Our world is evolving every single day. We see it in our technologies and in everyday life. One way our lives have completely changed is through cryptocurrency.
While we are somewhat used to digital currency, cryptocurrency has completely flipped the script. Today you can pay for multiple things using crypto, and it has slowly crept into the gaming space.
Even online gambling has been positively exposed to crypto. So next time you play online poker, you can use your crypto. How amazing is that? But it goes even further.
While the leap from traditional brick-and-mortar casinos to online casinos was a great one, we now see crypto poker slowly taking the reins. So, it begs the question, can crypto poker beat traditional poker in the future? Let’s unpack it.
What is crypto poker?
Essentially, crypto poker is when you play poker using Bitcoin instead of regular money.
This is a relatively new way to play poker. And at first, there were only a few casinos that accepted cryptocurrencies, but more and more casinos are now opening themselves up to this new form of currency.
With the introduction of Bitcoin, it slowly crept into the gambling space, and today most, if not all, online casinos will let you use crypto. The biggest advantages are the fact that payouts are much quicker, the process is relatively simple, and there are fewer fees involved because you’re essentially cutting out the middleman.
How does it work?
As a global society, we’re used to seeing physical money and working alongside banks to transact.
Cutting out this go-between (the bank) makes a lot of people feel uneasy. They assume crypto is shady and therefore avoid learning more about it. Crypto poker works the same as traditional poker, well, at least in terms of the gameplay.
The only difference is that you use Bitcoin to transact, which replaces fiat currency.
Now let’s look at some reasons why crypto poker could be the gambling solution of the future.
Security is arguably the biggest concern when it comes to money. Both traditional and online casinos have records of their players. This is normal.
Yes, there will always be the concern that cybercriminals can access this data, but with cryptocurrencies such as Bitcoin, it works a little differently. With crypto, transactions are highly secure and difficult to hack because the units of currency are converted into special codes.
Essentially, crypto, such as Bitcoin is safe. All online casinos do, in this case, is save the public key for a specific player. That way, hackers can’t access your data or your digital wallet.
But this also depends on the player: if a player keeps their wallet confidential, no one can access it.
People love convenience, no matter what. So faster withdrawals are something you can expect with crypto poker. With traditional poker, players can usually expect a 72-hour turnaround for payouts. With crypto poker, transactions are instant.
Fewer and more affordable fees
With fiat currencies, you will have bank fees. You are usually charged per transaction, depending on the bank and where you are in the world.
These bank fees can add up and cost quite a bit, especially if you’re playing poker and need to transfer money. With traditional poker, when you request a withdrawal, the player must pay a fee against their winnings because a particular bank supplied a service to them.
With crypto poker, there are no fees. Transactions or withdrawals are direct and eliminate the go-between.
You can remain anonymous
Millions of people prefer not to share who they are online, choosing to protect their identities at all costs. For the most part, it’s because people prefer privacy. Identity scams are a thing, but there are ways to protect yourself.
When using traditional fiat currencies, you need to share your identity to open a bank account. There is no way to get around this. While your data is protected, people feel this is simply not enough for them to remain anonymous.
With cryptocurrency, you can keep yourself anonymous. You can also keep your crypto wallet confidential. All you need to share in order to transact is your email ID and wallet ID.