies?

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Cryptocurrencies emerged sometime during the 80s, although they weren’t standardized until the late 90s and the early 2000s. And ever since, they’ve continued to gain a good reputation, with only a few minor setbacks in the past. Although, in the end, only one cryptocurrency came out as the ultimate winner — the Bitcoin.

Bitcoin appeared only in 2009, and albeit only 10 years have passed, it became the most reputable cryptocurrency by far. Did you know that the first Bitcoin transaction was to buy two pizzas? Laszlo, a programmer from Hungary, purchased two pizzas from Papa John’s for 10,000 BTC. According to today’s Bitcoin value, this is equal to $180 million — but back in 2010, it was only 30 dollars. Another thing you probably didn’t know was that many movements fighting for the preservation of the environment are against Bitcoin. Why, you may ask? Mostly because a single Bitcoin transaction takes enough energy to power 3 households.

No matter how you put it, Bitcoin is an expensive currency. Its market value grew over 1000% over time. With all this in mind, it is no wonder that it paved its way to the online gambling scene, and more specifically, poker. Additionally, it is evident that the cryptocurrency industry is thriving, with new currencies showing up every day.

The Cryptocurrency Influence on Online Gambling

Many people are wondering if the online gambling industry will fully embrace cryptocurrencies. The answer is pretty simple — it is probably going to happen. Moreover, it is bound to happen, mostly because cryptocurrencies will bring online casino software solutions to the now stale industry. So giving a firm yes or no answer to this question would be quite narcissistic at this point in time. Mostly because even the future of cryptocurrencies as a whole is still somewhat uncertain. Many countries have fully legalized Bitcoin, and that includes many of the USA states. On the other hand, nearly the same number of countries and states alike are firmly against Bitcoin.

But what is it that makes cryptocurrencies so perfect for online poker? You’d be surprised with the number of reasons why both casinos and gamblers prefer Bitcoin to any other currency.

• No Conversion Fees
• Quick Transactions
• Low Rake
• Low Number of Players in Poker Rooms

Just like with any bank, you can order a Bitcoin card, also called the mBTC card. Using this card, you can make deposits in poker rooms. Also, there will be no additional fees when you convert currencies depending on the casino’s country. In retrospect, if you were to convert Euros to US Dollars, you would get less money in return.

However, what makes Bitcoin better than any other payment method is immediate transactions. If you were to withdraw your money using Bitcoin, it wouldn’t take you longer than a couple of minutes. Sometimes, it can even happen instantly. This makes Bitcoin perfect for casinos and players. Casinos earn players’ trust, and players feel happy for receiving their money so fast.

Rake is basically the commission you need to pay should you join a game of poker. This can vary depending on the casino, but it is usually between 2.5% and 10%. And once again, Bitcoin proves to be a better method when it comes to this as well — in Bitcoin poker rooms, the rake is usually below 1%.

Next to all this, online Bitcoin poker rooms are still new, which means not many players know about them. Hence, why you can join a good poker room at any time — it will never be over-crowded. And more often than not, the poker players in Bitcoin rooms bet on quite high sums. So if you can afford it, being a part of this company can be a good investment. These are all the reasons why the future of online poker lies in the cryptocurrency industry.

Are Cryptocurrencies Taxed?

Both yes and no. As I’ve previously mentioned, some countries grew fond of Bitcoin, while others declared war against it. For example, Ohio went as far as accepting BTC as a form of payment for taxes. So if you wish to pay your taxes in Ohio by using your Bitcoin stash, you’re free to do it by all means. This new taxation system began in 2018, and Ohio strives to become a cryptocurrency giant. This plan will only further boost its economy.

Although there are a couple of states firmly against Bitcoin, such as New York, Rhode Island, and Arizona, using this currency in the USA is still a good idea. Moreover, these states didn’t completely ban the usage of Bitcoin — they merely made it more difficult.

Once again, what’s most important for the US citizens is that Bitcoin is considered personal property, and for this reason, it is not taxed. At least not for the time being. Many politicians are trying to force a bill to begin its taxation, so you might want to hurry. Also, this is where the problem for many online gamblers will appear.

The Future of Cryptocurrency

The future of cryptocurrencies may be very different from their origins. In the beginning, cryptocurrencies were mostly used by criminals, drug smugglers, and often, secret organizations. This is because when you pay with Bitcoin, everything is anonymous and instant. If the USA and other countries begin taxing Bitcoin, its entire identity is going to change. The payments will probably not be anonymous, and there will obviously be additional fees for nearly everything.

If this becomes the case, gambling with Bitcoin will significantly change as well. There’s still no need to worry though — some parts of Bitcoin will remain the same. There might be small conversion fees in the future, but the transaction will remain as fast as ever. Ultimately, this is the most important thing to a lot of gamblers.

So What’s the Stitch?

To conclude, it is evident that the more time passes, the more online gambling industry will embrace cryptocurrencies. My personal opinion is that Bitcoin is a new opportunity for online gambling to become even better. Due to that, this is probably where its future lies. But before we witness this, we must first testify to the domination of Bitcoin on the market. As always, the future remains unpredictable.